10-K

FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2011

OR

[    ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number: 0-13322

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

West Virginia	55-0641179
(State or other jurisdiction of   incorporation or organization)	(I.R.S. Employer     Identification No.)
300 United Center 500 Virginia Street, East Charleston, West Virginia	25301
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (304) 424-8704

Securities registered pursuant to section 12(b) of the Act:

Common Stock, $2.50 Par Value	NASDAQ Global Select Market
(Title of class)	(Name of exchange on which registered)

Securities registered pursuant to 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ X ] No [    ]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
Section 15(d) of the Act. Yes [    ] No [ X ]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [    ]

UNITED BANKSHARES, INC.

FORM 10-K

(Continued)

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [    ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [    ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer [ X ]	Accelerated filer [    ]
Non-accelerated filer   [    ]	Smaller reporting company [    ]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [    ] No [ X ]

The aggregate market value of United Bankshares, Inc. common stock, representing all of its voting stock that was held by non-affiliates on June 30, 2011, was approximately $960,832,558.

As of January 31, 2012, United Bankshares, Inc. had 50,212,948 shares of common stock outstanding with a par value of $2.50.

Documents Incorporated By Reference

Definitive Proxy Statement dated April 9, 2012 for the 2012 Annual Shareholders’ Meeting to be held on May 21, 2012, portions of which are incorporated by reference in Part III of this Form 10-K.

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UNITED BANKSHARES, INC.

FORM 10-K

(Continued)

As of the date of filing this Annual report, neither the annual shareholders’ report for the year ended December 31, 2011, nor the proxy statement for the annual United shareholders’ meeting has been mailed to shareholders.

CROSS-REFERENCE INDEX

		Page
Part I
Item 1.	BUSINESS		4
Item 1A.	RISK FACTORS		13
Item 1B.	UNRESOLVED STAFF COMMENTS		17
Item 2.	PROPERTIES		17
Item 3.	LEGAL PROCEEDINGS		18
Item 4.	MINE SAFETY DISCLOSURES		18
Part II
Item 5.	MARKET FOR REGISTRANT’S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES		19
Item 6.	SELECTED FINANCIAL DATA		23
Item 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		23
Item 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		50
Item 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA		55
Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES		116
Item 9A.	CONTROLS AND PROCEDURES		116
Item 9B.	OTHER INFORMATION		116
Part III
Item 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE		117
Item 11.	EXECUTIVE COMPENSATION		117
Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS		117
Item 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE		117
Item 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES		118
Part VI
Item 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES		119

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UNITED BANKSHARES, INC.

FORM 10-K, PART I

Item 1. BUSINESS

Organizational History and Subsidiaries

United Bankshares, Inc. (United) is a West Virginia corporation registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended. United was incorporated on March 26, 1982, organized on September 9, 1982, and began conducting business on May 1, 1984 with the acquisition of three wholly-owned subsidiaries. Since its formation in 1982, United has acquired twenty-eight banking institutions. As of December 31, 2011, United has three banking subsidiaries (the Banking Subsidiaries). Two are doing business under the name of United Bank, one operating under the laws of West Virginia referred to as United Bank (WV) and the other operating under the laws of Virginia referred to as United Bank (VA). United’s other banking subsidiary is Centra Bank, Inc. or Centra Bank which was acquired on July 8, 2011 and operates under the laws of West Virginia. United’s Banking Subsidiaries offer a full range of commercial and retail banking services and products. United also owns nonbank subsidiaries which engage in other community banking services such as asset management, real property title insurance, investment banking, financial planning, and brokerage services.

Employees

As of December 31, 2011, United and its subsidiaries had approximately 1,619 full-time equivalent employees and officers. None of these employees are represented by a collective bargaining unit and management considers employee relations to be excellent.

Web Site Address

United’s web site address is “www.ubsi-inc.com”. United makes available free of charge on its web site the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments thereto, as soon as reasonably practicable after United files such reports with the Securities and Exchange Commission (SEC). The reference to United’s web site does not constitute incorporation by reference of the information contained in the web site and should not be considered part of this document. These reports are also available at the SEC’s Public Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549. The public may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

Business of United

As a bank holding company registered under the Bank Holding Company Act of 1956, as amended, United’s present business is community banking. As of December 31, 2011, United’s consolidated assets approximated $8.5 billion and total shareholders’ equity approximated $969 million.

United is permitted to acquire other banks and bank holding companies, as well as thrift institutions. United is also permitted to engage in certain non-banking activities which are closely related to banking under the provisions of the Bank Holding Company Act and the Federal Reserve Board’s Regulation Y. Management continues to consider such opportunities as they arise, and in this regard, management from time to time makes inquiries, proposals, or expressions of interest as to potential opportunities, although no agreements or understandings to acquire other banks or bank holding companies or nonbanking subsidiaries or to engage in other nonbanking activities, other than those identified herein, presently exist. See Note B—Notes to Consolidated Financial Statements for a discussion of United’s most recent acquisition of Centra Financial Holdings, Inc. which occurred on July 8, 2011.

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Business of Banking Subsidiaries

United, through its subsidiaries, engages primarily in community banking and offers most banking products and services permitted by law and regulation. Included among the banking services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, commercial, floor plan and student loans; and the making of construction and real estate loans. Also offered are individual retirement accounts, safe deposit boxes, wire transfers and other standard banking products and services. As part of their lending function, the Banking Subsidiaries offer credit card services.

United Bank (WV) and United Bank (VA) each maintain a trust department which acts as trustee under wills, trusts and pension and profit sharing plans, as executor and administrator of estates, and as guardian for estates of minors and incompetents, and in addition performs a variety of investment and security services. Trust services are available to customers of affiliate banks. United Bank (WV) provides services to its correspondent banks such as check clearing, safekeeping and the buying and selling of federal funds.

United Brokerage Services, Inc., a wholly-owned subsidiary of United Bank (WV), is a fully-disclosed broker/dealer and a registered Investment Advisor with the National Association of Securities Dealers, Inc., the Securities and Exchange Commission, and a member of the Securities Investor Protection Corporation. United Brokerage Services, Inc. offers a wide range of investment products as well as comprehensive financial planning and asset management services to the general public.

United Bank (WV) and Centra Bank are members of a network of automated teller machines known as the New York Currency Exchange (NYCE) ATM network. United Bank (VA) is currently a member of the STAR network but will be converting to the NYCE network in March of 2012. The NYCE is an interbank network connecting the ATMs of various financial institutions in the United States and Canada.

United through its Banking Subsidiaries offers an Internet banking service, Smart Touch Online Banking, which allows customers to perform various transactions using a computer from any location as long as they have access to the Internet and a secure browser. Specifically, customers can check personal account balances, receive information about transactions within their accounts, make transfers between accounts, stop payment on a check, and reorder checks. Customers may also pay bills online and can make payments to virtually any business or individual. Customers can set up recurring fixed payments, one-time future payments or a one-time immediate payment. Customers can also set up their own merchants, view and modify that merchant list, view pending transactions and view their bill payment history with approximately three (3) months of history.

United also offers an automated telephone banking system, Telebanc, which allows customers to access their personal account(s) or business account(s) information from a touch-tone telephone.

Lending Activities

United’s loan portfolio, net of unearned income, increased $976.4 million to $6.2 billion in 2011 mainly as a result of the acquisition of Centra Financial Holdings, Inc. (Centra) which added approximately $1.0 billion, including purchase accounting amounts, in portfolio loans. The loan portfolio is comprised of commercial, real estate and consumer loans including credit card and home equity loans. Virtually all classifications of loans increased for 2011 due to the Centra acquisition. Commercial real estate loans and commercial loans (not secured by real estate) increased $497.4 million or 27.6% and $173.9 million or 16.8%, respectively. Residential real estate loans increased $197.3 million or 11.6% and construction loans increased $78.9 million or 16.8%. Consumer loans increased $29.4 million or 11.5%.

Commercial Loans

The commercial loan portfolio consists of loans to corporate borrowers primarily in small to mid-size industrial and commercial companies, as well as automobile dealers, service, retail and wholesale merchants. Collateral securing these loans includes equipment, machinery, inventory, receivables, vehicles and commercial real estate. Commercial loans are considered to contain a higher level of risk than other loan types although care is

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taken to minimize these risks. Numerous risk factors impact this portfolio including industry specific risks such as economy, new technology, labor rates and cyclicality, as well as customer specific factors, such as cash flow, financial structure, operating controls and asset quality. United diversifies risk within this portfolio by closely monitoring industry concentrations and portfolios to ensure that it does not exceed established lending guidelines. Diversification is intended to limit the risk of loss from any single unexpected economic event or trend. Underwriting standards require a comprehensive credit analysis and independent evaluation of virtually all larger balance commercial loans by the loan committee prior to approval.

Real Estate Loans

Commercial real estate loans consist of commercial mortgages, which generally are secured by nonresidential and multi-family residential properties. Also included in this portfolio are loans that are secured by owner-occupied real estate, but made for purposes other than the construction or purchase of real estate. Commercial real estate loans are to many of the same customers and carry similar industry risks as the commercial loan portfolio. Real estate mortgage loans to consumers are secured primarily by a first lien deed of trust. These loans are traditional one-to-four family residential mortgages. The loans generally do not exceed an 80% loan to value ratio at the loan origination date and most are at a variable rate of interest. These loans are considered to be of normal risk. Also included in the category of real estate mortgage loans are home equity loans.

As of December 31, 2011, approximately $394.2 million or 6.3% of United’s loan portfolio were real estate loans that met the regulatory definition of a high loan-to-value loan. A high loan-to-value real estate loan is defined as any loan, line of credit, or combination of credits secured by liens on or interests in real estate that equals or exceeds a certain percentage established by United’s primary regulator of the real estate’s appraised value, unless the loan has other appropriate credit support. The certain percentage varies depending on the loan type and collateral. Appropriate credit support may include mortgage insurance, readily marketable collateral, or other acceptable collateral that reduces the loan-to-value ratio below the certain percentage. Of the $394.2 million, $138.8 million is secured by first deeds of trust on residential real estate with $124.4 million of that total falling in a loan-to-value (LTV) range of 90% to 100% and $14.4 million above a LTV of 100%; $15.5 million is secured by subordinate deeds of trust on residential real estate with $10.9 million between a LTV of 90% to 100% and $4.6 million above a LTV of 100%; and $174.9 million is secured by commercial real estate generally ranging from the regulatory limit for the type of commercial real estate up to a LTV of 100%. Of the $174.9 million high loan to value commercial loans, $63.7 million are classified as Other Construction Loans and Land Loans, $60.7 million are Non-residential Secured, $11.4 million are Commercial Owner occupied properties, $28.3 million are 1-4 family Residential Secured properties, $5.4 million are Multi-family Residential Secured properties, $4.6 million are Residential Construction Loans and the remaining $864 thousand are secured by farmland.

Consumer Loans

Consumer loans are secured by automobiles, boats, recreational vehicles, and other personal property. Personal loans, student loans and unsecured credit card receivables are also included as consumer loans. United monitors the risk associated with these types of loans by monitoring such factors as portfolio growth, lending policies and economic conditions. Underwriting standards are continually evaluated and modified based upon these factors.

Underwriting Standards

United’s loan underwriting guidelines and standards are updated periodically and are presented for approval by the respective Boards of Directors of each of its subsidiary banks. The purpose of the standards and guidelines is to grant loans on a sound and collectible basis; to invest available funds in a safe, profitable manner; to serve the legitimate credit needs of the communities of United’s primary market area; and to ensure that all loan applicants receive fair and equal treatment in the lending process. It is the intent of the underwriting guidelines and standards to: minimize loan losses by carefully investigating the credit history of each applicant, verify the source of repayment and the ability of the applicant to repay, collateralize those loans in which collateral is deemed to be required, exercise care in the documentation of the application, review, approval, and origination process, and administer a comprehensive loan collection program.

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United’s underwriting standards and practices are designed to originate both fixed and variable rate loan products in a manner which is consistent with the prudent banking practices applicable to these exposures. Typically, both fixed and variable rate loan underwriting practices incorporate conservative methodology, including the use of stress testing for commercial loans, and other product appropriate measures designed to provide an adequate margin of safety for the full collection of both principal and interest within contractual terms. Consumer real estate secured loans are underwritten to the initial rate, and to a higher assumed rate commensurate with normal market conditions. Therefore, it is the intent of United’s underwriting standards to insure that adequate primary repayment capacity exists to address both future increases in interest rates, and fluctuations in the underlying cash flows available for repayment. Historically, and at December 31, 2011, United has not offered “teaser rate” loans, and had no loan portfolio products which were specifically designed for “sub-prime” borrowers. Management defines “sub-prime” borrowers as consumer borrowers with a credit score of less than 660.

The above guidelines are adhered to and subject to the experience, background and personal judgment of the loan officer assigned to the loan application. A loan officer may grant, with justification, a loan with variances from the underwriting guidelines and standards. However, the loan officer may not exceed his or her respective lending authority without obtaining the prior, proper approval as outlined in United’s loan policy from a superior, a regional supervisor or market president (dual approval per policy) or the Loan Committee, whichever is deemed appropriate for the nature of the variance.

Loan Concentrations

United has commercial loans, including real estate and owner-occupied, income-producing real estate and land development loans, of approximately $4.0 billion as of December 31, 2011. These loans are primarily secured by real estate located in West Virginia, southeastern Ohio, southwestern Pennsylvania, Virginia, Maryland and the District of Columbia. United categorizes these commercial loans by industry according to the North American Industry Classification System (NAICS) to monitor the portfolio for possible concentrations in one or more industries. As of the most recent fiscal year-end, United has two such industry classifications that exceeded 10% of total loans. As of December 31, 2011, approximately $1.7 billion or 26.5% and $639.5 million or 10.3% of United’s total loan portfolio were for the purpose of renting or leasing real estate and construction, respectively. The loans were originated by United’s subsidiary banks using underwriting standards as set forth by management. United’s loan administration policies are focused on the risk characteristics of the loan portfolio, including commercial real estate loans, in terms of loan approval and credit quality. It is the opinion of management that these loans do not pose any unusual risks and that adequate consideration has been given to the above loans in establishing the allowance for loan losses.

Secondary Markets

United generally originates loans within the primary market area of its banking subsidiaries. United may from time to time make loans to borrowers and/or on properties outside of its primary market area as an accommodation to its customers. Processing of all loans is centralized in the Charleston, West Virginia office. As of December 31, 2011, the balance of mortgage loans being serviced by United for others was insignificant.

United Bank (WV) and Centra Bank engage in the origination and acquisition of residential real estate loans for resale. These loans are for single-family, owner-occupied residences with either adjustable or fixed rate terms, with a variety of maturities tailored to effectively serve its markets. United Bank (WV)’s originations are predominately in its West Virginia markets while Centra Bank’s originations are mainly in West Virginia, Maryland and Pennsylvania. Mortgage loan originations are generally intended to be sold in the secondary market on a best efforts basis.

During 2011, United originated $67.0 million of real estate loans for sale in the secondary market and sold $72.0 million of loans designated as held for sale in the secondary market. Net gains on the sales of these loans during 2011 were $952 thousand.

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The principal sources of revenue from United’s mortgage banking business are: (i) loan origination fees; (ii) gains or losses from the sale of loans; and (iii) interest earned on mortgage loans during the period that they are held by United pending sale, if any.

Investment Activities

United’s investment policy stresses the management of the investment securities portfolio, which includes both securities held to maturity and securities available for sale, to maximize return over the long-term in a manner that is consistent with good banking practices and relative safety of principal. United currently does not engage in trading account activity. The Asset/Liability Management Committee of United is responsible for the coordination and evaluation of the investment portfolio.

Sources of funds for investment activities include “core deposits”. Core deposits include certain demand deposits, statement and special savings and NOW accounts. These deposits are relatively stable and they are the lowest cost source of funds available to United. Short-term borrowings have also been a significant source of funds. These include federal funds purchased, securities sold under agreements to repurchase and FHLB borrowings. Repurchase agreements represent funds that are generally obtained as the result of a competitive bidding process.

United’s investment portfolio is comprised of a significant amount of U.S. Treasury securities and obligations of U.S. Agencies and Corporations as well as mortgage-backed securities. Obligations of States and Political Subdivisions are comprised of primarily “AAA” rated municipal securities. Interest and dividends on securities for the years of 2011, 2010, and 2009 were $27.1 million, $39.3 million, and $55.5 million, respectively. For the years of 2011, 2010 and 2009, United recognized net losses on security transactions of $18.8 million, $7.8 million and $14.7 million, respectively. In the year 2011, United recognized other-than-temporary impairment (OTTI) charges of $20.4 million consisting primarily of $17.3 million on pooled trust preferred collateralized debt obligations (TRUP CDOs) and $3.2 million on collateralized mortgage obligations (CMOs), which are not expected to be sold. In the year 2010, United recognized other-than-temporary impairment charges of $9.8 million on certain investment securities consisting primarily of $7.3 million on pooled trust preferred collateralized debt obligations (TRUP CDOs), $1.2 million on collateralized mortgage obligations (CMOs) and $1.3 million on a certain investment security carried at cost.

Competition

United faces a high degree of competition in all of the markets it serves. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Wheeling MSA and the Weirton MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries.

With prior regulatory approval, West Virginia and Virginia banks are permitted unlimited branch banking throughout each state. In addition, interstate acquisitions of and by West Virginia and Virginia banks and bank holding companies are permissible on a reciprocal basis, as well as reciprocal interstate acquisitions by thrift institutions. These conditions serve to intensify competition within United’s market.

As of December 31, 2011, there were 68 bank holding companies operating in the State of West Virginia registered with the Federal Reserve System and the West Virginia Board of Banking and Financial Institutions and 101 bank holding companies operating in the Commonwealth of Virginia registered with the Federal Reserve System and the Virginia Corporation Commission. These holding companies are headquartered in various states and control banks throughout West Virginia and Virginia, which compete for business as well as for the acquisition

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of additional banks.

Economic Characteristics of Primary Market Area

As of December 2011, West Virginia’s unemployment rate was 7.7% according to information from West Virginia’s Bureau of Employment Programs. The number of unemployed state residents rose 4,800 to 59,600 for the month of December as compared to the month of November. Total unemployment was down 13,400 over the year of 2011. The state unemployment rate of 7.7% for December 2011 was an increase from a rate of 7.1% for the month of November 2011 but a decline from 9.5% for December 2010. West Virginia’s seasonally adjusted unemployment rate remained at 7.9% in December, while the national rate declined two-tenths of a percentage point to 8.5%. West Virginia is expected to post modest job growth in 2012 according to the latest forecast from the West Virginia University College of Business and Economics. Overall, the state is likely to continue to expand during the next five years, assuming the national economy avoids recession. The forecast calls for West Virginia’s job growth to average 1.0% per year during the 2011-2016 period. Job growth in natural resources and mining is expected to slow significantly during the next five years. This reflects contrasting trends in coal mining and oil and gas extraction. The forecast calls for coal production to decline significantly during the next five years. Declining coal production in the future reflects the increasingly challenging geologic conditions in the southern part of the state, as well as the cumulative effect of a number of regulatory policies related to concerns about air and water quality. In addition, natural gas is expected to be a more potent competitor in the future. While construction and manufacturing employment are expected to expand modestly during the forecast, most job growth is expected in the service-providing industries, particularly health care; professional and business services; and trade, transportation, and utilities. Job gains in health care are related to the aging of the state’s residents and to the continued funding growth in Medicare and Medicaid. Jobs in professional and business services are expected to expand as state and national growth raises demand for business services like accounting, legal, management, computing and call center services. The trade, transportation and utilities sector should add jobs during the next five years, with growth expected to be strongest in the near term.

United’s Virginia subsidiary banking offices are located in markets that historically have reflected low unemployment rate levels. According to information available from the Virginia Employment Commission, Virginia’s seasonally adjusted unemployment rate as of December 2011 remained the same from November at 6.2% and was four-tenths of a percent below the year-ago December rate of 6.6%. The number of unemployed decreased by 1,726 while the labor force increased by 8,555, as an additional 10,281 people reported they were working. Virginia’s seasonally adjusted unemployment rate of 6.2% continues to be below the national rate of 8.5%. In Northern Virginia, which represents 36% of all jobs in the state, total employment rose by 28,800 jobs. The professional and business services sector added 10,900 new jobs in 2011. The government sector added 3,000 jobs. The housing market improved, with the construction and financial activities sectors adding a combined 200 jobs for the year. Employment in Virginia is expected to modestly increase by 1.2% and 1.0 % in 2012 and 2013, respectively. Much of the growth will be in the services sector. Growth in employment sectors related to the housing industry is anticipated to be sluggish. The government employment sector is expected to continue to shed jobs. Construction employment is expected to grow slightly in 2012 which would mark the first year of growth in this sector since 2006. Employment in trade, transportation and utilities is expected to increase as well in 2012.

Regulation and Supervision

United, as a bank holding company, is subject to the restrictions of the Bank Holding Company Act of 1956, as amended, and is registered pursuant to its provisions. As such, United is subject to the reporting requirements of and examination by the Board of Governors of the Federal Reserve System (Board of Governors).

The Bank Holding Company Act prohibits the acquisition by a bank holding company of direct or indirect ownership of more than five percent of the voting shares of any bank within the United States without prior approval of the Board of Governors. With certain exceptions, a bank holding company also is prohibited from acquiring direct or indirect ownership or control of more than five percent of the voting shares of any company which is not a bank, and from engaging directly or indirectly in business unrelated to the business of banking, or managing or controlling banks.

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The Board of Governors, in its Regulation Y, permits bank holding companies to engage in preapproved non-banking activities closely related to banking or managing or controlling banks. Approval of the Board of Governors is necessary to engage in certain other non-banking activities which are not preapproved or to make acquisitions of corporations engaging in these activities. In addition, on a case-by-case basis, the Board of Governors may approve other non-banking activities.

On July 30, 2002, the President of the United States signed into law the Sarbanes-Oxley Act of 2002, a broad accounting, auditing, disclosure and corporate governance reform law. The legislation was passed in an effort to increase corporate responsibility by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws and to allow stockholders to more easily and efficiently monitor the performance of companies and directors.

On October 3, 2008, the Emergency Economic Stabilization Act of 2008 (the EESA) was signed into law. EESA temporarily raised the limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. Separate from EESA, in October 2008, the Federal Deposit Insurance Corporation (FDIC) also announced the Temporary Liquidity Guarantee Program (TLGP) to guarantee eligible newly issued senior unsecured debt by FDIC-insured institutions through October 31, 2009. Under one component of this program, the Transaction Account Guaranty Program (TAGP), the FDIC temporarily provided a full guarantee on all noninterest-bearing transaction accounts held by any depositor, regardless of dollar amount, through December 31, 2009. The $250,000 deposit insurance coverage limit was scheduled to return to $100,000 on January 1, 2010, but was extended by congressional action until December 31, 2013. The TLGP expired on December 31, 2010 while the TAGP expired on June 30, 2010. As discussed on the following page, separate temporary unlimited coverage for noninterest-bearing transaction accounts became effective on December 31, 2010 and will last until December 31, 2012.

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), into law. The Dodd-Frank Act significantly changes regulation of financial institutions and the financial services industry. The Dodd-Frank Act includes, among other things, provisions creating a Financial Services Oversight Council to identify emerging systemic risks and improve interagency cooperation; centralizing the responsibility for consumer financial protection by creating a new agency, the Consumer Financial Protection Bureau, which will be responsible for implementing, examining and enforcing compliance with federal consumer financial laws; permanently raising the current standard maximum deposit insurance amount to $250,000; establishing strengthened capital standards for banks, and disallowing trust preferred securities as qualifying for Tier 1 capital (subject to certain grandfather provisions for existing trust preferred securities); establishing new minimum mortgage underwriting standards; granting the Federal Reserve Board the power to regulate debit card interchange fees; and implementing corporate governance changes. Many aspects of the Dodd-Frank Act are subject to rulemaking that will take effect over several years, thus making it difficult to assess all the effects the Dodd-Frank Act will have on the financial industry, including United, at this time.

As a bank holding company doing business in West Virginia, United is also subject to regulation and examination by the West Virginia Board of Banking and Financial Institutions (the West Virginia Banking Board) and must submit annual reports to the West Virginia Banking Board. Further, any acquisition application that United must submit to the Board of Governors must also be submitted to the West Virginia Banking Board for approval.

United is also under the jurisdiction of the SEC and certain state securities commissions in regard to the offering and sale of its securities. Generally, United must file under the Securities Exchange Act of 1933, as amended, to issue additional shares of its common stock. United is also registered under and is subject to the regulatory and disclosure requirements of the Securities Exchange Act of 1934, as amended, as administered by the SEC. United is listed on the NASDAQ Global Select Market under the quotation symbol “UBSI,” and is subject to the rules of the NASDAQ for listed companies.

United Bank (WV) and United Bank (VA), as state member banks, are subject to supervision, examination

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and regulation by the Federal Reserve System, and as such, are subject to applicable provisions of the Federal Reserve Act and regulations issued thereunder. Centra Bank is subject to supervision, examination and regulation by the FDIC. Each Banking Subsidiary is subject to regulation by its state banking authority.

Deposit Insurance

The deposits of United’s Banking Subsidiaries are insured by the FDIC to the extent provided by law. Accordingly, these Banking Subsidiaries are also subject to regulation by the FDIC. The Banking Subsidiaries are subject to deposit insurance assessments to maintain the Deposit Insurance Fund (DIF) of the FDIC. The FDIC utilizes a risk-based assessment system that imposes insurance premiums based upon a risk matrix that takes into account a bank’s capital level and supervisory rating (CAMELS rating). The risk matrix utilizes four risk categories which are distinguished by capital levels and supervisory ratings.

In December 2008, the FDIC issued a final rule that raised assessment rates for the first quarter of 2009 by a uniform 7 basis points, resulting in a range between 12 and 50 basis points, depending upon the risk category. In March 2009, the FDIC issued final rules to further change the assessment system beginning in the second quarter of 2009. The changes commenced April 1, 2009 to ensure that riskier institutions bear a greater share of the increase in assessments, and are subsidized to a lesser degree by less risky institutions.

In May 2009, the FDIC issued a final rule which levied a special assessment applicable to all insured depository institutions totaling 5 basis points of each institution’s total assets less Tier 1 capital as of June 30, 2009, not to exceed 10 basis points of domestic deposits. The special assessment was part of the FDIC’s efforts to rebuild the DIF. United’s deposit insurance expense during 2009 included $3.6 million recognized in the second quarter related to the special assessment.

In November 2009, the FDIC issued a rule that required all insured depository institutions, with limited exceptions, to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC also adopted a uniform three-basis point increase in assessment rates effective on January 1, 2011; however, as further discussed below, the FDIC has elected to forego this increase under a new DIF restoration plan adopted in October 2010.

In December 2009, United paid $36.4 million in prepaid risk-based assessments, of which $20.7 million is remaining and included in other assets in the accompanying Consolidated Balance Sheet as of December 31, 2011.

In October 2010, the FDIC adopted a new DIF restoration plan to ensure that the fund reserve ratio reaches 1.35% by September 30, 2020, as required by the Dodd-Frank Act. Under the new restoration plan, the FDIC will update its loss and income projections at least semi-annually for the fund and, if needed, will increase or decrease assessment rates, following notice-and-comment rulemaking if required.

In November 2010, the FDIC issued a final rule to implement provisions of the Dodd-Frank Act that provide for temporary unlimited coverage for non-interest-bearing transaction accounts. The separate coverage for non-interest-bearing transaction accounts became effective on December 31, 2010 and terminates on December 31, 2012.

In April 2011, the FDIC implemented rulemaking under the Dodd-Frank Act to reform the deposit insurance assessment system. The final rule redefined the assessment base used for calculating deposit insurance assessments. Specifically, the rule bases assessments on an institution’s total assets less tangible capital, as opposed to total deposits. Since the new base is larger than the prior base, the FDIC also proposed lowering assessment rates so that the rules would not significantly alter the total amount of revenue collected from the industry. The new assessment scale ranges from 2.5 basis points for the least risky institutions to 45 basis points for the riskiest.

United’s FDIC insurance expense totaled $8.5 million, $9.7 million and $9.2 million in 2011, 2010 and 2009, respectively.

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Capital Requirements

As a bank holding company, United is subject to consolidated regulatory capital requirements administered by the Federal Reserve Board. United’s Banking Subsidiaries are also subject to the capital requirements administered by the Federal Reserve Board. The Federal Reserve Board’s risk-based capital guidelines are based upon the 1988 capital accord (Basel I) of the Basel Committee on Banking Supervision (the Basel Committee). The requirements are intended to ensure that banking organizations have adequate capital given the risk levels of assets and off-balance sheet financial instruments. Under the requirements, banking organizations are required to maintain minimum ratios for Tier 1 capital and total capital to risk-weighted assets (including certain off-balance sheet items, such as letters of credit). For purposes of calculating the ratios, a banking organization’s assets and some of its specified off-balance sheet commitments and obligations are assigned to various risk categories.

United and its Banking Subsidiaries are currently required to maintain Tier 1 capital and “total capital” (the sum of Tier 1 and Tier 2 capital) equal to at least 4.0% and 8.0%, respectively, of its total risk-weighted assets (including various off-balance-sheet items, such as letters of credit). In addition, for a depository institution to be considered “well capitalized” under the regulatory framework for prompt corrective action, its Tier 1 and total capital ratios must be at least 6.0% and 10.0% on a risk-adjusted basis, respectively. Bank holding companies and banks are also required to comply with minimum leverage ratio requirements. The leverage ratio is the ratio of a banking organization’s Tier 1 capital to its total adjusted quarterly average assets (as defined for regulatory purposes). The requirements necessitate a minimum leverage ratio of 4.0% for United and its banking subsidiaries. In addition, for a depository institution to be considered “well capitalized” under the regulatory framework for prompt corrective action, its leverage ratio must be at least 5.0%.

In 2004, the Basel Committee published a new capital accord (Basel II) to replace Basel I. A definitive final rule for implementing the advanced approaches of Basel II in the United States, which applies only to certain large or internationally active banking organizations, or “core banks” – defined as those with consolidated total assets of $250 billion or more or consolidated on-balance sheet foreign exposures of $10 billion or more, became effective as of April 1, 2008. United and its banking subsidiaries were not required to comply with the advanced approaches of Basel II.

In December 2010, the Basel Committee released its final framework for strengthening international capital and liquidity regulation, now officially identified by the Basel Committee as “Basel III”. Basel III, when implemented by the U.S. banking agencies and fully phased-in, will require bank holding companies and their bank subsidiaries to maintain substantially more capital, with a greater emphasis on common equity.

The Basel Committee continued to refine Basel III during 2011 and plans to make further technical adjustments, especially relating to the new liquidity requirements. Capital and liquidity standards consistent with Basel III will be formally implemented in the United States through a series of rulemakings. The U.S. banking agencies intend to issue a notice of proposed rulemaking during the first quarter of 2012 and a final rule later in the year that would implement the Basel III capital reforms. The capital surcharge for the largest banks and liquidity standards are expected to be implemented through subsequent rulemakings. On November 22, 2011, the Federal Reserve Board issued a final rule requiring top-tier U.S. bank holding companies with total consolidated assets of $50 billion or more to submit annual capital plans for review. In addition, the Federal Reserve also expects these banks to demonstrate that they can achieve the capital ratios required by the Basel III framework as applied to the U.S. In the coming months, we should see the issuance of new rules and additional guidance on Basel III implementation clarifying regulatory expectations for U.S. banking institutions, including smaller, less complex U.S. banks.

In addition to Basel III, the Dodd-Frank Act requires or permits the Federal banking agencies to adopt regulations affecting banking institutions’ capital requirements in a number of respects, including potentially more stringent capital requirements for systemically important financial institutions. Accordingly, the regulations ultimately applicable to United and its banking subsidiaries may be substantially different from the Basel III

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final framework as published in December 2010 and refined in 2011. Requirements to maintain higher levels of capital or to maintain higher levels of liquid assets could adversely impact United’s net income and return on equity.

Item 1A. RISK FACTORS

United is subject to risks inherent to the Company’s business. The material risks and uncertainties that management believes affect the Company are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included or incorporated by reference in this report. The risks and uncertainties described below are not the only ones facing the Company. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may also impair United’s business operations. This report is qualified in its entirety by these risk factors.

United’s business may be adversely affected by conditions in financial markets and economic conditions generally

United’s business is concentrated in the West Virginia, Northern Virginia and Shenandoah Valley Virginia market areas. As a result, its financial condition, results of operations and cash flows are subject to changes if there are changes in the economic conditions in these areas. A prolonged period of economic recession or other adverse economic conditions in these areas could have a negative impact on United. A significant decline in general economic conditions nationally, caused by inflation, recession, acts of terrorism, outbreak of hostilities or other international or domestic occurrences, unemployment, changes in securities markets, declines in the housing market, a tightening credit environment or other factors could impact these local economic conditions and, in turn, have a material adverse effect on United’s financial condition and results of operations which occurred during this past year.

Economic conditions began deteriorating during the latter half of 2007 and continued throughout 2011. Business activity across a wide range of industries and regions has been greatly reduced and many businesses are experiencing serious difficulties due to a lack of consumer spending and the lack of liquidity in credit markets. Unemployment has also increased significantly. As a result of this economic crisis, many lending institutions, including United, have experienced declines in the performance of their loans, including construction, land development and land loans, commercial loans and consumer loans. Moreover, competition among depository institutions for deposits and quality loans has increased significantly. In addition, the values of real estate collateral supporting many commercial loans and home mortgages have declined and may continue to decline. Overall, the general business environment has had an adverse effect on United’s business, and there can be no assurance that the environment will improve in the near term. Accordingly, until conditions improve, United’s business, financial condition and results of operations could continue to be adversely affected.

The value of certain investment securities is volatile and future declines or other-than-temporary impairments could have a materially adverse affect on future earnings and regulatory capital

Continued volatility in the fair value for certain investment securities, whether caused by changes in market conditions, interest rates, credit risk of the issuer, the expected yield of the security, or actual defaults in the portfolio could result in significant fluctuations in the value of the securities. This could have a material adverse impact on United’s accumulated other comprehensive income and shareholders’ equity depending on the direction of the fluctuations. Furthermore, future downgrades or defaults in these securities could result in future classifications as other-than-temporarily impaired. This could have a material impact on United’s future earnings, although the impact on shareholders’ equity will be offset by any amount already included in other comprehensive income for securities that were temporarily impairment.

There are no assurances as to adequacy of the allowance for credit losses

United believes that its allowance for credit losses is maintained at a level appropriate to absorb any

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probable losses in its loan portfolio given the current information known to management.

Management establishes the allowance based upon many factors, including, but not limited to:

• historical loan loss experience;

• industry diversification of the commercial loan portfolio;

• the effect of changes in the local real estate market on collateral values;

• the amount of nonperforming loans and related collateral security;

• current economic conditions that may affect the borrower’s ability to pay and value of collateral;

• volume, growth and composition of the loan portfolio; and

• other factors management believes are relevant.

These determinations are based upon estimates that are inherently subjective, and their accuracy depends on the outcome of future events, so ultimate losses may differ from current estimates. Changes in economic, operating and other conditions, including changes in interest rates, that are generally beyond United’s control, can affect the Company’s credit losses. With unfavorable economic conditions since the end of 2007, United’s credit losses have been on the rise. If the economic conditions do not improve or continue to decline, United’s credit losses could continue to increase, perhaps significantly. As a result, such losses could exceed United’s current allowance estimates. United can provide no assurance that its allowance is sufficient to cover actual credit losses should such losses differ substantially from our current estimates.

In addition, federal and state regulators, as an integral part of their respective supervisory functions, periodically review United’s allowance for credit losses.

Changes in interest rates may adversely affect United’s business

United’s earnings, like most financial institutions, are significantly dependent on its net interest income. Net interest income is the difference between the interest income United earns on loans and other assets which earn interest and the interest expense incurred to fund those assets, such as on savings deposits and borrowed money. Therefore, changes in general market interest rates, such as a change in the monetary policy of the Board of Governors of the Federal Reserve System or otherwise beyond those which are contemplated by United’s interest rate risk model and policy, could have an effect on net interest income. For more information concerning United’s interest rate risk model and policy, see the discussion under the caption “Quantitative and Qualitative Disclosures About Market Risk” under Item 7A.

United is subject to credit risk

There are risks inherent in making any loan, including risks with respect to the period of time over which the loan may be repaid, risks resulting from changes in economic and industry conditions, risks inherent in dealing with individual borrowers and risks resulting from uncertainties as to the future value of collateral. United seeks to mitigate the risk inherent in its loan portfolio by adhering to prudent loan approval practices. Although United believes that its loan approval criteria are appropriate for the various kinds of loans the Company makes, United may incur losses on loans that meet our loan approval criteria. Due to recent economic conditions affecting the real estate market, many lending institutions, including United, have experienced substantial declines in the performance of their loans, including construction, land development and land loans. The value of real estate collateral supporting many construction and land development loans, land loans, commercial and multi-family loans have declined and may continue to decline. United cannot assure that the economic conditions affecting customers and the quality of the loan portfolio will improve and thus, United’s financial condition and results of operations could continue to be adversely affected.

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Loss of United’s Chief Executive Officer or other executive officers could adversely affect its business

United’s success is dependent upon the continued service and skills of its executive officers and senior management. If United loses the services of these key personnel, it could have a negative impact on United’s business because of their skills, years of industry experience and the difficulty of promptly finding qualified replacement personnel. The services of Richard M. Adams, United’s Chief Executive Officer, would be particularly difficult to replace. United and Mr. Adams are parties to an Employment Agreement providing for his continued employment by United through March 31, 2014.

United operates in a highly competitive market

United faces a high degree of competition in all of the markets it serves. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Wheeling MSA and the Weirton MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries.

There is a risk that aggressive competition could result in United controlling a smaller share of these markets. A decline in market share could lead to a decline in net income which would have a negative impact on stockholder value.

Dividend payments by United’s subsidiaries to United and by United to its shareholders can be restricted

The declaration and payment of future cash dividends will depend on, among other things, United’s earnings, the general economic and regulatory climate, United’s liquidity and capital requirements, and other factors deemed relevant by United’s board of directors. Federal Reserve Board policy limits the payment of cash dividends by bank holding companies, without regulatory approval, and requires that a holding company serve as a source of strength to its banking subsidiaries.

United’s principal source of funds to pay dividends on its common stock is cash dividends from its subsidiaries. The payment of these dividends by its subsidiaries is also restricted by federal and state banking laws and regulations. As of December 31, 2011, an aggregate of approximately $24.0 million, $19.2 million and $1.8 million was available for dividend payments from United Bank (WV), United Bank (VA) and Centra Bank, respectively, to United without regulatory approval.

United may be adversely affected by the soundness of other financial institutions

Financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships. United has exposure to many different industries and counterparties, and routinely executes transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds, or other institutional clients. Recent defaults by financial services institutions, and even rumors or questions about a financial institution or the financial services industry in general, have led to marketwide liquidity problems and could lead to losses or defaults by United or other institutions. Any such losses could adversely affect United’s financial condition or results of operations.

United is subject to extensive government regulation and supervision

United is subject to extensive federal and state regulation, supervision and examination. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole, not shareholders. These regulations affect United’s lending practices, capital structure, investment practices, dividend policy, operations and growth, among other things. These regulations also impose

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obligations to maintain appropriate policies, procedures and controls, among other things, to detect, prevent and report money laundering and terrorist financing and to verify the identities of United’s customers. Congress and federal regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations or policies, could affect United in substantial and unpredictable ways. Such changes could subject the Company to additional costs, limit the types of financial services and products United may offer and/or increase the ability of nonbanks to offer competing financial services and products, among other things. United expends substantial effort and incurs costs to improve its systems, audit capabilities, staffing and training in order to satisfy regulatory requirements, but the regulatory authorities may determine that such efforts are insufficient. Failure to comply with relevant laws, regulations or policies could result in sanctions by regulatory agencies, civil money penalties and/or reputation damage, which could have a material adverse effect on United’s business, financial condition and results of operations. While the Company has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. As an example, the FDIC imposed higher assessments on deposits in 2009 based on the adequacy of the deposit insurance fund, conditions of the banking industry and as a result of changes in specific programs. Recently, the Dodd-Frank Act changed the FDIC’s assessment base for federal deposit insurance from the amount of insured deposits to consolidated average assets less tangible capital. It is possible that United’s deposit insurance premiums could increase even more in the future under this new requirement.

In the normal course of business, United and its subsidiaries are routinely subject to examinations and challenges from federal and state tax authorities regarding the amount of taxes due in connection with investments that the Company has made and the businesses in which United has engaged. Recently, federal and state taxing authorities have become increasingly aggressive in challenging tax positions taken by financial institutions. These tax positions may relate to tax compliance, sales and use, franchise, gross receipts, payroll, property and income tax issues, including tax base, apportionment and tax credit planning. The challenges made by tax authorities may result in adjustments to the timing or amount of taxable income or deductions or the allocation of income among tax jurisdictions. If any such challenges are made and are not resolved in the Company’s favor, they could have a material adverse effect on United’s financial condition and results of operations.

United may elect or be compelled to seek additional capital in the future, but capital may not be available when it is needed

United is required by federal and state regulatory authorities to maintain adequate levels of capital to support the Company’s operations. In addition, United may elect to raise additional capital to support the Company’s business or to finance acquisitions, if any, or United may otherwise elect to raise additional capital. In that regard, a number of financial institutions have recently raised considerable amounts of capital as a result of deterioration in their results of operations and financial condition arising from the turmoil in the mortgage loan market, deteriorating economic conditions, declines in real estate values and other factors, which may diminish United’s ability to raise additional capital.

United’s ability to raise additional capital, if needed, will depend on conditions in the capital markets, economic conditions and a number of other factors, many of which are outside the Company’s control, and on United’s financial performance. Accordingly, United cannot be assured of its ability to raise additional capital if needed or on terms acceptable to the Company. If United cannot raise additional capital when needed, it may have a material adverse effect on the Company’s financial condition, results of operations and prospects.

United’s information systems may experience an interruption or breach in security

United relies heavily on communications and information systems to conduct its business. In addition, as part of its business, United collects, processes and retains sensitive and confidential client and customer information. United’s facilities and systems, and those of our third party service providers, may be vulnerable to security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors, or other similar events. Any failure, interruption or breach in security of these systems could result in failures or

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disruptions in the Company’s customer relationship management, general ledger, deposit, loan and other systems. While United has policies and procedures designed to prevent or limit the effect of the failure, interruption or security breach of its information systems, there can be no assurance that any such failures, interruptions or security breaches will not occur or, if they do occur, that they will be adequately addressed. The occurrence of any failures, interruptions or security breaches of the Company’s information systems could damage United’s reputation, result in a loss of customer business, subject United to additional regulatory scrutiny, or expose the Company to civil litigation and possible financial liability, any of which could have a material adverse effect on United’s financial condition and results of operations.

The Dodd-Frank Act may adversely affect United’s business, financial condition and results of operations.

The Dodd-Frank Act significantly changes regulation of financial institutions and the financial services industry. The Dodd-Frank Act includes, among other things, provisions creating a Financial Services Oversight Council to identify emerging systemic risks and improve interagency cooperation; centralizing the responsibility for consumer financial protection by creating a new agency, the Consumer Financial Protection Bureau, which will be responsible for implementing, examining and enforcing compliance with federal consumer financial laws; permanently raising the current standard maximum deposit insurance amount to $250,000; establishing strengthened capital standards for banks, and disallowing trust preferred securities as qualifying for Tier 1 capital (subject to certain grandfather provisions for existing trust preferred securities); establishing new minimum mortgage underwriting standards; granting the Federal Reserve Board the power to regulate debit card interchange fees; and implementing corporate governance changes. Many aspects of the Dodd-Frank Act are subject to rulemaking that will take effect over several years, thus making it difficult to assess all the effects the Dodd-Frank Act will have on the financial industry, including United, at this time. However, it is possible that United’s interest expense could increase and deposit insurance premiums could change, and steps may need to be taken to increase qualifying capital. United expects that operating and compliance costs will increase and could adversely affect its financial condition and results of operations.

In addition, these changes may also require United to invest significant management attention and resources to evaluate and make any changes necessary to comply with new statutory and regulatory requirements which may negatively impact United’s financial condition and results of operation. United is currently reviewing the provisions of the Dodd-Frank Act and assessing their probable impact on United and its operations.

Item 1B. UNRESOLVED STAFF COMMENTS

None

Item 2. PROPERTIES

Offices

United is headquartered in the United Center at 500 Virginia Street, East, Charleston, West Virginia. United’s executive offices are located in Parkersburg, West Virginia at Fifth and Avery Streets. United operates one hundred and twenty-six (126) full service offices—sixty-one (61) offices located throughout West Virginia, fifty-eight (58) offices in the Shenandoah Valley region of Virginia and the Northern Virginia, Maryland and Washington, D.C. metropolitan area, four (4) in southwestern Pennsylvania and three (3) in southeastern Ohio. United owns all of its West Virginia facilities except for two in the Wheeling area, two in the Charleston area, two in the Beckley area, two in the Charles Town area, two in the Morgantown area and one each in Parkersburg and Clarksburg, all of which are leased under operating leases. United owns most of its facilities in the Shenandoah Valley region of Virginia except for ten offices, three in Winchester, one each in Charlottesville, Front Royal, Harrisonburg, Staunton, Waynesboro, Weyers Cave and Woodstock, all of which are leased under operating leases. United leases all of its facilities under operating lease agreements in the Northern Virginia, Maryland and Washington, D.C. areas except for four offices, one each in Fairfax, Alexandria, and Vienna, Virginia and one in

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Bethesda, Maryland, which are owned facilities. United owns all of its Pennsylvania facilities. In Ohio, United leases two of its three facilities, one each in Bellaire and St. Clairsville. United leases operations centers in the Charleston, West Virginia and Chantilly, Virginia areas.

Item 3. LEGAL PROCEEDINGS

In April of 2011, United Bankshares, Inc. and United Bank, Inc. of West Virginia were named as defendants in two putative class actions. In the first putative class action, the plaintiffs seek to represent a national class of United Bank, Inc. of West Virginia customers allegedly harmed by United Bank’s overdraft practices relating to debit card transactions. In the second putative class action, the plaintiff seeks to represent a class of West Virginia residents allegedly harmed by United Bank’s overdraft practices relating to debit card transactions.

These lawsuits are substantially similar to class action lawsuits being filed against financial institutions nationwide. With respect to the second putative class action, in September of 2011, the West Virginia state court ruled on a motion to dismiss filed by United Bankshares, Inc. and United Bank, Inc. of West Virginia. Although the West Virginia state court denied the motion as to United Bank, Inc. of West Virginia, the motion was granted, without prejudice, as to United Bankshares, Inc. Otherwise, at this stage of the proceedings, it is too early to determine if these matters would be reasonably expected to have a material adverse effect on United’s financial condition. An estimate as to possible loss cannot be provided at this time because such estimate cannot be made with certainty. United believes there are meritorious defenses to the claims asserted in both proceedings.

In the normal course of business, United and its subsidiaries are currently involved in various legal proceedings. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

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UNITED BANKSHARES, INC.

FORM 10-K, PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Stock

As of January 31, 2012, 100,000,000 shares of common stock, par value $2.50 per share, were authorized for United, of which 50,867,630 were issued, including 654,682 shares held as treasury shares. The outstanding shares are held by approximately 7,382 shareholders of record, as well as 14,583 shareholders in street name as of January 31, 2012. The unissued portion of United’ s authorized common stock (subject to registration approval by the SEC) and the treasury shares are available for issuance as the Board of Directors determines advisable. United offers its shareholders the opportunity to invest dividends in shares of United stock through its dividend reinvestment plan. United has also established stock option plans and a stock bonus plan as incentive for certain eligible officers. In addition to the above incentive plans, United is occasionally involved in certain mergers in which additional shares could be issued and recognizes that additional shares could be issued for other appropriate purposes.

In May of 2006, United’s Board of Directors approved a new stock repurchase plan, whereby United could buy up to 1,700,000 shares of its common stock in the open market. During 2011 and 2010, no shares were repurchased under the plan.

The Board of Directors believes that the availability of authorized but unissued common stock of United is of considerable value if opportunities should arise for the acquisition of other businesses through the issuance of United’s stock. Shareholders do not have preemptive rights, which allows United to issue additional authorized shares without first offering them to current shareholders.

Currently, United has only one voting class of stock issued and outstanding and all voting rights are vested in the holders of United’s common stock. On all matters subject to a vote of shareholders, the shareholders of United will be entitled to one vote for each share of common stock owned. Shareholders of United have cumulative voting rights with regard to election of directors.

On December 23, 2008, the shareholders of United authorized the issuance of preferred stock up to 50,000,000 shares with a par value of $1.00 per share. The authorized preferred stock may be issued by the Company’s Board of Directors in one or more series, from time to time, with each such series to consist of such number of shares and to have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, as shall be stated in the resolution or resolutions providing for the issuance of such series adopted by the Board of Directors. Currently, no shares of preferred stock have been issued.

The authorization of preferred stock will not have an immediate effect on the holders of the Company’s common stock. The actual effect of the issuance of any shares of preferred stock upon the rights of the holders of common stock cannot be stated until the Board of Directors determines the specific rights of any shares of preferred stock. However, the effects might include, among other things, restricting dividends on common stock, diluting the voting power of common stock, reducing the market price of common stock or impairing the liquidation rights of the common stock without further action by the shareholders. Holders of the common stock will not have preemptive rights with respect to the preferred stock.

There are no preemptive or conversion rights or, redemption or sinking fund provisions with respect to United’s stock. All of the issued and outstanding shares of United’s stock are fully paid and non-assessable.

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Dividends

The shareholders of United are entitled to receive dividends when and as declared by its Board of Directors. Dividends have been paid quarterly. Dividends were $1.21 per share in 2011, $1.20 per share in 2010 and $1.17 per share in 2009. See “Market and Stock Prices of United” for quarterly dividend information.

The payment of dividends is subject to the restrictions set forth in the West Virginia Corporation Act and the limitations imposed by the Federal Reserve Board. Payment of dividends by United is dependent upon receipt of dividends from its Banking Subsidiaries. Payment of dividends by United’s state member Banking Subsidiaries is regulated by the Federal Reserve System and generally, the prior approval of the Federal Reserve Board (FRB) is required if the total dividends declared by a state member bank in any calendar year exceeds its net profits, as defined, for that year combined with its retained net profits for the preceding two years. Additionally, prior approval of the FRB is required when a state member bank has deficit retained earnings but has sufficient current year’s net income, as defined, plus the retained net profits of the two preceding years. The FRB may prohibit dividends if it deems the payment to be an unsafe or unsound banking practice. The FRB has issued guidelines for dividend payments by state member banks emphasizing that proper dividend size depends on the bank’s earnings and capital. See Note S, Notes to Consolidated Financial Statements.

Market and Stock Prices of United

United Bankshares, Inc. stock is traded over the counter on the National Association of Securities Dealers Automated Quotations System, Global Select Market (NASDAQ) under the trading symbol UBSI. The closing sale price reported for United’s common stock on February 24, 2012, the last practicable date, was $29.06.

The high and low prices listed below are based upon information available to United’s management from NASDAQ listings. No attempt has been made by United’s management to ascertain the prices for every sale of its stock during the periods indicated. However, based on the information available, United’s management believes that the prices fairly represent the amounts at which United’s stock was traded during the periods reflected.

The following table presents the dividends and high and low prices of United’s common stock during the periods set forth below:

2012	Dividends		High		Low
First Quarter through February 24, 2012		---	$	29.68	$	27.36
2011
Fourth Quarter	$	0.31	$	29.29	$	19.06
Third Quarter	$	0.30	$	25.21	$	18.78
Second Quarter	$	0.30	$	27.46	$	22.36
First Quarter	$	0.30	$	30.84	$	25.66
2010
Fourth Quarter	$	0.30	$	30.25	$	24.15
Third Quarter	$	0.30	$	27.25	$	22.09
Second Quarter	$	0.30	$	31.99	$	23.82
First Quarter	$	0.30	$	28.00	$	20.15

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Stock Performance Graph

The following Stock Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that United specifically incorporates it by reference into such filing.

The following graph compares United’s cumulative total shareholder return (assuming reinvestment of dividends) on its common stock for the five-year period ending December 31, 2011, with the cumulative total return (assuming reinvestment of dividends) of the Standard and Poor’s Midcap 400 Index and with the NASDAQ Bank Index. The cumulative total shareholder return assumes a $100 investment on December 31, 2006 in the common stock of United and each index and the cumulative return is measured as of each subsequent fiscal year-end. There is no assurance that United’s common stock performance will continue in the future with the same or similar trends as depicted in the graph.

	Period Ending
	12/31/06		12/31/07		12/31/08		12/31/09		12/31/10		12/31/11
United Bankshares, Inc.		100.00		75.17		92.78		59.29		90.77		92.31
NASDAQ Bank Index		100.00		80.13		62.94		52.67		60.11		53.82
S&P Mid-Cap Index		100.00		107.97		68.87		94.55		119.70		117.65

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Issuer Repurchases

The table below includes certain information regarding United’s purchase of its common shares during the three months ended December 31, 2011:

Period	Total Number of Shares Purchased (1) (2)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans (3)		Maximum Number of Shares that May Yet be Purchased Under the Plans (3)
10/01 – 10/31/2011		0	$	00.00		0		322,200
11/01 – 11/30/2011		0	$	00.00		0		322,200
12/01 – 12/31/2011		186	$	23.54		0		322,200
Total		186	$	23.54

(1) Includes shares exchanged in connection with the exercise of stock options under United’s stock option plans. Shares are purchased pursuant to the terms of the applicable stock option plan and not pursuant to a publicly announced stock repurchase plan. For the quarter ended December 31, 2011, no shares were exchanged by participants in United’s stock option plans.

(2) Includes shares purchased in open market transactions by United for a rabbi trust to provide payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. For the quarter ended December 31, 2011, the following shares were purchased for the deferred compensation plan: December 2011 –186 shares at an average price of $23.54.

(3) In May of 2006, United’s Board of Directors approved a repurchase plan to repurchase up to 1,700,000 shares of United’s common stock on the open market (the 2006 Plan). The timing, price and quantity of purchases under the plans are at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances.

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Item 6. SELECTED FINANCIAL DATA

The following consolidated selected financial data is derived from United’s audited financial statements as of and for the five years ended December 31, 2011. The selected financial data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and related notes contained elsewhere in this report.

	Five Year Summary
(Dollars in thousands, except per share data)	2011		2010		2009		2008		2007
Summary of Operations:
Total interest income	$	316,522	$	323,382	$	365,845	$	429,911	$	438,729
Total interest expense		55,794		85,196		120,374		177,119		213,310
Net interest income		260,728		238,186		245,471		252,792		225,419
Provision for loan losses		17,141		13,773		46,065		25,155		5,330
Other income		50,837		62,203		53,970		67,303		57,749
Other expense		184,048		182,212		175,127		171,073		147,929
Income taxes		34,766		32,457		10,951		36,913		39,235
Net income		75,610		71,947		67,298		86,954		90,674
Cash dividends		56,827		52,300		50,837		50,231		47,446
Per common share:
Net income:
Basic		1.62		1.65		1.55		2.01		2.16
Diluted		1.61		1.65		1.55		2.00		2.15
Cash dividends		1.21		1.20		1.17		1.16		1.13
Book value per share		19.29		18.18		17.53		16.97		17.61
Selected Ratios:
Return on average shareholders’ equity		8.50%		9.19%		8.81%		11.12%		12.99%
Return on average assets		0.97%		0.95%		0.85%		1.09%		1.28%
Dividend payout ratio		75.16%		72.69%		75.54%		57.77%		52.33%
Selected Balance Sheet Data:
Average assets	$	7,780,836	$	7,533,974	$	7,925,506	$	8,007,068	$	7,100,885
Investment securities		824,219		794,715		966,920		1,291,822		1,394,764
Loans held for sale		3,902		6,869		5,284		868		1,270
Total loans		6,236,710		5,260,326		5,736,809		6,014,155		5,793,484
Total assets		8,451,470		7,155,719		7,805,101		8,102,091		7,994,739
Total deposits		6,819,010		5,713,534		5,971,100		5,647,954		5,349,750
Long-term borrowings		345,366		386,458		771,935		852,685		774,162
Total liabilities		7,482,626		6,362,707		7,043,551		7,365,379		7,233,540
Shareholders’ equity		968,844		793,012		761,550		736,712		761,199

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Congress passed the Private Securities Litigation Act of 1995 to encourage corporations to provide investors with information about the company’s anticipated future financial performance, goals, and strategies. The act provides a safe haven for such disclosure; in other words, protection from unwarranted litigation if actual results are not the same as management expectations.

United desires to provide its shareholders with sound information about past performance and future trends. Consequently, any forward-looking statements contained in this report, in a report incorporated by reference to this report, or made by management of United in this report, in any other reports and filings, in press releases and in oral statements, involve numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by

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United’s statements for a variety of factors including, but not limited to: changes in economic conditions; business conditions in the banking industry; 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.

INTRODUCTION

The following discussion and analysis presents the significant changes in financial condition and the results of operations of United and its subsidiaries for the periods indicated below. This discussion and the consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly-owned subsidiaries, unless otherwise indicated. Management has evaluated all significant events and transactions that occurred after December 31, 2011, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.

This discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes thereto, which are included elsewhere in this document.

In addition, on July 8, 2011, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) of Morgantown, West Virginia. The results of operations of Centra are included in the consolidated results of operations from the date of acquisition. As a result, comparisons for the fourth quarter and year of 2011 to the same time periods of 2010 are impacted by increased levels of average balances, income, expense, and asset quality results due to the acquisition. At consummation, Centra had assets of approximately $1.3 billion, loans of $1.0 billion, deposits of $1.1 billion and shareholders’ equity of $131 million.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments, which are reviewed with the Audit Committee of the Board of Directors, are based on information available as of the date of the financial statements. Actual results could differ from these estimates. These policies, along with the disclosures presented in the financial statement notes and in this financial review, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified the determination of the allowance for credit losses, the valuation of investment securities and the related other-than-temporary impairment analysis, and the calculation of the income tax provision to be the accounting areas that require the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available. The most significant accounting policies followed by United are presented in Note A, Notes to Consolidated Financial Statements.

Allowance for Credit Losses

The allowance for credit losses represents management’s estimate of the probable credit losses inherent in the lending portfolio. Determining the allowance for credit losses requires management to make forecasts of losses that are highly uncertain and require a high degree of judgment. At December 31, 2011, the allowance for loan losses was $73.9 million and is subject to periodic adjustment based on management’s assessment of current probable losses in the loan portfolio. Such adjustment from period to period can have a significant impact on United’s consolidated financial statements. To illustrate the potential effect on the financial statements of our estimates of the allowance for loan losses, a 10% increase in the allowance for loan losses would have required $7.4 million in additional allowance (funded by additional provision for credit losses), which would have negatively impacted the year of 2011 net income by approximately $4.8 million, or $0.10 diluted per common share. Management’s evaluation of the adequacy of the allowance for credit losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the loan portfolio and lending related commitments. This evaluation is inherently subjective and requires significant estimates, including estimates related to the amounts and timing of future cash

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flows, value of collateral, losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The allowance allocated to specific credits and loan pools grouped by similar risk characteristics is reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. The methodology used to determine the allowance for credit losses is described in Note A, Notes to Consolidated Financial Statements. A discussion of the factors leading to changes in the amount of the allowance for credit losses is included in the Provision for Credit Losses section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). For a discussion of concentrations of credit risk, see Item 1, under the caption of Loan Concentrations in this Form 10-K.

Investment Securities

Accounting estimates are used in the presentation of the investment portfolio and these estimates impact the presentation of United’s financial condition and results of operations. United classifies its investments in debt and equity securities as either held to maturity or available for sale. Securities held to maturity are accounted for using historical costs, adjusted for amortization of premiums and accretion of discounts. Securities available for sale are accounted for at fair value, with the net unrealized gains and losses, net of income tax effects, presented as a separate component of stockholders’ equity. When available, fair values of securities are based on quoted prices or prices obtained from third party vendors. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data. Prices obtained from third party vendors that do not reflect forced liquidation or distressed sales are not adjusted by management. Where prices reflect forced liquidation or distressed sales, as is the case with United’s portfolio of pooled trust preferred securities, management estimates fair value based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Due to the subjective nature of this valuation process, it is possible that the actual fair values of these securities could differ from the estimated amounts, thereby affecting United’s financial position, results of operations and cash flows. The potential impact to United’s financial position, results of operations or cash flows for changes in the valuation process cannot be reasonably estimated.

If the estimated value of investments is less than the cost or amortized cost, the investment is considered impaired and management evaluates whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. If such an event or change has occurred, management must exercise judgment to determine the nature of the potential impairment (i.e., temporary or other-than-temporary) in order to apply the appropriate accounting treatment. If United intends to sell, or is more likely than not will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The amount recognized in earnings is equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and is not more likely than not they will be required to sell the impaired debt security prior to recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized in earnings, and 2) the amount related to all other factors, which is recognized in other comprehensive income. Given the recent disruptions in the financial markets, the decision to recognize other-than-temporary impairment on investment securities has become more difficult as complete information is not always available and market conditions and other relevant factors are subject to rapid changes. Therefore, the other-than-temporary impairment assessment has become a critical accounting policy for United. For additional information on management’s consideration of investment valuation and other-than-temporary impairment, see Note C and Note T, Notes to Consolidated Financial Statements.

Income Taxes

United’s calculation of income tax provision is inherently complex due to the various different tax laws and jurisdictions in which we operate and requires management’s use of estimates and judgments in its determination. The current income tax liability also includes income tax expense related to our uncertain tax positions as required in ASC topic 740, “Income Taxes.” Changes to the estimated accrued taxes can occur due to changes in tax rates, implementation of new business strategies, resolution of issues with taxing authorities and recently enacted statutory, judicial and regulatory guidance. These

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changes can be material to the Company’s operating results for any particular reporting period. The analysis of the income tax provision requires the assessments of the relative risks and merits of the appropriate tax treatment of transactions, filing positions, filing methods and taxable income calculations after considering statutes, regulations, judicial precedent and other information. United strives to keep abreast of changes in the tax laws and the issuance of regulations which may impact tax reporting and provisions for income tax expense. United is also subject to audit by federal and state authorities. Because the application of tax laws is subject to varying interpretations, results of these audits may produce indicated liabilities which differ from United’s estimates and provisions. United continually evaluates its exposure to possible tax assessments arising from audits and records its estimate of probable exposure based on current facts and circumstances. The potential impact to United’s operating results for any of the changes cannot be reasonably estimated. See Note L, Notes to Consolidated Financial Statements for information regarding United’s ASC topic 740 disclosures.

Any material effect on the financial statements related to these critical accounting areas is further discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

USE OF FAIR VALUE MEASUREMENTS

United determines the fair value of its financial instruments based on the fair value hierarchy established in ASC topic 820, whereby the fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC topic 820 establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs in the methodology for determining fair value are observable or unobservable. Observable inputs reflect market-based information obtained from independent sources (Level 1 or Level 2), while unobservable inputs reflect management’s estimate of market data (Level 3). For assets and liabilities that are actively traded and have quoted prices or observable market data, a minimal amount of subjectivity concerning fair value is needed. Prices and values obtained from third party vendors that do not reflect forced liquidation or distressed sales are not adjusted by management. When quoted prices or observable market data are not available, management’s judgment is necessary to estimate fair value.

At December 31, 2011, approximately 8.67% of total assets, or $732.77 million, consisted of financial instruments recorded at fair value. Of this total, approximately 92.96% or $681.21 million of these financial instruments used valuation methodologies involving observable market data, collectively Level 1 and Level 2 measurements, to determine fair value. Approximately 7.04% or $51.56 million of these financial instruments were valued using unobservable market information or Level 3 measurements. Most of these financial instruments valued using unobservable market information were pooled trust preferred investment securities classified as available-for-sale. At December 31, 2011, only $5.05 million or less than 1% of total liabilities were recorded at fair value. This entire amount was valued using methodologies involving observable market data. United does not believe that any changes in the unobservable inputs used to value the financial instruments mentioned above would have a material impact on United’s results of operations, liquidity, or capital resources. See Note T for additional information regarding ASC topic 820 and its impact on United’s financial statements.

2011 COMPARED TO 2010

FINANCIAL CONDITION SUMMARY

United’s total assets as of December 31, 2011 were $8.45 billion which was an increase of $1.30 billion or 18.11% from December 31, 2010, primarily the result of the acquisition of Centra Financial Holdings Inc. (Centra) on July 8, 2011. Portfolio loans increased $976.38 million or 18.56%, cash and cash equivalents increased $174.61 million or 37.85%, investment securities increased $29.50 million or 3.71%, goodwill increased $59.93 million or 19.22%, other assets increased $35.17 million or 11.17%, and bank premises and equipment increased $21.06 million or 38.04%. Loans available for sale decreased $2.97 million or 43.19%. The increase in total assets is reflected in a corresponding increase in total liabilities of $1.12 billion or 17.60% from year-end 2010. The increase in total liabilities was due mainly to an increase of $1.11 billion or 19.35% and $20.46 million or 3.53% in deposits and borrowings, respectively, mainly due to the Centra acquisition. Shareholders’ equity increased $175.83 million or 22.17% from year-end 2010 due primarily to the acquisition of Centra and the retention of earnings after paying dividends to shareholders.

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The following discussion explains in more detail the changes in financial condition by major category.

Cash and Cash Equivalents

Cash and cash equivalents at December 31, 2011 increased $174.61 million or 37.85% from year-end 2010. Of this total increase, interest-bearing deposits with other banks increased $161.05 million or 46.64% as United placed its excess cash in an interest-bearing account with the Federal Reserve while cash and due from banks increased $13.28 million or 11.51% and federal funds sold increased $291 thousand or 40.53%. During the year of 2011, net cash of $118.57 million and $158.34 million was provided by operating activities and investing activities, respectively, while net cash of $102.29 million was used in financing activities. Further details related to changes in cash and cash equivalents are presented in the Consolidated Statements of Cash Flows.

Securities

Total investment securities at December 31, 2011 increased $29.50 million or 3.71% from year-end 2010. Centra added approximately $128.08 million in investment securities, including purchase accounting amounts, upon the merger. Securities available for sale increased $43.24 million or 6.62%. This change in securities available for sale reflects $1.49 billion in sales, maturities and calls of securities, $1.42 billion in purchases, and a $9.50 million increase in market value. Securities held to maturity decreased $7.75 million or 11.56% from year-end 2010 due to calls and maturities of securities. Other investment securities decreased $5.99 million or 8.05% from year-end 2010.

The following is a summary of available for sale securities at December 31:

	2011		2010		2009
	(In thousands)
U.S. Treasury and obligations of U.S. Government corporations and agencies	$	303,484	$	103,851	$	4,960
States and political subdivisions		94,794		81,801		96,900
Mortgage-backed securities		225,069		386,125		624,396
Marketable equity securities		4,341		5,794		5,277
Trust preferred collateralized debt obligations		104,161		124,632		132,457
Single issue trust preferred securities		15,242		15,594		15,552
Corporate securities		4,994		0		0
TOTAL AVAILABLE FOR SALE SECURITIES, at amortized cost	$	752,085	$	717,797	$	879,542
TOTAL AVAILABLE FOR SALE SECURITIES, at fair value	$	696,518	$	653,276	$	811,777

The following is a summary of held to maturity securities at December 31:

	2011		2010		2009
		(In thousands)
U.S. Treasury and obligations of U.S. Government corporations and agencies	$	11,062	$	11,200	$	11,331
States and political subdivisions		12,794		20,288		25,904
Mortgage-backed securities		77		94		110
Single issue trust preferred securities		32,116		32,122		33,499
Other corporate securities		3,240		3,332		6,577
TOTAL HELD TO MATURITY SECURITIES, at amortized cost	$	59,289	$	67,036	$	77,421
TOTAL HELD TO MATURITY SECURITIES, at fair value	$	56,181	$	62,315	$	70,535

At December 31, 2011, gross unrealized losses on available for sale securities were $68.86 million. Securities in an unrealized loss position at December 31, 2011 consisted primarily of pooled trust preferred collateralized debt obligations (TRUP CDOs), single issue trust preferred securities and non-agency residential mortgage-backed securities. The TRUP CDOs and the single issue trust preferred securities relate mainly to securities of financial institutions.

As of December 31, 2011, United’s mortgage-backed securities had an amortized cost of $225.15 million, with an estimated fair value of $231.03 million. The portfolio consisted primarily of $185.62 million in agency residential mortgage-backed

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securities with a fair value of $193.49 million and $39.53 million in non-agency residential mortgage-backed securities with an estimated fair value of $37.54 million.

As of December 31, 2011, United’s corporate securities had an amortized cost of $159.75 million, with an estimated fair value of $88.46 million. The portfolio consisted primarily of $104.16 million in pooled trust preferred securities with a fair value of $42.37 million and $47.36 million in single issue trust preferred securities with an estimated fair value of $37.77 million. In addition to the trust preferred securities, the Company held positions in various other corporate securities with an amortized cost of $8.23 million and a fair value of $8.33 million, only one of which was individually significant.

The pooled trust preferred securities consisted of positions in 23 different securities. The underlying issuers in the pools were primarily financial institutions and to a lesser extent, insurance companies. The Company has no exposure to Real Estate Investment Trusts (REITs) in its investment portfolio. The Company owns both senior and mezzanine tranches in pooled trust preferred securities; however, the Company does not own any income notes. The senior and mezzanine tranches of trust preferred collateralized debt obligations generally have some protection from defaults in the form of over-collateralization and excess spread revenues, along with waterfall structures that redirect cash flows in the event certain coverage test requirements are failed. Generally, senior tranches have the greatest protection, with mezzanine tranches subordinated to the senior tranches, and income notes subordinated to the mezzanine tranches. Senior tranches represent $20.93 million of the Company’s pooled securities, while mezzanine tranches represent $83.23 million. Of the $83.23 million in mezzanine tranches, $13.40 million are now in the Senior position as the Senior notes have been paid to a zero balance. As of December 31, 2011, $9.50 million of the pooled trust preferred securities were investment grade, $9.51 million were split-rated, and the remaining $85.15 million were below investment grade. In terms of capital adequacy, the Company allocates additional risk-based capital to the below investment grade securities.

Of the $47.36 million in single issue trust preferred securities at December 31, 2011, $18.77 million or 39.64% were investment grade; $13.01 million or 27.48% were unrated; $8.96 million or 18.93% were split rated; and $6.60 million or 13.95% were below investment grade. The three largest exposures accounted for 51.76% of the $47.36 million. These included Wells Fargo at $9.89 million, SunTrust Bank at $7.38 million and Peoples Bancorp, Inc. at $7.25 million. All single-issue trust preferred securities, with the exception of two securities totaling $633 thousand, are currently receiving full scheduled principal and interest payments.

During the year of 2011, United recognized net other-than-temporary impairment charges totaling $17.25 million and $3.16 million, respectively, on certain TRUP CDOs and non-agency residential mortgage-backed securities, which are not expected to be sold. Other than these securities, management does not believe that any other individual security with an unrealized loss as of December 31, 2011 is other-than-temporarily impaired. United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not an adverse change in the expected cash flows. Based on a review of each of the securities in the investment portfolio, management concluded that it was not probable that it would be unable to realize the cost basis investment and appropriate interest payments on such securities. United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature. However, United acknowledges that any impaired securities may be sold in future periods in response to significant, unanticipated changes in asset/liability management decisions, unanticipated future market movements or business plan changes.

More information relating to investment securities is presented in Note C, Notes to Consolidated Financial Statements.

Loans

Loans held for sale decreased $2.97 million or 43.19% as sales of loans exceeded loan originations in the secondary market during the year of 2011. Portfolio loans, net of unearned income, increased $976.38 million or 18.56% from year-end 2010 mainly as a result of the Centra acquisition which added approximately $1.02 billion, including purchase accounting amounts, in portfolio loans. Since year-end 2010, commercial, financial and agricultural loans increased $671.27 million or 23.66% as commercial real estate loans increased $497.37 million and commercial loans (not secured by real estate) increased $173.90 million. In addition, residential real estate loans and construction and land development loans increased $197.28 million or 11.60% and $78.94 million or 16.76%, respectively, while other consumer loans increased $29.37 million or 11.55%. The increases were due primarily to the Centra merger.

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A summary of loans outstanding is as follows:

	December 31
	2011		2010		2009		2008		2007
Commercial, financial & agricultural	$	3,508,966	$	2,837,692	$	3,003,298	$	3,167,458	$	2,957,497
Residential real estate		1,897,658		1,700,380		1,859,439		1,915,355		1,882,498
Construction & land development		549,877		470,934		559,602		601,995		601,323
Consumer		283,712		254,345		318,439		335,750		359,243
Less: Unearned interest		(3,503)		(3,025)		(3,969)		(6,403)		(7,077)
Total loans		6,236,710		5,260,326		5,736,809		6,014,155		5,793,484
Allowance for loan losses		(73,874)		(73,033)		(67,853)		(61,494)		(50,456)
TOTAL LOANS, NET	$	6,162,836	$	5,187,293	$	5,668,956	$	5,952,661	$	5,743,028
Loans held for sale	$	3,902	$	6,869	$	5,284	$	868	$	1,270

The following table shows the maturity of commercial, financial, and agricultural loans and real estate construction and land development loans as of December 31, 2011:

	Less Than		One To		Over
(In thousands)	One Year		Five Years		Five Years		Total
Commercial, financial & agricultural	$	1,093,408	$	1,339,437	$	1,076,121	$	3,508,966
Construction & land development		326,789		126,592		96,496		549,877
Total	$	1,420,197	$	1,466,029	$	1,172,617	$	4,058,843

At December 31, 2011, commercial, financial and agricultural loans and real estate construction and land development loans by maturity are as follows:

	Less Than		One to		Over
(In thousands)	One Year		Five Years		Five Years		Total
Outstanding with fixed interest rates	$	398,632	$	1,100,363	$	1,072,702	$	2,571,697
Outstanding with adjustable rates		1,021,565		365,666		99,915		1,487,146
	$	1,420,197	$	1,466,029	$	1,172,617	$	4,058,843

More information relating to loans is presented in Note D, Notes to Consolidated Financial Statements.

Other Assets

Other assets increased $35.17 million or 11.17% from year-end 2010. The Centra merger added approximately $51.66 million in other assets plus an additional $12.44 million in core deposit intangibles. Specifically within other assets, the cash surrender value of bank-owned life insurance policies increased $25.57 million as approximately $19.61 million was acquired from Centra while the remaining increase was due to an increase in the cash surrender value. The remainder of the increase in other assets is the result of an $11.12 million increase in deferred tax assets and an increase of $6.99 million in OREO. Partially offsetting these increases was a $19.73 million decline in United’s net pension asset due to a decline in the discount rate used in the year-end valuation and a less than expected return on the plan assets.

Deposits

Deposits represent United’s primary source of funding. Total deposits at December 31, 2011 increased $1.11 billion or 19.35% from year-end 2010 as a result of the Centra acquisition. Centra added approximately $1.13 billion in deposits, including purchase accounting amounts. In terms of composition, noninterest-bearing deposits increased $415.91 million or 34.57% while interest-bearing deposits increased $689.57 million or 15.29% from December 31, 2010.

The increase in noninterest-bearing deposits was due mainly to increases in commercial noninterest-bearing deposits of $237.64 million or 26.83%, personal noninterest-bearing deposits of $190.63 million or 66.97%, and noninterest-bearing

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public funds of $78.11 million or 593.36% as a result of the Centra acquisition.

The increase in interest-bearing deposits was due mainly to the Centra merger as all major categories of interest-bearing deposits, except interest-bearing checking accounts, increased from year-end 2010. Interest-bearing money market accounts (MMDAs) increased $461.73 million or 27.35%, time deposits over $100,000 increased $87.21 million or 8.81%, time deposits under $100,000 increased $60.63 million or 5.26%, and regular savings balances increased $85.49 million or 22.01%. The $461.73 million increase in interest-bearing MMDAs is due to a $325.38 million and a $177.32 million increase in personal MMDAs and commercial MMDAs, respectively. Public funds MMDAs, on the other hand, decreased $40.97 million. The $87.21 million increase in time deposits over $100,000 is the result of a $119.25 million increase in fixed rate certificates of deposits (CDs). Partially offsetting this increase in fixed rate CDs was a $28.97 million decrease in Certificate of Deposit Account Registry Service (CDARS) balances. The $60.63 million increase in time deposits under $100,000 was due to fixed rate CDs increasing $89.27 million while variable rate CDs decreased $25.70 million and CDARS balances under $100,000 decreased $16.12 million. Partially offsetting these increases in interest-bearing deposits was a decrease of $5.48 million or 1.89% in interest-bearing checking deposits mainly due to a $22.06 million decrease in commercial interest-bearing checking accounts which was partially offset by a $14.57 million increase in personal interest-bearing checking accounts and a $2.01 million increase in state and municipal interest-bearing checking accounts.

The table below summarizes the changes by deposit category since year-end 2010:

	December 31		December 31
	2011		2010		$ Change		% Change
(Dollars in thousands)
Demand deposits	$	878,838	$	657,395	$	221,443		33.68%
Interest-bearing checking		284,670		290,153		(5,483)		(1.89%)
Regular savings		473,819		388,332		85,487		22.01%
Money market accounts		2,890,445		2,234,252		656,193		29.37%
Time deposits under $100,000		1,213,964		1,153,337		60,627		5.26%
Time deposits over $100,000		1,077,274		990,065		87,209		8.81%
Total deposits	$	6,819,010	$	5,713,534	$	1,105,476		19.35%

At December 31, 2011, the scheduled maturities of time deposits are as follows:

Year	Amount
(In thousands)
2012	$	1,488,691
2013		390,020
2014		173,344
2015		159,530
2016 and thereafter		79,653
TOTAL	$	2,291,238

Maturities of time certificates of deposit of $100,000 or more outstanding at December 31, 2011 are summarized as follows:

	Amount
( In thousands)
3 months or less	$	434,263
Over 3 through 6 months		129,056
Over 6 through 12 months		201,620
Over 12 months		312,335
TOTAL	$	1,077,274

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The average daily amount of deposits and rates paid on such deposits is summarized for the years ended December 31:

	2011						2010						2009
			Interest						Interest						Interest
	Amount		Expense		Rate		Amount		Expense		Rate		Amount		Expense		Rate
		(Dollars in thousands)
Demand deposits	$	476,460	$	0		0.00%	$	320,915	$	0		0.00%	$	275,331	$	0		0.00%
NOW and money market deposits		3,084,146		9,019		0.29%		2,675,969		11,365		0.42%		2,346,354		8,980		0.38%
Savings deposits		447,166		423		0.09%		380,081		332		0.09%		346,887		300		0.09%
Time deposits		2,233,065		29,633		1.33%		2,349,119		43,966		1.87%		2,829,599		74,183		2.62%
TOTAL	$	6,240,837	$	39,075		0.63%	$	5,726,084	$	55,663		0.97%	$	5,798,171	$	83,463		1.44%

More information relating to deposits is presented in Note I, Notes to Consolidated Financial Statements.

Borrowings

Total borrowings at December 31, 2011 increased $20.46 million or 3.53% during the year of 2011. Centra added approximately $48 million upon the merger. Since year-end 2010, short-term borrowings increased $61.55 million or 31.86% due to a $64.55 million increase in securities sold under agreements to repurchase. Centra added approximately $28.57 million in short-term borrowings at merger. Long-term borrowings decreased $41.09 million or 10.63% since year-end 2010 as long-term FHLB advances decreased $60.37 million or 29.86% due to repayments. Partially offsetting this decrease in long-term FHLB advances, United assumed $20 million of junior subordinated debt securities in the Centra merger.

The table below summarizes the changes by borrowing category since year-end 2010:

	December 31				Amount		Percentage
	2011		2010		Change		Change
(Dollars in thousands)
Federal funds purchased	$	7,120	$	8,542	$	(1,422)		(16.65%)
Securities sold under agreements to repurchase		247,646		183,097		64,549		35.25%
TT&L note option		0		1,575		(1,575)		(100.00%)
Long-term FHLB advances		141,809		202,181		(60,372)		(29.86%)
Issuances of trust preferred capital securities		203,557		184,277		19,280		10.46%
Total borrowings	$	600,132	$	579,672	$	20,460		3.53%

For a further discussion of borrowings see Notes J and K, Notes to Consolidated Financial Statements.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at December 31, 2011 decreased $5.86 million or 8.69% from year-end 2010. The majority of the decrease was due to a $9.08 million decrease in income taxes payable due to a timing difference in payments. Partially offsetting this decrease was an increase of $2.48 million in dividends payable. Centra added approximately $3.27 million upon the merger.

Shareholders’ Equity

Shareholders’ equity at December 31, 2011 increased $175.83 million or 22.17% from December 31, 2010 mainly as a result of the Centra acquisition. The Centra transaction added approximately $161 million as 6,548,473 shares were issued from

31

United’s authorized but unissued shares for the merger at a cost of $170 million. Earnings net of dividends for the year of 2011 were $18.78 million.

Accumulated other comprehensive income decreased $6.10 million due mainly due to an after tax-adjustment to United’s pension asset resulting in a decline of $13.38 million. Partially offsetting this decrease was an increase of $6.17 million, net of deferred income tax, in the fair value of United’s available for sale investment portfolio. In addition, the accretion of pension costs for the year of 2011 was $1.46 million while the after-tax non-credit portion of OTTI losses for the year of 2011 was $354 thousand.

EARNINGS SUMMARY

Net income for the year 2011 was $75.61 million or $1.61 per diluted share compared to $71.95 million or $1.65 per diluted share for the year of 2010.

United’s return on average assets for the year of 2011 was 0.97% and return on average shareholders’ equity was 8.50% as compared to 0.95% and 9.19% for the year of 2010. 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 was 0.79% and average return on equity was 7.37% for the first nine months of 2011.

As previously mentioned, United completed its acquisition of Centra during the third quarter of 2011. The financial results of Centra are included in United’s results from the July 8, 2011 acquisition date. As a result, comparisons for the fourth quarter and year of 2011 to the same time periods of 2010 are impacted by increased levels of average balances, income, expense, and asset quality results due to the acquisition. At consummation, Centra had assets of approximately $1.3 billion, loans of $1.0 billion, deposits of $1.1 billion and shareholders’ equity of $131 million. In addition, the results for the year of 2011 included before-tax, other-than-temporary impairment charges of $20.41 million on certain investment securities.

During the fourth quarter of 2010, United recovered funds from its insurance carrier in the amount of $15.00 million related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans previously charged-off in 2009. The $15.00 million of insurance proceeds were recorded as a recovery within United’s allowance for loan losses which resulted in provision for loan losses of $13.77 million for the year of 2010. Also, the results for the year of 2010 included noncash, before-tax, other-than-temporary impairment charges of $9.82 million on certain investment securities. The results for the year of 2010 included before-tax, net gains of $2.01 million on the sale of investment securities.

Net interest income for the year of 2011 was $260.73 million, an increase of $22.54 million or 9.46% from the prior year. The provision for loan losses was $17.14 million for the year 2011 as compared to $13.77 million for the year of 2010.

Noninterest income was $50.84 million for the year of 2011, down $11.37 million or 18.27% when compared to the year of 2010. Included in noninterest income for the year of 2011 and 2010 were the previously mentioned noncash before-tax other-than-temporary impairment charges of $20.41 million and $9.82 million, respectively. Noninterest expense was $184.05 million, an increase of $1.84 million or 1.01% for the year of 2011 when compared to 2010.

Income tax expense for the year of 2011 was $34.77 million as compared to $32.46 million for the year of 2010. United’s effective tax rate was approximately 31.5% and 31.1% for years ended December 31, 2011 and 2010, respectively, as compared to 14.0% for 2009.

The following discussion explains in more detail the results of operations by major category.

Net Interest Income

Net interest income represents the primary component of United’s earnings. It is the difference between interest income from earning assets and interest expense incurred to fund these assets. Net interest income is impacted by changes in the volume and mix of interest-earning assets and interest-bearing liabilities, as well as changes in market interest rates. Such changes, and their impact on net interest income in 2011 and 2010, are presented below.

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Net interest income for the year of 2011 was higher than the year of 2010 due mainly to a lower amount of average interest-bearing liabilities due to the net repayment of FHLB advances at the end of 2010 and the beginning of 2011 as well as an increase in average earnings assets as a result of the Centra merger. Generally, prior to the Centra merger, net interest income had declined in 2011 from the same time periods in 2010 as interest income has declined more than interest expense. The lower amount of net interest income had been due largely to a decrease in average earning assets as a result of less loan demand due to current economic conditions and a lack of desirable reinvestment options for securities as they mature or are called. Yields on earning assets have also declined from last year due to lower reinvestment rates on loans and securities as a result of historically low market interest rates. United has been able to lower its funding costs on deposits and short-term borrowings from last year due to these lower market interest rates even to the point of outpacing the decline in the yield on earning assets.

Net interest income for the year of 2011 was $260.73 million, an increase of $22.54 million or 9.46% from the year of 2010. The $22.54 million increase in net interest income occurred because total interest income declined $6.86 million while total interest expense declined $29.40 million from the year of 2010. For the purpose of this remaining discussion, net interest income is presented on a tax-equivalent basis to provide a comparison among all types of interest earning assets. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

Tax-equivalent net interest income for the year of 2011 was $267.32 million, an increase of $23.22 million or 9.51% from the year of 2010. The net interest margin for the year of 2011 was 3.87%, up 23 basis points from a net interest margin of 3.64% during the same period last year.

Tax-equivalent interest income for the year of 2011 was $323.11 million, a $6.18 million or 1.88% decrease from the year of 2010. This decrease was primarily attributable to a decrease of 23 basis points in the average yield on earning assets for the year of 2011 as compared to the year of 2010. Partially offsetting this decrease was an increase in average earning assets of $191.06 million or 2.85% for the year of 2011 due to the Centra merger. Average net loans increased $246.63 million or 4.57% for the year of 2011 while average investments decreased $89.94 million or 10.01%. Average short-term investments increased $34.37 million or 8.43% as a result of United placing its excess cash in an interest-bearing account with the Federal Reserve.

Interest expense for the year of 2011 was $55.79 million, a decrease of $29.40 million or 34.51% from the year of 2010. The decline in interest expense for the year of 2011 was attributable to decreases in average interest-bearing liabilities and United’s average cost of funds. Average interest-bearing liabilities declined $193.77 million or 3.48% due mainly to the net repayment of approximately $360 million in Federal Home Loan Bank advances towards the end of 2010 and the beginning of 2011. In addition, the average cost of funds for the year of 2011 decreased 49 basis points from the year of 2010 as a result of lower market interest rates. The average cost of interest-bearing deposits was 0.82% for the year of 2011, down 39 basis points from 1.21% for the year of 2010 while the average cost of short-term borrowings was 0.06% for the year of 2011 which was equal to the year of 2010. The average cost of long-term borrowings was 4.79% for the year of 2011, an increase of 49 basis points from 4.30% for the year of 2010. Average interest-bearing deposits increased $175.47 million or 3.82% while average short-term borrowings decreased $32.13 million or 11.13%.

The following table reconciles the difference between net interest income and tax-equivalent net interest income for the year ended December 31, 2011, 2010 and 2009.

	Year Ended
	December 31		December 31		December 31
(Dollars in thousands)	2011		2010		2009
Net interest income, GAAP basis	$	260,728	$	238,186	$	245,471
Tax-equivalent adjustment (1)		6,587		5,906		11,199
Tax-equivalent net interest income	$	267,315	$	244,092	$	256,670

(1) The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 35% and interest income on state nontaxable loans and investment securities using the statutory state income tax rate of 8.75% for 2009. For the year of 2011 and 2010, all interest income on loans and investment securities was subject to state income taxes.

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The following table shows the consolidated daily average balance of major categories of assets and liabilities for each of the three years ended December 31, 2011, 2010 and 2009 with the consolidated interest and rate earned or paid on such amount. The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 35%. For the year of 2011 and 2010, interest income on all loans and investment securities was subject to state income taxes. For the year of 2009, the interest income and yield on state nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory state income tax rate of 8.75%.

	Year Ended December 31, 2011							Year Ended December 31, 2010							Year Ended December 31, 2009
(Dollars in thousands)	Average Balance			Interest (1)		Avg. Rate (1)		Average Balance			Interest (1)		Avg. Rate (1)		Average Balance			Interest (1) (2)		Avg. Rate (1)  (2)
ASSETS
Earning Assets:
Federal funds sold, securities repurchased under agreements to resell & other short-term investments	$	442,282		$	1,255		0.28%	$	407,908		$	1,267		0.31%	$	174,319		$	309		0.18%
Investment Securities:
Taxable		707,897			23,069		3.26%		791,600			34,564		4.37%		989,176			46,834		4.73%
Tax-exempt		100,743			6,130		6.08%		106,981			7,257		6.78%		168,623			12,020		7.13%
Total Securities		808,640			29,199		3.61%		898,581			41,821		4.65%		1,157,799			58,854		5.08%
Loans, net of unearned Income (3)		5,721,510			292,655		5.11%		5,471,297			286,200		5.23%		5,888,900			317,881		5.40%
Allowance for loan losses		(73,231	)						(69,643	)						(64,128	)
Net loans		5,648,279					5.18%		5,401,654					5.30%		5,824,772					5.46%
Total earning assets		6,899,201		$	323,109		4.68%		6,708,143		$	329,288		4.91%		7,156,890		$	377,044		5.27%
Other assets		881,635							825,831							768,616
TOTAL ASSETS	$	7,780,836						$	7,533,974						$	7,925,506
LIABILITIES
Interest-Bearing Funds:
Interest-bearing deposits	$	4,772,801		$	39,075		0.82%	$	4,597,335		$	55,663		1.21%	$	4,776,120		$	83,463		1.75%
Short-term borrowings		256,578			166		0.06%		288,704			167		0.06%		446,963			645		0.14%
Long- term borrowings		345,395			16,553		4.79%		682,507			29,366		4.30%		854,438			36,266		4.24%
Total Interest-Bearing Funds		5,374,774			55,794		1.04%		5,568,546			85,196		1.53%		6,077,521			120,374		1.98%
Noninterest-bearing deposits		1,468,036							1,128,749							1,022,051
Accrued expenses and other liabilities		48,087							54,029							61,948
TOTAL LIABILITIES		6,890,897							6,751,324							7,161,520
SHAREHOLDERS’ EQUITY		889,939							782,650							763,986
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,780,836						$	7,533,974						$	7,925,506
NET INTEREST INCOME				$	267,315						$	244,092						$	256,670
INTEREST SPREAD							3.64%							3.38%							3.29%
NET INTEREST MARGIN							3.87%							3.64%							3.59%

(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 35%.

(2) The interest income and the yields on state nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory state income tax rate of 8.75%.

(3) Nonaccruing loans are included in the daily average loan amounts outstanding.

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The following table sets forth a summary for the periods indicated of the changes in consolidated interest earned and interest paid detailing the amounts attributable to (i) changes in volume (change in the average volume times the prior year’s average rate), (ii) changes in rate (change in the average rate times the prior year’s average volume), and (iii) changes in rate/volume (change in the average volume times the change in average rate).

	2011 Compared to 2010								2010 Compared to 2009
	Increase (Decrease) Due to								Increase (Decrease) Due to
					Rate/								Rate/
(In thousands)	Volume		Rate		Volume		Total		Volume		Rate		Volume		Total
Interest income:
Federal funds sold, securities purchased under agreements to resell and other short-term investments	$	107	$	(122)	$	3	$	(12)	$	420	$	227	$	311	$	958
Investment securities:
Taxable		(3,658)		(8,787)		950		(11,495)		(9,345)		(3,561)		636		(12,270)
Tax-exempt (1), (2)		(423)		(749)		45		(1,127)		(4,395)		(590)		222		(4,763)
Loans (1),(2),(3)		13,071		(6,482)		(134)		6,455		(23,102)		(9,320)		741		(31,681)
TOTAL INTEREST INCOME		9,097		(16,140)		864		(6,179)		(36,422)		(13,244)		1,910		(47,756)
Interest expense:
Interest-bearing deposits	$	2,123	$	(17,930)	$	(781)	$	(16,588)	$	(3,129)	$	(25,791)	$	1,120	$	(27,800)
Short-term borrowings		(19)		0		18		(1)		(222)		(358)		102		(478)
Long-term borrowings		(14,496)		3,344		(1,661)		(12,813)		(7,290)		513		(123)		(6,900)
TOTAL INTEREST EXPENSE		(12,392)		(14,586)		(2,424)		(29,402)		(10,641)		(25,636)		1,099		(35,178)
NET INTEREST INCOME	$	21,489	$	(1,554)	$	3,288	$	23,223	$	(25,781)	$	2,392	$	811	$	(12,578)

(1) Yields and interest income on federally tax-exempt loans and investment securities are computed on a fully tax-equivalent basis using the statutory federal income tax rate of 35%.

(2) Yields and interest income on state tax-exempt loans and investment securities are computed on a fully tax-equivalent basis using the statutory state income tax rate of 8.75% in 2009.

(3) Nonaccruing loans are included in the daily average loan amounts outstanding.

Provision for Loan Losses

At December 31, 2011, nonperforming loans were $79.66 million or 1.28% of loans, net of unearned income compared to nonperforming loans of $67.23 million or 1.28% of loans, net of unearned income at December 31, 2010. The components of nonperforming loans include: 1) nonaccrual loans, 2) loans which are contractually past due 90 days or more as to interest or principal, but have not been put on a nonaccrual basis and 3) loans whose terms have been restructured for economic or legal reasons due to financial difficulties of the borrowers.

Loans past due 90 days or more were $16.18 million at December 31, 2011, an increase of $9.38 million or 137.99% from $6.80 million at year-end 2010. There have been several commercial and consumer relationships with balances in excess of $1 million which have experienced delinquencies of greater than 90 days since December 31, 2010. In addition, Centra added $1.90 million in loans past due 90 days or more at year-end 2011. At December 31, 2011, nonaccrual loans were $59.89 million which was relatively flat from $60.00 million at year-end 2010, a decrease of $104 thousand or less than 1%. Restructured loans were $3.59 million at December 31, 2011 as compared to $437 thousand restructured loans at year-end 2010. The increase in restructured loans was mainly due to the restructure of a $1.09 million apartment complex loan and a $982 thousand office building loan. The loss potential on these loans has been properly evaluated and allocated within

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United’s allowance for loan losses.

Nonperforming assets include nonperforming loans and real estate acquired in foreclosure or other settlement of loans (OREO). Total nonperforming assets of $131.42 million, including OREO of $51.76 million at December 31, 2011, represented 1.56% of total assets which compares favorably to United’s most recently reported Federal Reserve peer group banking companies’ (bank holding companies with total assets between $3 and $10 billion) percentage of 3.10% at September 30, 2011.

Management is not aware of any other significant loans or securities, groups of loans or securities, or segments of the loan or investment portfolio not included below or disclosed elsewhere herein where there are serious doubts as to the ability of the borrowers or issuers to comply with the present repayment terms of the debt. The following table summarizes nonperforming assets for the indicated periods.

	December 31
	2011		2010		2009		2008		2007
		(In thousands)
Nonaccrual loans	$	59,892	$	59,996	$	50,856	$	42,317	$	14,115
Loans which are contractually past due 90 days or more as to interest or principal, and are still accruing interest		16,179		6,798		20,314		11,881		14,210
Restructured loans (1)		3,592		437		1,087		0		0
Total nonperforming loans		79,663		67,231		72,257		54,198		28,325
Other real estate owned		51,760		44,770		40,058		19,817		6,365
TOTAL NONPERFORMING ASSETS	$	131,423	$	112,001	$	112,315	$	74,015	$	34,690

(1) Restructured loans with an aggregate balance of $1.53 million at December 31, 2011 were on nonaccrual status, but are not included in the “Nonaccrual loans” category. A restructured loan with a balance of $437 thousand at December 31, 2010 was past due 90 days or more, but was not included in the “Loans which are contractually past due 90 days or more as to interest or principal, and are still accruing interest” category.

Loans are designated as impaired when, in the opinion of management, the collection of principal and interest in accordance with the loan contract is doubtful. At December 31, 2011, impaired loans were $128.04 million, which was an increase of $57.68 million or 81.98% from the $70.36 million in impaired loans at December 31, 2010. This increase in impaired loans was due mainly to increased impairments associated with loans in United’s commercial real estate nonowner-occupied portfolio and other commercial portfolio primarily as a result of borrowers’ inadequate debt sustainability and cash flow. In addition, Centra added $22.92 million at December 31, 2011. Based on current information and events, United believes it is probable that the borrowers will not be able to repay all amounts due according to the contractual terms of the loan agreements. The loss potential on these loans has been properly evaluated and allocated within United’s allowance for loan losses. For further details on impaired loans, see Note E, Notes to Consolidated Financial Statements.

United maintains an allowance for loan losses and a reserve for lending-related commitments. The combined allowance for loan losses and reserve for lending-related commitments is referred to as the allowance for credit losses. At December 31, 2011, the allowance for credit losses was $75.73 million as compared to $75.04 million at December 31, 2010.

At December 31, 2011, the allowance for loan losses was $73.87 million as compared to $73.03 million at December 31, 2010. As a percentage of loans, net of unearned income, the allowance for loan losses was 1.18% at December 31, 2011 and 1.39% of loans, net of unearned income at December 31, 2010. The ratio of the allowance for loan losses to nonperforming loans or coverage ratio was 92.73% and 108.63% at December 31, 2011 and December 31, 2010, respectively. The coverage ratio for United’s Federal Reserve peer group was 88.59% at September 30, 2011. The decline in United’s ratio at December 31, 2011 from the prior year was mainly because United was unable to carry-over Centra’s previously established allowance for loan losses in accordance with accounting rules. In addition, nonperforming loans increased $12.43 million or 18.49% from year-end 2010 of which Centra added $3.01 million in nonperforming loans at year-end 2011. Adjustments to risk grades and qualitative risk factors within the allowance for loan loss analysis were based on delinquency and loss trends of

36

such loans and resulted in increased allowance allocations of $1.26 million. The increased allocations did not significantly increase the overall level of the reserve because of a decrease in the estimate for imprecision of $419 thousand. This increase in allocations coincided with the increase of 18.49% in nonperforming loans in comparison with year-end 2010. The Company’s detailed methodology and analysis indicated only a slight increase in the allocated allowance for loan losses primarily because of the offsetting factors of changes within historical loss rates and increased loss allocations on impaired loans.

For the years ended December 31, 2011 and 2010, the provision for loan losses was $17.14 million and $13.77 million, respectively. Net charge-offs were $16.30 million for the year of 2011 as compared to net charge-offs of $8.74 million for the year of 2010. As previously mentioned, United recovered funds from its insurance carrier in the amount of $15.00 million during the fourth quarter of 2010 related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans in the amount of $17.55 million previously charged-off in 2009. The $15.00 million of insurance proceeds were recorded as a recovery within United’s allowance for loan losses which resulted in a provision for loan losses of $13.77 million for the year of 2010. Net charge-offs and the provision for loan losses for the year of 2009 included the above mentioned $17.55 million for loans with fraudulent collateral made to three affiliated companies of a commercial customer. The reserve for lending-related commitments at December 31, 2011 was $1.85 million, a decrease of $153 thousand or 7.63% from December 31, 2010. Changes to the reserve for lending-related commitments are recorded in other expense in the Consolidated Statements of Income.

The following table summarizes United’s credit loss experience for each of the five years ended December 31:

	2011			2010			2009			2008			2007
		(Dollars in thousands)
Balance of allowance for credit losses at beginning of year	$	75,039		$	70,010		$	63,603		$	58,744		$	52,371
Allowance of purchased company at date of acquisition		0			0			0			0			7,648
Loans charged off:
Commercial, financial & agricultural (2)		4,892			5,495			22,626			5,710			1,007
Residential real estate (2)		7,069			9,334			9,695			6,505			818
Construction & land development (2)		6,290			9,298			6,288			6,375			4,460
Consumer (2)		1,354			1,635			2,468			2,608			1,453
TOTAL CHARGE-OFFS		19,605			25,762			41,077			21,198			7,738
Recoveries:
Commercial, financial & agricultural (2)		2,565			16,158			669			318			435
Residential real estate (2)		248			493			272			215			248
Construction & land development (2)		136			21			89			23			10
Consumer (2)		356			346			389			346			440
TOTAL RECOVERIES		3,305			17,018			1,419			902			1,133
NET LOANS CHARGED OFF		16,300			8,744			39,658			20,296			6,605
Provision for credit losses		16,988			13,773			46,065			25,155			5,330
BALANCE OF ALLOWANCE FOR CREDIT LOSSES AT END OF YEAR	$	75,727		$	75,039		$	70,010		$	63,603		$	58,744
Loans outstanding at the end of period (gross) (1)	$	6,240,213		$	5,263,351		$	5,740,778		$	6,020,558		$	5,800,561
Average loans outstanding during period (net of unearned income) (1)	$	5,718,639		$	5,467,927		$	5,883,995		$	5,863,858		$	5,149,430
Net charge-offs as a percentage of average loans outstanding		0.29	%		0.16	%		0.67	%		0.35	%		0.13	%
Allowance for credit losses, as a percentage of nonperforming loans		95.06	%		111.6	%		96.89	%		117.35	%		207.39	%

(1) Excludes loans held for sale.

(2) Certain loan amounts were reclassified in prior years to conform with the new disclosure rules about the Credit Quality of Financing Receivables and the Allowance for Credit Losses in Accounting Standards Codification (ASC) topic 310.

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United evaluates the adequacy of the allowance for credit losses and its loan administration policies are focused upon the risk characteristics of the loan portfolio. United’s process for evaluating the allowance is a formal company-wide process that focuses on early identification of potential problem credits and procedural discipline in managing and accounting for those credits. This process determines the appropriate level of the allowance for credit losses, allocation among loan types and lending-related commitments, and the resulting provision for credit losses.

Allocations are made for specific commercial loans based upon management’s estimate of the borrowers’ ability to repay and other factors impacting collectibility. Other commercial loans not specifically reviewed on an individual basis are evaluated based on historical loss percentages applied to loan pools that have been segregated by risk. Allocations for loans other than commercial loans are made based upon historical loss experience adjusted for current environmental conditions. The allowance for credit losses includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis.

The following table presents the allocation of United’s allowance for credit losses for each of the five years ended December 31:

	2011		2010		2009		2008		2007
		(In thousands)
Commercial, financial & agricultural (1)	$	36,120	$	37,490	$	43,467	$	39,550	$	32,957
Residential real estate (1)		13,880		11,653		6,971		4,144		3,058
Construction & land development (1)		19,151		18,738		12,184		10,169		9,169
Consumer (1)		2,151		2,161		3,545		4,920		4,166
Allowance for estimated imprecision		2,572		2,991		1,686		2,711		1,107
Allowance for loan losses	$	73,874	$	73,033	$	67,853	$	61,494	$	50,457
Reserve for lending-related commitments		1,853		2,006		2,157		2,109		8,287
Allowance for credit losses	$	75,727	$	75,039	$	70,010	$	63,603	$	58,744

(1) Certain loan amounts were reclassified in 2010 to conform with the new disclosure rules about the Credit Quality of Financing Receivables and the Allowance for Credit Losses in Accounting Standards Codification (ASC) topic 310.

The following is a summary of loans outstanding as a percent of total loans at December 31:

	2011		2010		2009		2008		2007
Commercial, financial & agricultural (1)		56.26%		53.95%		52.35%		52.66%		51.05%
Residential real estate (1)		30.43%		32.32%		32.41%		31.85%		32.49%
Construction & land development (1)		8.82%		8.95%		9.76%		10.01%		10.38%
Consumer (1)		4.49%		4.78%		5.48%		5.48%		6.08%
Total		100.00%		100.00%		100.00%		100.00%		100.00%

(1) Certain loan amounts were reclassified in prior years to conform with the new disclosure rules about the Credit Quality of Financing Receivables and the Allowance for Credit Losses in Accounting Standards Codification (ASC) topic 310.

United’s formal company-wide review of the allowance for loan losses at December 31, 2011 produced increased allocations in three of the six loan categories. The allowance allocated to commercial real estate owner-occupied loans increased by $555 thousand primarily due to an increase in historical loss rates and increase in allocations for impairments. The residential real estate allocation increased by $2.23 million due to higher historical loss rates. The real estate construction and development loan pool experienced an increase in allocation of $414 thousand primarily due to an increase in historical loss rates. Offsetting these increases was a decrease in the other commercial loan pool of $1.11 million. The decrease was driven by a

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combination of lower loan outstandings and lower historical loss rates which were partially offset by an increase in specific allocations for impaired loans of $3.74 million. The allowance for commercial real estate nonowner-occupied loans decreased by $809 thousand due to decreases in historical loss rates and allocations for impaired loans. The remaining loan pool with decreased allowance allocations occurred in the consumer loan pool which reflected decreased allocations of $10 thousand as a result of lower loan outstandings. In summary, the overall level of the allowance for loan losses was stable in comparison to year-end 2010 as a result of offsetting factors within the portfolio as described above. The increased allocations in the commercial and residential real estate pools recognize the continuing economic problems and elevated risk factors for that sector of the economy.

An allowance is established for probable credit losses on impaired loans via specific allocations. Nonperforming commercial loans and leases are regularly reviewed to identify impairment. A loan or lease is impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts contractually due. Measuring impairment of a loan requires judgment and estimates, and the eventual outcomes may differ from those estimates. Impairment is measured based upon the present value of expected future cash flows from the loan discounted at the loan’s effective rate, the loan’s observable market price or the fair value of collateral if the loan is collateral dependent. When the selected measure is less than the recorded investment in the loan, an impairment has occurred. The allowance for impaired loans was $11.16 million at December 31, 2011 and $8.59 million at December 31, 2010. Compared to the prior year-end, this element of the allowance increased by $2.57 million primarily due to increased other commercial loan pool specific allocations.

An allowance is also recognized for imprecision inherent in loan loss migration models and other estimates of loss. There are many factors affecting the allowance for loan losses and reserve for lending-related commitments; some are quantitative while others require qualitative judgment. Although management believes its methodology for determining the allowance adequately considers all of the potential factors to identify and quantify probable losses in the portfolio, the process includes subjective elements and is therefore susceptible to change. This estimate for imprecision has been established to recognize the variance, within a reasonable margin, of the loss estimation process. The estimate for imprecision decreased at December 31, 2011 by $419 thousand to $2.57 million. This represents 3.4% of the Company’s total allowance for credit losses and in as much as this variance approximates a pre-determined narrow parameter, the methodology has confirmed that the Company’s allowance for credit losses is at an appropriate level.

Management believes that the allowance for credit losses of $75.73 million at December 31, 2011 is adequate to provide for probable losses on existing loans and lending-related commitments based on information currently available.

United’s loan administration policies are focused on the risk characteristics of the loan portfolio in terms of loan approval and credit quality. The commercial loan portfolio is monitored for possible concentrations of credit in one or more industries. Management has lending limits as a percentage of capital per type of credit concentration in an effort to ensure adequate diversification within the portfolio. Most of United’s commercial loans are secured by real estate located in West Virginia, southeastern Ohio, Pennsylvania, Virginia, Maryland and the District of Columbia. It is the opinion of management that these commercial loans do not pose any unusual risks and that adequate consideration has been given to these loans in establishing the allowance for credit losses.

Management is not aware of any potential problem loans, trends or uncertainties, which it reasonably expects, will materially impact future operating results, liquidity, or capital resources which have not been disclosed. Additionally, management has disclosed all known material credits, which cause management to have serious doubts as to the ability of such borrowers to comply with the loan repayment schedules.

Other Income

Other income consists of all revenues, which are not included in interest and fee income related to earning assets. Noninterest income has been and will continue to be an important factor for improving United’s profitability. Recognizing the importance, management continues to evaluate areas where noninterest income can be enhanced.

Noninterest income was $50.84 million for the year of 2011, down $11.37 million or 18.27% from the year of 2010. Net

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losses on investment securities transactions for the year of 2011 were $18.84 million compared to net losses of $7.81 million for the year of 2010. Included in net losses on investment securities for the year of 2011 were before-tax other-than-temporary impairment charges of $20.41 million on certain investment securities consisting primarily of $17.25 million on pooled trust preferred collateralized debt obligations (TRUP CDOs) and $3.16 million on collateralized mortgage obligations (CMOs) and a before-tax, net gain of $1.58 million on the sale of investment securities. Included in net losses on investment securities for the year of 2010 was a before-tax, net gain of $2.01 million on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $9.82 million on certain investment securities consisting primarily of $7.32 million on TRUP CDOs, $1.20 million on CMOs and $1.29 million on a certain investment security carried at cost. Excluding the results of the investment security transactions, noninterest income for the year of 2011 would have been flat from the year of 2010, decreasing $337 thousand or less than 1% from the year of 2010.

Revenue from trust income and brokerage commissions decreased $294 thousand or 2.16% due mainly to a decrease in brokerage volume. United continues its efforts to broaden the scope and activity of its trust and brokerage service areas, especially in the northern Virginia market, to provide additional sources of fee income that complement United’s traditional banking products and services. The northern Virginia market provides a relatively large number of potential customers with high per capita incomes.

Fees from deposit services were $41.02 million for the year of 2011, an increase of $1.80 million or 4.58% as compared to the year of 2010 due mainly to the Centra merger. In particular, automated teller machine (ATM) fees increased $1.25 million, service charges on deposit accounts increased $793 thousand, check card income increased $660 thousand and account analysis fees increased $217 thousand. Partially offsetting these increases was a decrease of $1.18 million in overdraft or insufficient funds (NSF) fees due mainly to Regulation E. Regulation E, which became effective in the third quarter of 2010, requires banks to notify customers when an ATM or debit-card transaction will result in an overdraft or NSF fee.

For the year 2011, income from bank owned life insurance policies increased $613 thousand or 13.12% due mainly to an increase in the cash surrender values of the insurance policies as well as additional policies acquired in the Centra merger. Fees from bankcard transactions decreased $1.12 million or 23.38% as compared to the year of 2010 due to the sale of United’s merchant business in the fourth quarter of 2010. A similar amount of expense reduction in bankcard processing costs is included in other expense in the income statement as a result of the sale of United’s merchant business. Mortgage banking income increased $290 thousand or 43.81% due to an increase in mortgage loan sales in the secondary market during the year of 2011 as compared to 2010. Mortgage loan sales were $72.02 million in 2011 as compared to $47.60 million in 2010. Other income decreased $1.55 million or 30.36% for the year of 2011 as compared to last year’s income mainly due to a decrease of $1.87 million from derivatives not in a hedging relationship as a result of a change in value. A corresponding amount of expense is included in other expense in the income statement.

Other Expense

Just as management continues to evaluate areas where noninterest income can be enhanced, it strives to improve the efficiency of its operations to reduce costs. Other expense includes all items of expense other than interest expense, the provision for credit losses and income tax expense. Noninterest expense for the year of 2011 was $184.05 million, an increase of $1.84 million or 1.01% from the year of 2010.

Employee compensation for the year of 2011 increased $4.05 million or 6.68% from the year of 2010 due mainly to the additional employees from the Centra merger. Also included in employee compensation was expense for stock options of $1.13 million for the year of 2011 as compared to $1.05 million for the year of 2010.

Employee benefits expense increased $609 thousand or 3.64% due mainly to the additional employees from the Centra merger. Specifically within employee benefits expense was an increase of $387 thousand in Federal Insurance Contributions Act (FICA) expense and $162 thousand in pension expense. United uses certain valuation methodologies to measure the fair value of the assets within United’s pension plan which are presented in Note M, Notes to Consolidated Financial Statements. The funded status of United’s pension plan is based upon the fair value of the plan assets compared to the projected benefit obligation. The determination of the projected benefit obligation and the associated periodic benefit expense involves significant judgment and estimation of future employee compensation levels, the discount rate and the expected long-term rate

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of return on plan assets. If United assumes a 1% increase or decrease in the estimation of future employee compensation levels while keeping all other assumptions constant, the benefit cost associated with the pension plan would increase by approximately $1.56 million and $352 thousand, respectively. If United assumes a 1% increase or decrease in the discount rate while keeping all other assumptions constant, the benefit cost associated with the pension plan would decrease by approximately $567 thousand and increase by $2.73 million, respectively. If United assumes a 1% increase or decrease in the expected long-term rate of return on plan assets while keeping all other assumptions constant, the benefit cost associated with the pension plan would decrease by approximately $131 thousand and increase by $1.95 million, respectively.

Net occupancy expense increased $1.35 million or 7.83% for the year of 2011 as compared to the year of 2010. The higher net occupancy expense for 2011 was due mainly to the additional offices acquired from Centra. In particular building rental expense increased $684 thousand while building depreciation increased $420 thousand.

Other real estate owned (OREO) expense decreased $4.12 million or 37.04% for the year of 2011 as compared to the year of 2010. The decrease from 2010 was due mainly to fewer reductions to the fair values of OREO properties and fewer losses on sales. Equipment expense increased $1.96 million or 32.62% for the year of 2011 as compared to the year of 2010 due to a higher depreciation and maintenance expense as a result of the Centra merger.

Data processing expense increased $817 thousand or 7.55% for the year of 2011 as compared to the year of 2010 due to the additional processing as a result of the Centra merger. Bankcard processing fees decreased $2.23 million or 68.00% as a result of the sale of United’s merchant business in the fourth quarter of 2010. FDIC insurance expense decreased $1.22 million or 12.56% for the year of 2011 as compared to the year of 2010 due mainly to lower premiums.

Other expenses increased $623 thousand or 1.33% for the year of 2011 as compared to the year of 2010 generally due to additional expenses from the Centra merger. For the year of 2011, merger expenses increased $1.02 million, consulting and legal expenses increased $708 thousand, amortization on intangibles increased $545 thousand, ATM expense increased $387 thousand, operational losses increased $374 thousand, and business and occupational (B&O) taxes increased $359 thousand. Partially offsetting these increases was a decrease in expense from derivatives not in hedge relationships of $1.87 million due to a change in their fair value.

United’s efficiency ratio was 51.81% for the year of 2011 which was comparable to 53.87% for the year of 2010.

Income Taxes

For the year ended December 31, 2011, income taxes were $34.77 million, compared to $32.46 million for 2010. United’s effective tax rate was approximately 31.5% and 31.1% for years ended December 31, 2011 and 2010, respectively, as compared to 14.0% for 2009. For further details related to income taxes, see Note L, Notes to Consolidated Financial Statements.

Quarterly Results

Net income for the first quarter of 2011 was $17.89 million or $0.41 per diluted share compared to $17.42 million or $0.40 per diluted share in 2010. The results for the first quarter of 2011 included noncash, before-tax, other-than-temporary impairment charges of $2.11 million on certain investment securities. The results for the first quarter of 2010 included a before-tax, net gain of $1.24 million on the sale of a corporate bond and noncash, before-tax, other-than-temporary impairment charges of $1.49 million on certain investment securities.

For the second quarter of 2011, net income was $17.45 million or $0.40 per diluted share compared to $17.92 million or $0.41 per diluted share in 2010. The results of the second quarter of 2011 included before-tax net gains of $630 thousand on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $4.10 million on certain investment securities. Results for the second quarter of 2010 included before-tax, net gains of $796 thousand on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $1.10 million on certain investment securities.

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In the third quarter of 2011, net income was $20.02 million or $0.40 per diluted share as compared to $17.32 million or $0.40 per diluted share in the third quarter of 2010. The results of the third quarter of 2011 included before-tax, other-than-temporary impairment charges of $7.92 million on certain investment securities and before-tax net gains of $445 thousand on the sale of investment securities. Results for the third quarter of 2010 included noncash, before-tax, other-than-temporary impairment charges of $1.86 million on certain investment securities and a positive tax adjustment of $430 thousand due to the expiration of the statute of limitations for examinations of certain years.

Fourth quarter of 2011 net income was $20.26 million or $0.40 per diluted share, an increase from net income of $19.29 million or $0.44 per diluted share in the fourth quarter of 2010. The results of the fourth quarter of 2011 included before-tax, other-than temporary impairment charges of $6.29 million on certain investment securities. Comparisons for the fourth quarter of 2011 to the fourth quarter of 2010 are impacted by increased levels of average balances, income, expense, and asset quality results due to the Centra acquisition.

Tax-equivalent net interest income for the fourth quarter of 2011 was $73.72 million, an increase of $13.75 million or 22.92% from the fourth quarter of 2010. This increase in tax-equivalent net interest income was primarily attributable to an increase in average earning assets from the Centra acquisition. Average earning assets increased $953.58 million or 14.45% from the fourth quarter of 2010. Average net loans increased $941.77 million or 17.96% for the fourth quarter of 2011. In addition, the average cost of funds declined 45 basis points from the fourth quarter of 2010. Partially offsetting the increases to tax-equivalent net interest income for the fourth quarter of 2011 was a decline of 15 basis points in the average yield on earning assets for the fourth quarter of 2011 as compared to the same quarter in 2010. The net interest margin for the fourth quarter of 2011 was 3.88%, which was an increase of 26 basis points from a net interest margin of 3.62% for the fourth quarter of 2010.

For the fourth quarter of 2011, the provision for credit losses was $4.27 million while net charge-offs were $3.90 million. As previously mentioned, United recovered funds from its insurance carrier in the amount of $15.00 million during the fourth quarter of 2010 which were recorded as a recovery within United’s allowance for loan losses. Based on United’s normal analysis of the allowance for loan losses at quarter-end, a negative provision for credit losses of $5.62 million was recorded for the fourth quarter of 2010. The $15.00 million recovery on these loans in the fourth quarter of 2010 resulted in net recoveries of $7.85 million for the fourth quarter of 2010.

Noninterest income for the fourth quarter of 2011 was $11.87 million, which was a decrease of $1.48 million from the fourth quarter of 2010. Included in noninterest income for the fourth quarter of 2011 were before-tax, other-than-temporary impairment charges of $6.29 million on certain investment securities. Included in noninterest income for the fourth quarter of 2010 were before-tax, other-than-temporary impairment charges of $5.37 million on certain investment securities. Excluding the results of the other-than-temporary impairment charges as well as net losses from sales and calls of investment securities, noninterest income would have decreased $545 thousand or 2.91% from the fourth quarter of 2010. This decrease for the fourth quarter of 2011 was due primarily to decreases of $759 thousand in income from derivatives not in hedge relationships due to a change in the fair value, $381 thousand in fees from bankcard services due mainly to the sale of United’s merchant business in the fourth quarter of 2010 and $373 thousand in fees from trust and brokerage services due to a decline in volume. A similar amount of expense related to the change in the fair value of other derivative financial instruments as well as a reduction in bankcard processing costs as a result of the sale of United’s merchant business is included in other expense in the income statement. Partially offsetting these decreases were increases of $800 thousand in fees from deposit services and $161 thousand in income from bank-owned life insurance policies. These increases were primarily due to the Centra merger.

Noninterest expense for the fourth quarter of 2011 was $50.03 million, an increase of $654 thousand or 1.32% from the fourth quarter of 2010 due primarily to increases of $1.55 million in employee compensation, $956 thousand in equipment expenses, $904 thousand in net occupancy expenses, $693 thousand in employee benefits and $360 thousand in data processing fees. These increases were due mainly to the additional employees, offices, equipment and data processing from the Centra merger. Partially offsetting the increases were decreases of $2.98 million in other real estate owned (OREO) expense due to fewer declines in the fair values of properties and losses on sales, $884 thousand in FDIC insurance expense due to lower premiums and $646 thousand in bankcard processing expense due mainly to the sale of United’s merchant business in the fourth quarter of 2010.

Additional quarterly financial data for 2011 and 2010 may be found in Note V, Notes to Consolidated Financial Statements.

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The Effect of Inflation

United’s income statements generally reflect the effects of inflation. Since interest rates, loan demand and deposit levels are impacted by inflation, the resulting changes in the interest-sensitive assets and liabilities are included in net interest income. Similarly, operating expenses such as salaries, rents and maintenance include changing prices resulting from inflation. One item that would not reflect inflationary changes is depreciation expense. Subsequent to the acquisition of depreciable assets, inflation causes price levels to rise; therefore, historically presented dollar values do not reflect this inflationary condition. With inflation levels at relatively low levels and monetary and fiscal policies being implemented to keep the inflation rate increases within an acceptable range, management expects the impact of inflation would continue to be minimal in the near future.

The Effect of Regulatory Policies and Economic Conditions

United’s business and earnings are affected by the monetary and fiscal policies of the United States government, its agencies and various other governmental regulatory authorities. The Federal Reserve Board regulates the supply of money in order to influence general economic conditions. Among the instruments of monetary policy available to the Federal Reserve Board are (i) conducting open market operations in United States government obligations, (ii) changing the discount rate on financial institution borrowings, (iii) imposing or changing reserve requirements against financial institution deposits, and (iv) restricting certain borrowings and imposing or changing reserve requirements against certain borrowings by financial institutions and their affiliates. These methods are used in varying degrees and combinations to affect directly the availability of bank loans and deposits, as well as the interest rates charged on loans and paid on deposits.

United’s business and earnings are also affected by general and local economic conditions. For most of 2011 and 2010, certain credit markets experienced difficult conditions and volatility. Downturns in the credit market can cause a decline in the value of certain loans and securities, a reduction in liquidity and a tightening of credit. A downturn in the credit market often signals a weakening economy that can cause job losses and thus distress on borrowers and their ability to repay loans. Uncertainties in credit markets and the economy present significant challenges for the financial services industry.

Regulatory policies and economic conditions have had a significant effect on the operating results of financial institutions in the past and are expected to continue to do so in the future; however, United cannot accurately predict the nature, timing or extent of any effect such policies or economic conditions may have on its future business and earnings.

Contractual Obligations, Commitments, Contingent Liabilities and Off-Balance Sheet Arrangements

United has various financial obligations, including contractual obligations and commitments, that may require future cash payments. The table below presents, by payment date, significant known contractual obligations to third parties as of December 31, 2011:

			Total Payments Due by Period
(In thousands)							Three to
	Total		One Year or Less		One to Three Years		Five Years		Over Five Years
Deposits without a stated maturity (1)	$	4,527,772	$	4,527,772		0		0		0
Time deposits (2) (3)		2,343,687		1,512,684	$	586,711	$	240,154	$	4,138
Short-term borrowings (2)		254,766		254,766		0		0		0
Long-term borrowings (2) (3)		603,572		69,868		81,774		28,387		423,543
Operating leases		35,671		7,981		11,846		7,094		8,750

(1) Excludes interest.

(2) Includes interest on both fixed and variable rate obligations. The interest associated with variable rate obligations is based upon interest rates in effect at December 31, 2011. The interest to be paid on variable rate obligations is affected by changes in market interest rates, which materially affect the contractual obligation amounts to be paid.

(3) Excludes carrying value adjustments such as unamortized premiums or discounts.

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As of December 31, 2011, United recorded a liability for uncertain tax positions, including interest and penalties, of $2.03 million. This liability represents an estimate of tax positions that United has taken in its tax returns which may ultimately not be sustained upon examination by tax authorities. Since the ultimate amount and timing of any future cash settlements cannot be predicted with reasonable certainty, this estimated liability is excluded from the contractual obligations table.

United also enters into derivative contracts, mainly to protect against adverse interest rate movements on the value of certain assets or liabilities, under which it is required to either pay cash to or receive cash from counterparties depending on changes in interest rates. Derivative contracts are carried at fair value and not notional value on the consolidated balance sheet. Because the derivative contracts recorded on the balance sheet at December 31, 2011 do not represent the amounts that may ultimately be paid under these contracts, they are excluded from the preceding table. Further discussion of derivative instruments is included in Note P, Notes to Consolidated Financial Statements.

United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The following table details the amounts of significant commitments and letters of credit as of December 31, 2011:

(In thousands)	Amount
Commitments to extend credit:
Revolving open-end secured by 1-4 residential	$	486,365
Credit card and personal revolving lines		106,903
Commercial		1,074,591
Total unused commitments	$	1,667,859
Financial standby letters of credit	$	70,739
Performance standby letters of credit		59,295
Commercial letters of credit		290
Total letters of credit	$	130,324

Commitments generally have fixed expiration dates or other termination clauses, generally within one year, and may require the payment of a fee. Further discussion of commitments is included in Note O, Notes to Consolidated Financial Statements.

Liquidity

In the opinion of management, United maintains liquidity that is sufficient to satisfy its depositors’ requirements and the credit needs of its customers. Like all banks, United depends upon its ability to renew maturing deposits and other liabilities on a daily basis and to acquire new funds in a variety of markets. A significant source of funds available to United is “core deposits.” Core deposits include certain demand deposits, statement and special savings and NOW accounts. These deposits are relatively stable and they are the lowest cost source of funds available to United. Short-term borrowings have also been a significant source of funds. These include federal funds purchased and securities sold under agreements to repurchase as well as advances from the FHLB. Repurchase agreements represent funds that are obtained as the result of a competitive bidding process.

Liquid assets are cash and those items readily convertible to cash. All banks must maintain sufficient balances of cash and near-cash items to meet the day-to-day demands of customers and United’s cash needs. Other than cash and due from banks, the available for sale securities portfolio and maturing loans are the primary sources of liquidity.

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The goal of liquidity management is to ensure the ability to access funding that enables United to efficiently satisfy the cash flow requirements of depositors and borrowers and meet United’s cash needs. Liquidity is managed by monitoring funds availability from a number of primary sources. Substantial funding is available from cash and cash equivalents, unused short-term borrowings, and a geographically dispersed network of branches providing access to a diversified and substantial retail deposit market.

Short-term needs can be met through a wide array of outside sources such as correspondent and downstream correspondent federal funds and utilization of Federal Home Loan Bank advances.

Other sources of liquidity available to United to provide long-term as well as short-term funding alternatives, in addition to FHLB advances, are long-term certificates of deposit, lines of credit, borrowings that are secured by bank premises or stock of United’s subsidiaries and issuances of trust preferred securities. In the normal course of business, United through its Asset Liability Committee evaluates these as well as other alternative funding strategies that may be utilized to meet short-term and long-term funding needs. See Notes J and K, Notes to Consolidated Financial Statements.

Cash flows provided by operations in 2011 were $118.57 million as compared to $100.83 million of cash provided by operations during 2010 due in large part to losses on securities transactions of $18.84 million in 2011 as compared to losses of $7.81 million in 2010. In addition, net income and provision for loan losses increased $3.66 million and $3.37 million from 2010 to 2011. In 2011, net cash of $158.34 million was provided by investing activities which was mainly due to net cash received of $49.09 million for the acquisition of Centra. In addition, net cash of $76.59 million was received for excess of net proceeds from sales, calls and maturities of investment securities over purchases. In 2010, net cash of $631.92 million was provided by investing activities which was primarily due to net cash received of $162.44 million for excess net proceeds from sales, calls and maturities of investment securities over purchases and the net repayment of $468.11 million in portfolio loans. During the year of 2011, net cash of $102.29 million was used in financing activities. Cash used in financing activities included a decrease in deposits of $24.27 million, the repayment of FHLB borrowings in the amount of $60.37 million and the payment of cash dividends in the amount of $54.34 million for the year of 2011. Sources of cash from financing activities included an increase in short-term borrowings in the amount of $32.99 million for the year of 2011. During the year of 2010, net cash of $721.13 million was used in financing activities due primarily to a decline of $257.57 million in deposits and the repayment of FHLB borrowings in the amount of $385.03 million during the year of 2010. Other uses of cash for financing activities included the payment of $52.26 million for cash dividends. The net effect of the cash flow activities was an increase in cash and cash equivalents of $174.61 million for the year of 2011 as compared to an increase in cash and cash equivalents of $11.62 million for the year of 2010. See the Consolidated Statement of Cash Flows in the Consolidated Financial Statements.

United anticipates it can meet its obligations over the next 12 months and has no material commitments for capital expenditures. There are no known trends, demands, commitments, or events that will result in or that are reasonably likely to result in United’s liquidity increasing or decreasing in any material way. United also has lines of credit available. See Notes J and K, Notes to Consolidated Financial Statements for more detail regarding the amounts available to United under its lines of credit.

The Asset Liability Committee monitors liquidity to ascertain that a liquidity position within certain prescribed parameters is maintained. No changes are anticipated in the policies of United’s Asset and Liability Committee.

Capital Resources

United’s capital position is financially sound. United seeks to maintain a proper relationship between capital and total assets to support growth and sustain earnings. United has historically generated attractive returns on shareholders’ equity. Based on regulatory requirements, United and its banking subsidiaries are categorized as “well capitalized” institutions. United’s risk-based capital ratios of 13.83% at December 31, 2011 and 13.65% at December 31, 2010, were both significantly higher than the minimum regulatory requirements. United’s Tier I capital and leverage ratios of 12.57% and 10.22%, respectively, at December 31, 2011, are also well above minimum regulatory requirements. Being classified as a “well-capitalized” institution allows United to have special regulatory consideration in various areas. See Note S, Notes to Consolidated Financial Statements.

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Total year-end 2011 shareholders’ equity increased $175.83 million or 22.17% to $968.84 million from $793.01 million at December 31, 2010 primarily due to the Centra merger and the retention of earnings. United’s equity to assets ratio was 11.46% at December 31, 2011 as compared to 11.08% at December 31, 2010. The primary capital ratio, capital and reserves to total assets and reserves, was 12.25% at December 31, 2011, as compared to 12.00% at December 31, 2010. United’s average equity to average asset ratio was 11.44% and 10.39% for the years ended December 31, 2011 and 2010, respectively. All these financial measurements reflect a financially sound position.

During the fourth quarter of 2011, United’s Board of Directors declared a cash dividend of $0.31 per share. Dividends per share of $1.21 for the year of 2011 represented an increase over the $1.20 per share paid for 2010. Total cash dividends declared to common shareholders were approximately $56.83 million for the year of 2011 as compared to $52.30 million for the year of 2010. The year 2011 was the thirty-eighth consecutive year of dividend increases to United shareholders.

The following table shows selected consolidated operating and capital ratios for each of the last three years ended December 31:

	2011		2010		2009
Return on average assets		0.97%		0.95%		0.85%
Return on average equity		8.50%		9.19%		8.81%
Dividend payout ratio		75.16%		72.69%		75.54%
Average equity to average assets ratio		11.44%		10.39%		9.64%

2010 COMPARED TO 2009

FINANCIAL CONDITION SUMMARY

United’s total assets as of December 31, 2010 were $7.16 billion which was a decline of $649.38 million or 8.32% from December 31, 2009. The decrease was primarily the result of decreases in investment securities and portfolio loans of $172.21 million or 17.81% and $476.48 million or 8.31%, respectively. The decrease in investment securities was due mainly to a decline of $158.50 million or 19.53% in securities available for sale. This change in securities available for sale reflects $1.39 billion in sales, maturities and calls of securities, $1.24 billion in purchases, and an increase of $32.92 million in fair value. Securities held to maturity decreased $10.39 million or 13.41% from year-end 2009 due to calls and maturities of securities. Other investment securities declined $3.32 million or 4.27% from year-end 2009 due to the redemption of $3.48 million of FHLB stock and an other-than-temporary impairment charge of $1.29 million on an investment security during the fourth quarter of 2010. The decline in the loan portfolio was due mainly to a decline in each major loan category as loan demand was soft during 2010 due to poor economic conditions. Commercial, financial and agricultural loans declined $165.61 million or 5.51%. Within the commercial, financial and agricultural loans category, commercial real estate loans and commercial loans (not secured by real estate) decreased $95.64 million or 5.05% and $69.96 million or 6.31%, respectively. Residential real estate loans and construction loans declined $159.06 million or 8.55% and $88.67 million or 15.84%, respectively. Consumer loans decreased $64.09 million or 20.13%. Partially offsetting these decreases to total assets was an $11.62 million increase in cash and cash equivalents as United placed its excess cash in an interest-bearing account with the Federal Reserve. Of this total increase, interest-bearing deposits with other banks increased $30.87 million due mainly to the cash placed at the Federal Reserve while cash and due from banks decreased $19.25 million or 14.30% and federal funds sold were flat. During the year of 2010, net cash of $100.83 million and $631.92 million was provided by operating activities and investing activities, respectively. Net cash of $721.13 million was used in financing activities.

The decrease in total assets is reflected in a corresponding decrease in total liabilities of $680.84 million or 9.67% from year-end 2009. The decrease in total liabilities was due mainly to reductions of $257.57 million or 4.31% in deposits and $415.21 million or 41.73% in borrowings while accrued expenses and other liabilities decreased $7.92 million or 10.50%. Deposits decreased $257.57 million or 4.31% from year-end 2009. In terms of composition, noninterest-bearing deposits increased $95.10 million or 8.58% while interest-bearing deposits decreased $352.66 million or 7.25% from December 31, 2009. Since year-end 2009, short-term borrowings decreased $29.73 million or 13.34% due mainly to a $28.56 million decrease in securities sold under agreements to repurchase. Long-term borrowings decreased $385.48 million or 49.94% since year-end 2009 due to the repayment of FHLB advances from excess cash. Accrued expenses and other liabilities at December 31, 2010

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decreased $7.92 million or 10.50% from year-end 2009 mainly as a result of decreases of $6.91 million in derivative liabilities due to a change in fair value and $4.16 million in interest payable due to a decline in borrowings and certificate of deposits. Partially offsetting these decreases were increases in income taxes payable of $2.53 million and accrued employee expenses of $2.32 million.

Shareholders’ equity increased $31.46 million or 4.13% from year-end 2009. Retained earnings increased due to earnings net of dividends declared which equaled $19.65 million for the year of 2010. Accumulated other comprehensive income increased $7.73 million due mainly to an increase of $21.40 million, net of deferred taxes in United’s available for sale investment portfolio. In addition, the change in fair value and the termination of United’s cash flow hedge resulted in increases of $3.67 million and $1.33 million, net of deferred taxes, respectively. The after-tax noncredit portion of OTTI losses for the year of 2010 were $19.29 million. The accretion of pension costs for the year of 2010 were $1.31 million, net of deferred taxes while the after-tax adjustment to United’s pension asset resulted in a decline of $783 thousand.

EARNINGS SUMMARY

Net income for the year 2010 was $71.95 million or $1.65 per diluted share compared to $67.30 million or $1.55 per diluted share for the year of 2009.

During the fourth quarter of 2010, United recovered funds from its insurance carrier in the amount of $15.00 million related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans previously charged-off in 2009. The $15.00 million of insurance proceeds were recorded as a recovery within United’s allowance for loan losses which resulted in provision for credit losses expense of $13.77 million for the year of 2010. Also, the results for the year of 2010 included noncash, before-tax, other-than-temporary impairment charges of $9.82 million on certain investment securities. The results for the year of 2010 included before-tax, net gains of $2.01 million on the sale of investment securities.

Results for the year of 2009 included noncash before-tax other-than-temporary impairment charges of $15.02 million on certain investment securities, a credit loss provision of $17.55 million for three loans with fraudulent collateral made to three affiliated companies of a commercial customer and an additional expense of $3.63 million for a special FDIC assessment. Results for the year of 2009 also included an income tax benefit of $11.51 million associated with net operating loss carryforwards.

United’s return on average assets for the year of 2010 was 0.95% and return on average shareholders’ equity was 9.19% as compared to 0.85% and 8.81% for the year of 2009.

Net interest income for the year of 2010 was $238.19 million, a decrease of $7.29 million or 2.97% from the prior year. The provision for credit losses was $13.77 million for the year 2010 as compared to $46.07 million for the year of 2009.

Noninterest income was $62.20 million for the year of 2010, up $8.23 million or 15.25% when compared to the year of 2009. Included in noninterest income for the year of 2010 and 2009 were the previously mentioned noncash before-tax other-than-temporary impairment charges of $9.82 million and $15.02 million, respectively. Noninterest expense was $182.21 million, an increase of $7.09 million or 4.05% for the year of 2010 when compared to 2009.

Income tax expense for the year of 2010 was $32.46 million as compared to $10.95 million for the year of 2009. During the third quarter of 2010, United reduced its income tax reserve by $430 thousand due to the expiration of the statue of limitations for examinations of certain years. During the third quarter of 2009, United reduced its income tax reserve by $568 thousand due to the expiration of the statue of limitations for examinations of certain years. 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 $11.51 million. As a result of these tax adjustments, United’s effective tax rate was approximately 31.1% and 14.0% for years ended December 31, 2010 and 2009, respectively, as compared to 29.8% for 2008.

The following discussion explains in more detail the results of operations by major category.

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Net Interest Income

Net interest income for the year of 2010 was $238.19 million, a decrease of $7.29 million or 2.97% from the year of 2009. The $7.29 million decrease in net interest income occurred because total interest income declined $42.46 million while total interest expense only declined $35.18 million from the year of 2009.

Tax-equivalent net interest income for the year of 2010 was $244.09 million, a decrease of $12.58 million or 4.90% from the year of 2009. The net interest margin for the year of 2010 was 3.64%, up 5 basis points from a net interest margin of 3.59% for the year of 2009.

Tax-equivalent interest income for the year of 2010 was $329.29 million, a $47.76 million or 12.67% decrease from the year of 2009. This decrease was primarily attributable to a decline in average earning assets of $448.75 million or 6.27% for the year of 2010. Average net loans declined $423.12 million or 7.26% for the year of 2010 while average investments decreased $259.22 million or 22.39% due mainly to maturities and calls of securities which were not fully reinvested from the year of 2009. Average short-term investments increased $233.59 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 36 basis points for the year of 2010 as compared to the year of 2009.

Interest expense for the year of 2010 was $85.20 million, a decrease of $35.18 million or 29.22% from the year of 2009. The decrease in interest expense for the year of 2010 was mainly due to a decrease of 45 basis points in the cost of funds from the year of 2009 as a result of lower market interest rates during 2010. The average cost of interest-bearing deposits was 1.21% for the year of 2010, down 54 basis points from 1.75% for the year of 2009 while the average cost of short-term borrowings was 0.06% for the year of 2010, a decrease of 8 basis points from 0.14% for the year of 2009. The average cost of long-term borrowings was 4.30% for the year of 2010, an increase of 6 basis points from 4.24% for the year of 2009. Average interest-bearing deposits decreased $178.79 million or 3.74% while average short-term borrowings decreased $158.26 million or 35.41%. Average long-term borrowings decreased $171.93 million or 20.12% as United repaid $385.03 million of FHLB advances from excess cash during 2010.

Provision for Loan Losses

For the years ended December 31, 2010 and 2009, the provision for loan losses was $13.77 million and $46.07 million, respectively. Net charge-offs were $8.75 million for the year of 2010 as compared to net charge-offs of $39.66 million for the year of 2009. As previously mentioned, United recovered funds from its insurance carrier in the amount of $15.00 million during the fourth quarter of 2010 related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans in the amount of $17.55 million previously charged-off in 2009. The $15.00 million of insurance proceeds were recorded as a recovery within United’s allowance for loan losses which resulted in a provision for loan losses of $13.77 million for the year of 2010. Net charge-offs and the provision for loan losses for the year of 2009 included the above mentioned $17.55 million for loans with fraudulent collateral made to three affiliated companies of a commercial customer.

At December 31, 2010, the allowance for loan losses was $73.03 million as compared to $67.85 million at December 31, 2009. As a percentage of loans, net of unearned income, the allowance for loan losses was 1.39% at December 31, 2010 and 1.18% of loans, net of unearned income at December 31, 2009. The ratio of the allowance for loan losses to nonperforming loans or coverage ratio was 108.63% and 93.91% at December 31, 2010 and December 31, 2009, respectively.

Other Income

Noninterest income was $62.20 million for the year of 2010, up $8.23 million or 15.25% from the year of 2009. Included in noninterest income for the year of 2010 was a before-tax, net gain of $2.01 million on the sale of investment securities and noncash, before-tax, other-than-temporary impairment charges of $9.82 million on certain investment securities consisting primarily of $7.32 million on pooled trust preferred collateralized debt obligations (TRUP CDOs), $1.20 million on collateralized mortgage obligations (CMOs) and $1.29 million on a certain investment security carried at cost. Included in noninterest income for the year of 2009 were noncash, before-tax, other-than-temporary impairment charges of $15.02 million on investment securities including $8.00 million on a single-issue trust preferred security, $5.37 million on a certain TRUP

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CDO and $782 thousand on a certain investment security carried at cost. Excluding the results of the investment security transactions, noninterest income for the year of 2010 would have increased $1.34 million or 1.95% from the year of 2009.

Revenue from trust income and brokerage commissions increased $572 thousand or 4.38% due mainly to an increase in brokerage volume.

Fees from deposit services were $39.22 million for the year of 2010, a decrease of $1.07 million or 2.65% as compared to the year of 2009 due mainly to the impact of Regulation E which was effective during the third quarter of 2010. Regulation E requires banks to notify customers when an automated teller machine (ATM) or debit-card transaction will result in an overdraft or insufficient funds (NSF) fees. Due mainly to this new regulation, NSF fees decreased $2.14 million during the year of 2010. Partially offsetting this decrease were increases of $923 thousand and $277 thousand in check card income and ATM fees, respectively, due to increased consumer spending.

For the year 2010, income from bank owned life insurance policies increased $1.26 million or 36.80% due mainly to an increase in cash surrender values while fees from bankcard transactions increased $631 thousand or 15.19% compared to the year of 2009 due to the sale of United’s merchant business. Mortgage banking income increased $54 thousand or 8.88% due to increased spreads on mortgage loan sales in the secondary market during the year of 2010 as compared to 2009. Other income decreased $120 thousand or 2.29% for the year of 2010 as compared to other income for the year of 2009.

Other Expense

Noninterest expense for the year of 2010 was $182.21 million, an increase of $7.09 million or 4.05% from the year of 2009.

Employee compensation for the year of 2010 increased $1.66 million or 2.82% from the year of 2009 due largely to higher commissions and incentives expense. Also included in employee compensation was expense for stock options of $1.05 million for the year of 2010 as compared to $484 thousand for the year of 2009.

Employee benefits expense decreased $2.44 million or 12.73%. Specifically within employee benefits expense was a decrease in pension expense of $3.11 million primarily as a result of a $9.10 million and an $11.00 million contribution made in the third quarter of 2010 and 2009, respectively.

Net occupancy expense increased $228 thousand or 1.34% for the year of 2010 as compared to the year of 2009. The higher net occupancy expense for 2010 was due mainly to additional building maintenance expense and a decline in rent income. Other real estate owned (OREO) expense increased $5.64 million or 102.86% for the year of 2010 as compared to the year of 2009. The increase from 2009 was due mainly to an increase in losses from sales and deterioration in property values associated with OREO. Equipment expense decreased $190 thousand or 3.06% for the year of 2010 as compared to the year of 2009 due to a decline in depreciation.

Data processing expense was flat, decreasing $60 thousand or less than 1% for the year of 2010 as compared to the year of 2009. Bankcard processing fees increased $86 thousand or 2.69% due to increased transactions as a result of more consumer spending for the year of 2010 as compared to the year of 2009. FDIC insurance expense increased $507 thousand or 5.52% for the year of 2010 as compared to the year of 2009 due mainly to higher premiums to increase the insurance fund for banks.

Other expenses increased $1.65 million or 3.66% for the year of 2010 as compared to the year of 2009. This increase was due mainly to increases in advertising expense of $887 thousand and loan collection expense of $794 thousand.

United’s efficiency ratio was 53.87% for the year of 2010 which was comparable to 51.35% for the year of 2009.

Income Taxes

For the year ended December 31, 2010, income taxes were $32.46 million, compared to $10.95 million for 2009. During the third quarter of 2010, United reduced its income tax reserve by $430 thousand due to the expiration of the statue of limitations for examinations of certain years as compared to a reduction of $568 thousand in the income tax reserve during the third

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quarter of 2009. 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 $11.51 million. As a result of these tax adjustments, United’s effective tax rate was approximately 31.1% and 14.0% for years ended December 31, 2010 and 2009, respectively, as compared to 29.8% for 2008.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The objective of United’s Asset/Liability Management function is to maintain consistent growth in net interest income within United’s policy guidelines. This objective is accomplished through the management of balance sheet liquidity and interest rate risk exposures due to changes in economic conditions, interest rate levels and customer preferences.

Interest Rate Risk

Management considers interest rate risk to be United’s most significant market risk. Interest rate risk is the exposure to adverse changes in United’s net interest income as a result of changes in interest rates. United’s earnings are largely dependent on the effective management of interest rate risk.

Management of interest rate risk focuses on maintaining consistent growth in net interest income within Board-approved policy limits. United’s Asset/Liability Management Committee (ALCO), which includes senior management representatives and reports to the Board of Directors, monitors and manages interest rate risk to maintain an acceptable level of change to net interest income as a result of changes in interest rates. Policy established for interest rate risk is stated in terms of the change in net interest income over a one-year and two-year horizon given an immediate and sustained increase or decrease in interest rates. The current limits approved by the Board of Directors are structured on a staged basis with each stage requiring specific actions.

United employs a variety of measurement techniques to identify and manage its exposure to changing interest rates. One such technique utilizes an earnings simulation model to analyze the sensitivity of net interest income to movements in interest rates. The model is based on actual cash flows and repricing characteristics for on and off-balance sheet instruments and incorporates market-based assumptions regarding the impact of changing interest rates on the prepayment rate of certain assets and liabilities. The model also includes executive management projections for activity levels in product lines offered by United. Assumptions based on the historical behavior of deposit rates and balances in relation to changes in interest rates are also incorporated into the model. Rate scenarios could involve parallel or nonparallel shifts in the yield curve, depending on historical, current, and expected conditions, as well as the need to capture any material effects of explicit or embedded options. These assumptions are inherently uncertain and, as a result, the model cannot precisely measure net interest income or precisely predict the impact of fluctuations in interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and management’s strategies.

Interest sensitive assets and liabilities are defined as those assets or liabilities that mature or are repriced within a designated time frame. The principal function of managing interest rate risk is to maintain an appropriate relationship between those assets and liabilities that are sensitive to changing market interest rates. The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the “GAP.” Earnings-simulation analysis captures not only the potential of these interest sensitive assets and liabilities to mature or reprice, but also the probability that they will do so. Moreover, earnings-simulation analysis considers the relative sensitivities of these balance sheet items and projects their behavior over an extended period of time. United closely monitors the sensitivity of its assets and liabilities on an on-going basis and projects the effect of various interest rate changes on its net interest margin.

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The following table shows United’s estimated consolidated earnings sensitivity profile as of December 31, 2011 and 2010:

Change in Interest Rates	Percentage Change in Net Interest Income
(basis points)	December 31, 2011	December 31, 2010
+200	8.61%	6.87%
+100	3.58%	2.71%
-100	(1.43%)	1.80%
-200	---	---

Given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, it is estimated that net interest income for United would increase by 3.58% over one year as of December 31, 2011, as compared to an increase of 2.71% as of December 31, 2010. A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 8.61% over one year as of December 31, 2011, as compared to an increase of 6.87% as of December 31, 2010. A 100 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 1.43% over one year as of December 31, 2011 as compared to an increase of 1.80% over one year as of December 31, 2010. With the federal funds rate at 0.25% at December 31, 2011 and 2010, management believed a 200 basis point immediate, sustained decline in rates was highly unlikely.

This analysis does not include the potential increased refinancing activities, which should lessen the negative impact on net income from falling rates. While it is unlikely market rates would immediately move 100 or 200 basis points upward or downward on a sustained basis, this is another tool used by management and the Board of Directors to gauge interest rate risk. All of these estimated changes in net interest income are and were within the policy guidelines established by the Board of Directors.

To further aid in interest rate management, United’s subsidiary banks are members of the Federal Home Loan Bank (FHLB). The use of FHLB advances provides United with a low risk means of matching maturities of earning assets and interest-bearing funds to achieve a desired interest rate spread over the life of the earning assets. In addition, United uses credit with large regional banks and trust preferred securities to provide funding.

As part of its interest rate risk management strategy, United may use derivative instruments to protect against adverse price or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives commonly consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. Interest rate swaps obligate two parties to exchange one or more payments generally calculated with reference to a fixed or variable rate of interest applied to the notional amount. United accounts for its derivative activities in accordance with the provisions of ASC topic 815, “Derivatives and Hedging.”

Extension Risk

At December 31, 2011, United’s mortgage related securities portfolio had an amortized cost of $225 million, of which approximately $142 million or 63% were fixed rate collateralized mortgage obligations (CMOs). These fixed rate CMOs consisted primarily of planned amortization class (PACs), sequential-pay and accretion directed (VADMs) bonds having an average life of approximately 1.2 years and a weighted average yield of 5.03%, under current projected prepayment assumptions. These securities are expected to have very little extension risk in a rising rate environment. Current models show that an immediate, sustained upward shock of 300 basis points in rates, the average life of these securities would only extend to 2.6 years. The projected price decline of the fixed rate CMO portfolio in rates up 300 basis points would be 2.1%, less than the price decline of a 1 year treasury note. By comparison, the price decline of a 30-year current coupon mortgage backed security (MBS) in rates higher by 300 basis points would be approximately 17%.

United had approximately $41 million in 15-year mortgage backed securities with a projected yield of 4.81% and a projected average life of 3 years as of December 31, 2011. This portfolio consisted of seasoned 15-year mortgage paper with a weighted average loan age (WALA) of 6.6 years and a weighted average maturity (WAM) of 8 years.

United had approximately $6 million in 20-year mortgage backed securities with a projected yield of 4.79% and a projected average life of 2.6 years on December 31, 2011. This portfolio consisted of seasoned 20-year mortgage paper with a weighted

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average loan age (WALA) of 8.9 years and a weighted average maturity (WAM) of 10.6 years.

United had approximately $7 million in 30-year mortgage backed securities with a projected yield of 6.53% and a projected average life of 3.7 years on December 31, 2011. This portfolio consisted of seasoned 30-year mortgage paper with a weighted average loan age (WALA) of 11.7 years and a weighted average maturity (WAM) of 17.2 years.

The remaining 11% of the mortgage related securities portfolio at December 31, 2011, included adjustable rate securities (ARMs), balloon securities, and 10-year mortgage backed pass-through securities.

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MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management of United Bankshares, Inc. (the Company) is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934. The Company’s internal control over financial reporting is designed to provide reasonable assurance to the Company’s management and board of directors regarding the preparation and fair presentation of published financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework. Based on our assessment, we believe that, as of December 31, 2011, the Company’s internal control over financial reporting is effective based on those criteria.

Ernst & Young LLP, the independent registered public accounting firm who audited the Company’s consolidated financial statements has also issued an attestation report on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2011. Ernst & Young’s report on the effectiveness of the Company’s internal control over financial reporting appears on the following page.

/s/ Richard M. Adams	/s/ Steven E. Wilson
Richard M. Adams, Chairman of the Board and Chief Executive Officer	Steven E. Wilson, Executive Vice President, Treasurer, Secretary and Chief Financial Officer

February 28, 2012

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Audit Committee of the Board of Directors and the

Shareholders of United Bankshares, Inc.

We have audited United Bankshares, Inc.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). United Bankshares, Inc.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on United Bankshares, Inc.’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, United Bankshares, Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of United Bankshares, Inc. as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2011 and our report dated February 29, 2012 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Charleston, West Virginia

February 29, 2012

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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Audit Committee of the Board of Directors and the

Shareholders of United Bankshares, Inc.

We have audited the accompanying consolidated balance sheets of United Bankshares, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2011. These financial statements are the responsibility of United Bankshares, Inc.’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of United Bankshares, Inc. and subsidiaries at December 31, 2011 and 2010, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), United Bankshares, Inc.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 29, 2012 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Charleston, West Virginia

February 29, 2012

55

CONSOLIDATED BALANCE SHEETS

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands, except par value)

	December 31 2011		December 31 2010
Assets
Cash and due from banks	$	128,627	$	115,352
Interest-bearing deposits with other banks		506,367		345,319
Federal funds sold		1,009		718
Total cash and cash equivalents		636,003		461,389
Securities available for sale at estimated fair value (amortized cost-$752,085 at December 31, 2011 and $717,797 at December 31, 2010)		696,518		653,276
Securities held to maturity (estimated fair value-$56,181 at December 31, 2011 and $62,315 at December 31, 2010)		59,289		67,036
Other investment securities		68,412		74,403
Loans held for sale		3,902		6,869
Loans		6,240,213		5,263,351
Less: Unearned income		(3,503)		(3,025)
Loans net of unearned income		6,236,710		5,260,326
Less: Allowance for loan losses		(73,874)		(73,033)
Net loans		6,162,836		5,187,293
Bank premises and equipment		76,442		55,378
Goodwill		371,693		311,765
Accrued interest receivable		26,461		23,564
Other assets		349,914		314,746
TOTAL ASSETS	$	8,451,470	$	7,155,719
Liabilities
Deposits:
Noninterest-bearing	$	1,619,162	$	1,203,255
Interest-bearing		5,199,848		4,510,279
Total deposits		6,819,010		5,713,534
Borrowings:
Federal funds purchased		7,120		8,542
Securities sold under agreements to repurchase		247,646		183,097
Federal Home Loan Bank borrowings		141,809		202,181
Other short-term borrowings		0		1,575
Other long-term borrowings		203,557		184,277
Allowance for lending-related commitments		1,853		2,006
Accrued expenses and other liabilities		61,631		67,495
TOTAL LIABILITIES		7,482,626		6,362,707
Shareholders’ Equity
Preferred stock, $1.00 par value; Authorized-50,000,000 shares; none issued		0		0
Common stock, $2.50 par value; Authorized-100,000,000 shares; issued-50,867,630 and 44,319,157 at December 31, 2011 and 2010, respectively, including 654,682 and 697,522 shares in treasury at December 31, 2011 and 2010, respectively		127,169		110,798
Surplus		238,761		93,431
Retained earnings		692,043		673,260
Accumulated other comprehensive loss		(66,758)		(60,656)
Treasury stock, at cost		(22,371)		(23,821)
TOTAL SHAREHOLDERS’ EQUITY		968,844		793,012
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	8,451,470	$	7,155,719

See notes to consolidated financial statements

56

CONSOLIDATED STATEMENTS OF INCOME

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands, except per share data)

	Year Ended December 31
	2011		2010		2009
Interest income
Interest and fees on loans	$	288,213	$	282,834	$	310,077
Interest on federal funds sold and other short-term investments		1,255		1,267		309
Interest and dividends on securities:
Taxable		23,069		34,564		46,834
Tax-exempt		3,985		4,717		8,625
Total interest income		316,522		323,382		365,845
Interest expense
Interest on deposits		39,075		55,663		83,463
Interest on short-term borrowings		166		167		645
Interest on long-term borrowings		16,553		29,366		36,266
Total interest expense		55,794		85,196		120,374
Net interest income		260,728		238,186		245,471
Provision for loan losses		17,141		13,773		46,065
Net interest income after provision for loan losses		243,587		224,413		199,406
Other income
Fees from trust and brokerage services		13,343		13,637		13,065
Fees from deposit services		41,015		39,220		40,289
Bankcard fees and merchant discounts		3,667		4,786		4,155
Other service charges, commissions, and fees		1,849		1,918		1,906
Income from bank-owned life insurance		5,286		4,673		3,416
Income from mortgage banking		952		662		608
Other income		3,563		5,116		5,236
Total other-than-temporary impairment losses		(20,958)		(40,756)		(34,206)
Portion of loss recognized in other comprehensive income		544		30,941		19,186
Net other-than-temporary impairment losses		(20,414)		(9,815)		(15,020)
Net gains on sales/calls of investment securities		1,576		2,006		315
Net investment securities losses		(18,838)		(7,809)		(14,705)
Total other income		50,837		62,203		53,970
Other expense
Employee compensation		64,611		60,564		58,901
Employee benefits		17,358		16,749		19,192
Net occupancy expense		18,596		17,246		17,018
Other real estate owned (OREO) expense		7,008		11,131		5,487
Equipment expense		7,976		6,014		6,204
Data processing expense		11,637		10,820		10,880
Bankcard processing expense		1,051		3,284		3,198
FDIC insurance expense		8,468		9,684		9,177
Other expense		47,343		46,720		45,070
Total other expense		184,048		182,212		175,127
Income before income taxes		110,376		104,404		78,249
Income taxes		34,766		32,457		10,951
Net income	$	75,610	$	71,947	$	67,298

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CONSOLIDATED STATEMENTS OF INCOME

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands, except per share data)

	Year Ended December 31
	2011		2010		2009
Earnings per common share:
Basic	$	1.62	$	1.65	$	1.55
Diluted	$	1.61	$	1.65	$	1.55
Dividends per common share	$	1.21	$	1.20	$	1.17
Average outstanding shares:
Basic		46,803,432		43,547,965		43,410,431
Diluted		46,837,363		43,625,183		43,456,889

See notes to consolidated financial statements

58

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(Dollars in thousands, except per share data)

									Accumulated
	Common Stock								Other				Total
			Par				Retained		Comprehensive		Treasury		Shareholders’
	Shares		Value		Surplus		Earnings		Income (Loss)		Stock		Equity
Balance at January 1, 2009		44,320,832	$	110,802	$	96,654	$	637,152	$	(76,151)	$	(31,745)	$	736,712
Net income		0		0		0		67,298		0		0		67,298
Other comprehensive income, net of tax		0		0		0		0		7,768		0		7,768
Total comprehensive income, net of tax														75,066
Stock based compensation expense		0		0		484		0		0		0		484
Purchase of treasury stock (74,703 shares)		0		0		0		0		0		(1,304)		(1,304)
Distribution of treasury stock for deferred compensation plan (30,902 shares)		0		0		0		0		0		536		536
Common dividends declared ($1.17 per share)		0		0		0		(50,837)		0		0		(50,837)
Common stock options exercised (79,323 shares)		0		0		(1,858)		0		0		2,751		893
Fractional shares adjustment		(1,675)		(4)		4		0		0		0		0
Balance at December 31, 2009		44,319,157		110,798		95,284		653,613		(68,383)		(29,762)		761,550
Net income		0		0		0		71,947		0		0		71,947
Other comprehensive income, net of tax		0		0		0		0		7,727		0		7,727
Total comprehensive income, net of tax														79,674
Stock based compensation expense		0		0		1,050		0		0		0		1,050
Purchase of treasury stock (8,910 shares)		0		0		0		0		0		(249)		(249)
Distribution of treasury stock for deferred compensation plan (28,466 shares)		0		0		0		0		0		520		520
Cash dividends ($1.20 per share)		0		0		0		(52,300)		0		0		(52,300)
Common stock options exercised (164,341 shares)		0		0		(2,903)		0		0		5,670		2,767
Balance at December 31, 2010		44,319,157		110,798		93,431		673,260		(60,656)		(23,821)		793,012
Net income		0		0		0		75,610		0		0		75,610
Other comprehensive income, net of tax		0		0		0		0		(6,102)		0		(6,102)
Total comprehensive income, net of tax														69,508
Acquisition of Centra Financial Holdings, Inc.		6,548,473		16,371		145,049		0		0		0		161,420
Stock based compensation expense		0		0		1,133		0		0		0		1,133
Purchase of treasury stock (676 shares)		0		0		0		0		0		(18)		(18)
Distribution of treasury stock for deferred compensation plan (3,069 shares)		0		0		0		0		0		74		74
Cash dividends ($1.21 per share)		0		0		0		(56,827)		0		0		(56,827)
Common stock options exercised (40,447 shares)		0		0		(852)		0		0		1,394		542
Balance at December 31, 2011		50,867,630	$	127,169	$	238,761	$	692,043	$	(66,758)	$	(22,371)	$	968,844

See notes to consolidated financial statements

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CONSOLIDATED STATEMENTS OF CASH FLOWS

UNITED BANKSHARES, INC. AND SUBSIDIARIES

(In thousands)	Year Ended December 31
	2011		2010		2009
OPERATING ACTIVITIES
Net income	$	75,610	$	71,947	$	67,298
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		17,141		13,773		46,065
Depreciation, amortization and accretion		7,340		6,788		6,823
Loss on sales of bank premises, OREO and equipment		1,072		1,835		1,594
Loss on securities transactions		18,838		7,809		14,705
Loans originated for sale		(66,990)		(49,181)		(74,089)
Proceeds from sales of loans		72,971		48,258		70,281
Gain on sales of loans		(952)		(662)		(608)
Stock-based compensation		1,133		1,050		484
Deferred income tax expense (benefit)		10,907		6,582		(6,625)
Contribution to pension plan		0		(9,100)		(11,000)
Amortization of net periodic pension costs		912		1,467		4,470
Changes in:
Interest receivable		(2,897)		3,594		4,658
Other assets		(1,866)		(39)		(63,037)
Accrued expenses and other liabilities		(14,652)		(3,297)		(7,362)
NET CASH PROVIDED BY OPERATING ACTIVITIES		118,567		100,824		53,657
INVESTING ACTIVITIES
Proceeds from maturities and calls of held to maturity securities		7,635		6,480		31,353
Proceeds from sales of securities held to maturity		0		2,979		0
Proceeds from sales of securities available for sale		24,763		57,294		5,500
Proceeds from maturities and calls of securities available for sale		1,462,173		1,331,904		507,287
Purchases of securities available for sale		(1,417,978)		(1,236,221)		(233,160)
Redemption of bank-owned life insurance policies		822		0		0
Purchases of bank premises and equipment		(7,994)		(3,262)		(4,947)
Acquisition of Centra Financial Holdings, Inc., net of cash acquired		49,085		0		0
Proceeds from sales and redemptions of other investment securities		10,819		4,816		21
Purchases of other investment securities		(338)		(173)		(204)
Net change in loans		29,350		468,106		239,311
NET CASH PROVIDED BY INVESTING ACTIVITIES		158,337		631,923		545,161
FINANCING ACTIVITIES
Cash dividends paid		(54,344)		(52,257)		(50,383)
Excess tax benefits from stock-based compensation arrangements		3,114		459		273
Acquisition of treasury stock		(18)		(11)		(1,180)
Proceeds from exercise of stock options		542		2,492		724
Proceeds from sales of treasury stock from deferred compensation plan		74		520		536
Repayment of long-term Federal Home Loan Bank borrowings		(60,372)		(385,032)		(80,325)
Changes in:
Time deposits		(274,652)		(591,732)		(162,714)
Other deposits		250,380		334,166		485,860
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		32,986		(29,730)		(555,376)
NET CASH USED IN FINANCING ACTIVITIES		(102,290)		(721,125)		(362,585)
INCREASE IN CASH AND CASH EQUIVALENTS		174,614		11,622		236,233
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		461,389		449,767		213,534
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	636,003	$	461,389	$	449,767

See notes to consolidated financial statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

UNITED BANKSHARES, INC. AND SUBSIDIARIES

December 31, 2011

NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations: United Bankshares, Inc. is a multi-bank holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Wheeling MSA and the Weirton MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries.

Operating Segments: United’s business activities are confined to one reportable segment which is community banking. As a community banking entity, United offers a full range of products and services through various delivery channels.

Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. A description of the significant accounting policies is presented below.

Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents.

Securities: Management determines the appropriate classification of securities at the time of purchase. Debt securities that United has the positive intent and the ability to hold to maturity are carried at amortized cost. Securities to be held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. Unrealized gains and losses on securities classified as available for sale are carried as a separate component of Accumulated Other Comprehensive Income (Loss), net of deferred income taxes.

Gains or losses on sales of securities recognized by the specific identification method are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale and held-to-maturity securities on a quarterly basis for possible impairment. United determines whether a decline in fair value below the amortized cost basis of a security is other-than-temporary. This determination requires significant judgment. In making this judgment, United’s review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the creditworthiness of the issuer, recent changes in external credit ratings, and the assessment of collection of the security’s contractual amounts from the issuer or issuers. If United intends to sell, or more likely than not will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The credit loss is defined as the difference between the present value of cash flows expected to be collected (discounted at the contractual rate) and the amortized cost basis. The amount recognized in earnings is equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and not more likely than not will be required to sell the impaired debt security prior to recovery

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of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized within noninterest income of the Consolidated Statements of Income, and 2) the amount related to all other factors, which is recognized in other comprehensive income within shareholders’ equity of the Consolidated Balance Sheets.

For equity securities, United evaluates the near-term prospects of the investment in relation to the severity and duration of any impairment and United’s ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. Equity securities that are deemed to be other-than-temporarily impaired are written down to the fair value with the write-down recognized within noninterest income of the Consolidated Statements of Income.

Certain security investments that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable.

Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate.

Loans: Loans are reported at the principal amount outstanding, net of unearned income. Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees accreted and included in interest income were $6,264,000, $4,690,000 and $6,306,000 for the years of 2011, 2010 and 2009, respectively. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection.

Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United’s method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt.

A loan is categorized as restructured if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as restructured will generally retain such classification until the loan is paid in full. However, a restructured one-to-four-family residential mortgage loan that yields a market rate and demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally one year, is removed from the restructured classification. Interest income on restructured loans is accrued at the reduced rate and the loan is returned to performing status once the borrower demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally six months. The portfolio of restructured loans is monitored monthly.

Loans Acquired Through Transfer: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at

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acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received).

Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market and carried at the lower of cost or fair value determined on an aggregate basis. Generally, United’s current practice is to sell all fixed-rate, one-to-four family conforming residential real estate loans while holding adjustable–rate loans. However, United will sell certain adjustable-rate, one-to-four family conforming residential real estate loans based on prevailing interest rate conditions and interest rate risk management needs. Gains and losses on sales of loans held for sale are included in mortgage banking income.

Allowance for Credit Losses: United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses.

The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses.

In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan’s risk by considering the borrowers’ ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management’s internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors. Allocations for loans, other than commercial loans, are developed by applying historical loss experience adjusted for current environmental conditions and risk factors to loan pools grouped by similar risk characteristics. The environmental factors considered for each of the loan portfolios includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. While allocations are made to specific loans and pools of loans, the allowance is available for all loan losses. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. Management believes that the allowance for credit losses is adequate to provide for probable losses on existing loans and loan-related commitments based on information currently available.

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Asset Securitization: United previously sold residential mortgage loans in a securitization transaction and retained an interest-only strip, and lower-rated subordinated classes of asset-backed securities, all of which are subordinated interests in the securitized assets. United recognized the excess of all cash flows attributable to the subordinated interests using the effective yield method. However, because the carrying value of United’s subordinated interest has been zero since June 30, 2005, the difference between the cash flows associated with these underlying mortgages and amounts owed to third party investors has been recognized in interest income as cash is received by United over the remaining life of the loans. For the years ended December 31, 2011, 2010 and 2009, United received cash of $110,000, $862,000 and $1,054,000, respectively, on the retained interest in the securitization and recognized income of the same amounts for the respective periods. However, the securitization trust (the Trust) is subject to an adverse judgment arising from a class action suit. An order granting supplemental damages and entry of final judgment was entered March 5, 2010. Subsequent to the order, the Trust entered into a settlement with all members of the Settlement Class wherein the Trust agreed not to appeal the case and the plaintiffs agreed to accept reduced and limited damages in settlement and dismissal of their claims with prejudice. The settlement will be strictly paid from the residual cash flows from the Trust and not the Company. Because the future payments and prepayments of loans in the Trust cannot be predicted, United cannot currently determine the amounts, if any, of residual cash flows that will be received.

Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements.

Other Real Estate Owned: At December 31, 2011 and 2010, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $51,760,000 and $44,770,000, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred.

Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $4,172,000, $4,226,000 and $3,338,000 for the years of 2011, 2010, and 2009, respectively.

Income Taxes: Deferred income taxes (included in other assets) are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements at the statutory tax rate.

For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to seven year period. Management reviews intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. United incurred amortization expense of $2,429,000, $1,884,000 and $2,561,000 in 2011, 2010, and 2009, respectively, related to all intangible assets.

Goodwill is not amortized, but is tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2011 and 2010, total goodwill approximated $371,693,000 and $311,765,000, respectively.

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Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification. The Derivatives and Hedging topic requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings.

At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. Prior to January 1, 2006, United used the shortcut method for interest rate swaps that met the criteria as defined under the Derivatives and Hedging topic. Effective January 1, 2006, United adopted an internal policy accounting for all new derivative instruments entered thereafter whereby the shortcut method would no longer be used.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value.

Stock Options: United has stock option plans for certain employees that were accounted for under the intrinsic value method prior to January 1, 2006. Because the exercise price at the date of the grant was equal to the market value of the stock, no compensation expense was recognized.

Since January 1, 2006, United has followed the fair value method of accounting for stock-based employee compensation. In accordance with this method, compensation expense is measured based on the grant-date fair value of the stock option award and recognized over the period during which the employee is required to provide services.

For the year of 2011 and 2010, 311,300 and 321,800 options were granted, respectively. No options were granted for the year of 2009. Stock compensation expense was $1,133,000 in 2011, $1,050,000 in 2010 and $484,000 in 2009.

Treasury Stock: United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method.

Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis.

Earnings Per Common Share: Basic earnings per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding for the respective period. For diluted earnings per common share, the weighted-average number of shares of common stock outstanding for the respective period is increased by the number of

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shares of common stock that would be issued assuming the exercise of common stock options which have an exercise price below market price. The dilutive effect of stock options approximated 33,931 shares in 2011, 77,218 shares in 2010 and 46,458 shares in 2009. There are no other common stock equivalents. Other than common stock, United has no other outstanding securities that may participate in dividends with common shareholders.

The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:

	Year Ended December 31
(Dollars in thousands, except per share)	2011		2010		2009
Basic
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Earnings per basic common share	$	1.62	$	1.65	$	1.55
Diluted
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Equivalents from stock options		33,931		77,218		46,458
Average diluted shares outstanding		46,837,363		43,625,183		43,456,889
Earnings per diluted common share	$	1.61	$	1.65	$	1.55

Fair Value Measurements: United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

The Fair Value Measurements and Disclosures topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions.

The three levels of the fair value hierarchy based on these two types of inputs are as follows:

Level 1	-	Valuation is based on quoted prices in active markets for identical assets and liabilities.
Level 2	-	Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
Level 3	-	Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future

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values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.

Other Recent Accounting Pronouncements: In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income”, which revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220 and requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments of ASU 2011-05 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The adoption of ASU 2011-05 is not expected to have a material impact on United’s financial condition or results of operations.

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”, to substantially converge the guidance in U.S. GAAP and IFRS on fair value measurements and disclosures. The amended guidance changes several aspects of the fair value measurement guidance ASC 820, “Fair Value Measurement”, and includes several new fair value disclosure requirements. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-04 is not expected to have a material impact on United’s financial condition or results of operations.

In April 2011, the FASB issued ASU 2011-03, “Consideration of Effective Control on Repurchase Agreements”, which deals with the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. ASU 2011-03 changes the rules for determining when these transactions should be accounted for as financings, as opposed to sales. The guidance in ASU 2011-03 is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The adoption of ASU 2011-03 is not expected to have a material impact on United’s financial condition or results of operation.

In April 2011, the FASB issued ASU 2011-02, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring”, which clarifies when creditors should classify loan modifications as troubled debt restructurings. The guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the year. The guidance on measuring the impairment of a receivable restructured in a troubled debt restructuring is effective on a prospective basis. A provision in ASU 2011-02 also ends the FASB’s deferral of the additional disclosures about troubled debt restructurings as required by ASU 2010-20. The adoption of ASU 2011-02 did not have a material impact on United’s financial condition or results of operations.

In July 2010, the FASB issued ASU No. 2010-20, “Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses,” which requires significant new disclosures about the allowance for credit losses and the credit quality of financing receivables. The requirements are intended to enhance transparency regarding credit losses and the credit quality of loan and lease receivables. Under this statement, allowance for credit losses and fair value are to be disclosed by portfolio segment, while credit quality information, impaired financing receivables and nonaccrual status are to be presented by class of financing receivable. Disclosure of the nature and extent, the financial impact and segment information of troubled debt restructurings will also be required. The disclosures are to be presented at the level of disaggregation that management uses when assessing and monitoring the portfolio’s risk and performance. ASU 2010-20 became effective for United’s financial statements as of December 31, 2010, as it relates to disclosures required as of the end of a reporting period. United has included the required disclosures at December 31, 2010 in Note E to the consolidated financial statements. Disclosures that relate to activity during a reporting period were required for United’s financial statements that include periods beginning on or after January 1, 2011. ASU 2011-01, “Receivables (ASC topic 310) – Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20,” temporarily deferred the effective date for disclosures related to troubled debt restructurings to coincide with the effective date of a proposed accounting standards update related to troubled debt restructurings, which became effective for periods ending after June 15, 2011. As ASU 2010-20 amends only the disclosure requirements for loans and leases and the allowance for credit losses, the adoption had no impact on United’s financial condition or results of operations.

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In April 2010, the FASB issued ASU No. 2010-18, “Receivables (ASC topic 310): Effect of a Loan Modification When the Loan Is Part of a Pool That is Accounted for as a Single Asset”. This ASU clarifies that modifications of loans that are accounted for within a pool under ASC topic 310 do not result in the removal of those loans from the pool even if the modification of those loans would otherwise be considered a troubled debt restructuring. An entity will continue to be required to consider whether the pool of assets in which the loan is included is impaired if expected cash flows for the pool change. No additional disclosures are required with this ASU. The amendments in this ASU are effective for modifications of loans accounted for within pools under ASC topic 310 occurring in the first interim or annual period ending on or after July 15, 2010. The amendments are to be applied prospectively and early application is permitted. Upon initial adoption of the guidance in this ASU, an entity may make a onetime election to terminate accounting for loans as a pool under ASC topic 310. This election may be applied on a pool-by-pool basis and does not preclude an entity from applying pool accounting to subsequent acquisitions of loans with credit deterioration. The adoption of ASU 2010-18 did not have a material impact on United’s consolidated financial statements.

In March 2010, the FASB issued ASU 2010-11, “Derivatives and Hedging (ASC topic 815): Scope Exception Related to Embedded Credit Derivatives”, to address questions raised in practice about the intended breadth of the embedded credit derivative scope exception in ASC topic 815. The amended guidance clarifies that the scope exception does not apply to contracts that contain an embedded credit derivative related to the transfer of credit risk that is not only in the form of subordination of one financial instrument to another. ASU 2010-11 was effective for each reporting entity at the beginning of its first fiscal quarter beginning after June 15, 2010. United adopted ASU 2010-11 on July 1, 2010 as required. The adoption did not have a material impact on United’s consolidated financial statements.

In February 2010, the FASB issued ASU 2010-08, “Technical Corrections to Various Topics.” ASU 2010-08 clarifies guidance on embedded derivatives and hedging. ASU 2010-08 is effective for interim and annual periods beginning after December 15, 2009. United adopted ASU 2010-08 on January 1, 2010 as required. The adoption did not have a material impact on United’s consolidated financial statements.

In February 2010, the FASB issued ASU 2010-09, “Subsequent Events (ASC topic 855): Amendments to Certain Recognition and Disclosure Requirements.” This guidance removes the requirement for a SEC filer to disclose a date through which subsequent events have been evaluated in both issued and revised financial statements. Revised financial statements include financial statements revised as a result of either correction of an error or retrospective application of GAAP. ASU 2010-09 is intended to remove potential conflicts with the SEC’s literature and all of the amendments are effective upon issuance, except for the use of the issued date for conduit debt obligors, which will be effective for interim or annual periods ending after June 15, 2010. United adopted ASU 2010-09 during the second quarter of 2010. The adoption did not have a material impact on United’s consolidated financial statements.

In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-01, “Equity (ASC topic 505): Accounting for Distributions to Shareholders With Components of Stock and Cash – a consensus of the FASB Emerging Issues Task Force.” ASU 2010-01 clarifies that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend. ASU 2010-01 is effective for interim and annual periods ending on or after December 15, 2009 and should be applied on a retrospective basis. United adopted ASU 2010-01 as required. The adoption did not have a material impact on United’s consolidated financial statements.

In January 2010, the FASB issued ASU 2010-02, “Consolidation (ASC topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope Clarification.” ASU 2010-02 amends ASC subtopic 810-10 to address implementation issues related to changes in ownership provisions, including clarifying the scope of the decrease in ownership and additional disclosures. ASU 2010-02 is effective beginning in the period that an entity adopts Statement 160. If an entity has previously adopted Statement 160, ASU 2010-02 is effective beginning in the first interim or annual reporting period ending on or after December 15, 2009, and should be applied retrospectively to the first period Statement 160 was adopted. United adopted ASU 2010-02 on January 1, 2010 as required. The adoption did not have a material impact on United’s consolidated financial statements.

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In January 2010, the FASB issued ASU 2010-04, “Accounting for Various Topics – Technical Corrections to SEC Paragraphs.” ASU 2010-04 makes technical corrections to existing SEC guidance, including the following topics: accounting for subsequent investments, termination of an interest rate swap, issuance of financial statements—subsequent events, use of residential method to value acquired assets other than goodwill, adjustments in assets and liabilities for holding gains and losses, and selections of discount rate used for measuring defined benefit obligation. United adopted ASU 2010-04 during the first quarter of 2010. The adoption did not have a material impact on United’s consolidated financial statements.

In January 2010, the FASB issued ASU 2010-05, “Compensation – Stock Compensation (ASC topic 718): Escrowed Share Arrangements and the Presumption of Compensation.” ASU 2010-05 updates existing guidance to address the SEC staff’s views on overcoming the presumption that for certain shareholders escrowed share arrangements represent compensation. United adopted ASU 2010-05 during the first quarter of 2010. The adoption did not have a material impact on United’s consolidated financial statements.

In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosures (ASC topic 820): Improving Disclosures About Fair Value Measurements.” ASU 2010-06 amends ASC subtopic 820-10 to clarify existing disclosures, require new disclosures, and include conforming amendments to guidance on employers’ disclosures about postretirement benefit plan assets. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. United adopted the provisions of ASU 2010-06 when required and are included in Note T to the December 31, 2011 consolidated financial statements. The adoption of ASU 2010-06 did not have a material impact on United’s consolidated financial statements.

NOTE B—MERGERS AND ACQUISITIONS

At the close of business on July 8, 2011, United acquired 100% of the outstanding common stock of Centra Financial Holdings, Inc. (Centra), a West Virginia corporation headquartered in Morgantown, West Virginia. The acquisition of Centra affords United the opportunity to enhance its existing footprint in Maryland and West Virginia, as well as provide an entry into Pennsylvania. The results of operations of Centra are included in the consolidated results of operations from the date of acquisition.

At consummation, Centra had assets of approximately $1.31 billion, loans of $1.04 billion, deposits of $1.13 billion and shareholders’ equity of $131 million. The transaction was accounted for under the purchase method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date.

The aggregate purchase price was approximately $170 million, including common stock valued at $161.4 million and $8.6 million of cash paid for vested stock options and fractional shares. The number of shares issued in the transaction was 6,548,473, which were valued based on the closing market price of $24.65 for United’s common shares on July 8, 2011. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill and core deposit intangibles of $60.10 million and $12.44 million, respectively. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Centra acquisition is expected to be deductible for tax purposes. As a result of the merger, United recorded a downward fair value adjustment of $36.65 million on the loans acquired from Centra, a premium on interest-bearing deposits of $6.53 million and a discount of $564 thousand on junior subordinated debt securities. The discount and premium amounts are being amortized or accreted on an accelerated basis over the individual liability’s estimated remaining life at the time of acquisition. At December 31, 2011, the premium on the interest-bearing deposits has an estimated remaining life of 1.25 years while the discount on the junior subordinated debt securities has an estimated remaining life of 4.5 years. United assumed approximately $621 thousand of liabilities to provide severance benefits to terminated employees of Centra which still remained as of December 31, 2011. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets, are subject to refinement as additional information becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed,

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identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the first 12 months following the date of acquisition.

In many cases, determining the estimated fair value of the acquired assets and assumed liabilities required United to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of those determinations related to the fair valuation of acquired loans. The fair value of the acquired loans was based on the present value of the expected cash flows. Periodic principal and interest cash flows were adjusted for expected losses and prepayments, then discounted to determine the present value and summed to arrive at the estimated fair value. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and other factors, such as prepayments. In accordance with GAAP, there was no carry-over of Centra’s previously established allowance for credit losses. As a result, standard industry coverage ratios with regard to the allowance for credit losses are less meaningful after the acquisition of Centra.

The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC topic 310-30 (acquired impaired) and loans that do not meet this criteria, which are accounted for under ASC topic 310-20 (acquired performing). Acquired impaired loans have experienced a deterioration of credit quality from origination to acquisition for which it is probable that the investor will be unable to collect all contractually required payments receivable, including both principal and interest. Subsequent decreases in the expected cash flows require United to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows generally result in the recognition of additional interest income over the then remaining lives of the loans.

In conjunction with the Centra merger, the acquired loan portfolio was accounted for at fair value as follows:

(In thousands)	July 8, 2011
Contractually required principal and interest at acquisition	$	1,377,211
Contractual cash flows not expected to be collected		(33,879)
Expected cash flows at acquisition		1,343,332
Interest component of expected cash flows		(321,297)
Basis in acquired loans at acquisition – estimated fair value	$	1,022,035

Included in the above table is information related to acquired impaired loans. Specifically, contractually required principal and interest, cash flows expected to be collected and estimated fair value of acquired impaired loans were $72,647, $48,112 and $46,446, respectively.

The consideration paid for Centra’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the acquisition date were as follows:

(In thousands)
Purchase price:
Value of common shares issued (6,548,473 shares)	$	161,420
Cash for stock options and fractional shares		8,576
Total purchase price		169,996
Identifiable assets:
Cash and cash equivalents		57,661
Investment securities		128,078
Loans held for sale		2,062
Loans		1,022,035
Premises and equipment		20,126
Core deposit intangibles		12,439
Other assets		51,656
Total identifiable assets	$	1,294,057

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Identifiable liabilities:
Deposits	$	1,132,885
Short-term borrowings		28,566
Long-term borrowings		19,436
Other liabilities		3,273
Total identifiable liabilities		1,184,160
Net assets acquired including identifiable intangible assets		109,897
Resulting goodwill	$	60,099

The following table provides a reconciliation of goodwill:

(In thousands)	December 31, 2011
Goodwill at December 31, 2010	$	311,765
Reductions:
Options exercised from previous acquisitions		(171)
Additions:
Goodwill from Centra acquisition		60,099
Goodwill at December 31, 2011	$	371,693

The following table discloses the impact of Centra since the acquisition on July 8, 2011 through the end of the year of 2011. The table also presents certain unaudited pro forma information for the results of operations for the year ended December 31, 2011 and 2010, as if the Centra merger had occurred on January 1, 2010. These results combine the historical results of Centra into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of Centra’s provision for credit losses for 2011 and 2010 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2010. Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts.

(In thousands)	Centra actual since acquisition through December 31,		Proforma Year Ended     December 31
	2011		2011		2010
Total Revenues (1)	$	32,506	$	345,126	$	360,417
Net Income		13,769		70,944		81,963

(1) Represents net interest income plus other income

NOTE C—INVESTMENT SECURITIES

The following is a summary of the amortized cost and estimated fair values of securities available for sale.

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	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	303,484	$	75	$	12	$	303,547	$	0
State and political subdivisions		94,794		4,092		38		98,848		0
Residential mortgage-backed securities
Agency		185,543		8,036		175		193,404		0
Non-agency		39,526		607		2,592		37,541		2,234
Trust preferred collateralized debt obligations		104,161		0		61,792		42,369		47,167
Single issue trust preferred securities		15,242		304		3,786		11,760		0
Other corporate securities		4,994		96		0		5,090		0
Marketable equity securities		4,341		80		462		3,959		0
Total	$	752,085	$	13,290	$	68,857	$	696,518	$	49,401

	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    103,851		$        14		$            0		$  103,865		$            0
State and political subdivisions		81,801		2,711		199		84,313		0
Residential mortgage-backed securities
Agency		308,601		15,132		0		323,733		0
Non-agency		77,524		880		4,648		73,756		3,835
Trust preferred collateralized debt obligations		124,632		0		74,724		49,908		45,021
Single issue trust preferred securities		15,594		287		4,155		11,726		0
Marketable equity securities		5,794		297		116		5,975		0
Total		$    717,797		$  19,321		$  83,842		$  653,276		$  48,856

(1) Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax.

The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2011 and 2010.

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	Less than 12 months				12 months or longer
(In thousands)	Fair     Value		Unrealized     Losses		Fair     Value		Unrealized     Losses
December 31, 2011
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	196,988	$	12	$	0	$	0
State and political subdivisions		3,760		25		968		13
Residential mortgage-backed securities
Agency		14,789		175		0		0
Non-agency		0		0		12,369		2,592
Trust preferred collateralized debt obligations		0		0		42,369		61,792
Single issue trust preferred securities		412		88		6,956		3,698
Marketable equity securities		2,009		433		133		29
Total	$	217,958	$	733	$	62,795	$	68,124
December 31, 2010
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	0	$	0	$	0	$	0
State and political subdivisions		7,373		160		624		39
Residential mortgage-backed securities
Agency		91		0		0		0
Non-agency		5,127		15		23,716		4,633
Trust preferred collateralized debt obligations		0		0		49,908		74,724
Single issue trust preferred securities		0		0		7,093		4,155
Marketable equity securities		339		52		389		64
Total	$	12,930	$	227	$	81,730	$	83,615

Marketable equity securities consist mainly of equity securities of financial institutions and mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries.

	Year Ended
(In thousands)	2011		2010		2009
Proceeds from maturities, sales and calls		$ 1,486,936		$ 1,389,197		$ 512,787
Gross realized gains		1,729		813		772
Gross realized losses		311		462		541

At December 31, 2011, gross unrealized losses on available for sale securities were $68,857,000 on 86 securities of a total portfolio of 381 available for sale securities. Securities in an unrealized loss position at December 31, 2011 consisted primarily of pooled trust preferred collateralized debt obligations (TRUP CDOs), single issue trust preferred securities and non-agency residential mortgage-backed securities. The TRUP CDOs and the single issue trust preferred securities relate mainly to securities of financial institutions. In determining whether or not a security is other-than-temporarily impaired, management considered the severity and the duration of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity.

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Non-agency residential mortgage-backed securities

The majority of the non-agency residential mortgage-backed security portfolio is rated either AAA or AA. The unrealized loss on the non-agency residential mortgage-backed securities portfolio relates primarily to below investment grade securities of various private label issuers. The Company has no exposure to real estate investment trusts (REITS) in its investment portfolio. Approximately 65% of the portfolio includes collateral that was originated during the year of 2005 or before. The remaining 35% includes collateral that was originated in the years of 2006 and 2007. Ninety-eight percent of the non-agency residential mortgage securities are either the senior or super-senior tranches of their respective structure. In determining whether or not the non-agency mortgage-backed securities were other-than-temporarily impaired, management performs an in-depth analysis on each non-agency residential mortgage-backed security on a quarterly basis. The analysis includes a review of the following factors: weighted average loan to value, weighted average maturity, average FICO scores, historical collateral performance, geographic concentration, credit subordination, cross-collateralization, coverage ratios, origination year, full documentation percentage, event risk (repricing), and collateral type. Management completes a monthly stress test to determine the level of loss protection remaining in each individual security and compares the protection remaining to the future expected performance of the underlying collateral. Additionally, management utilizes a third-party cash flow model to perform a cash flow test on each bond that is below investment grade. The model produces a bond specific set of cash flows based upon assumptions input by management. The input assumptions that are incorporated include the projected constant default rate (CDR) of the underlying mortgages, the loss severity upon default, and the prepayment rate on the underlying mortgage collateral. CDR and loss severities are forecasted by management after full evaluation of the underlying collateral including recent performance statistics. At December 31, 2011, United determined that four non-agency mortgage-backed securities were deemed to have additional other-than-temporary-impairment. The ranges of specific assumptions utilized for these securities included constant default rates ranging from 2.0% to 13.5%, a loss severity upon default ranging of 20.0% to 75.0%, and a constant prepayment rate ranging from 6.0% to 16.0%. The credit-related other-than-temporary impairment recognized in earnings for the fourth quarter of 2011 on these non-agency residential mortgage-backed security, which is not expected to be sold, was $2.48 million. Non credit related other-than-temporary impairment, net of deferred taxes of $336 thousand was recognized during the fourth quarter of 2011.

The credit-related other-than-temporary impairment recognized in earnings for the full year of 2011 on the non-agency residential mortgage-backed securities was $3.16 million, while the noncredit-related other-than-temporary impairment on these securities, which are not expected to be sold, was $2.23 million. Noncredit-related other-than-temporary impairment, net of deferred taxes of $3.66 million was recognized during the full year of 2010.

Single issue trust preferred securities

The majority of United’s single-issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, TARP participation status, and other key factors. Upon completing the review for the fourth quarter of 2011, it was determined that none of the single issue securities were other-than-temporarily impaired. With the exception of two securities, all single-issue trust preferred securities are currently receiving interest payments. The two securities that are deferring interest payments are from the same issuer with a total amortized cost of $633 thousand. The issuer has the contractual ability to defer interest payments for up to 5 years.

Trust preferred collateralized debt obligations (TRUP CDOs)

In analyzing the duration and severity of the losses on TRUP CDOs, management considered the following: (1) the market for these securities was not active as evidenced by the lack of trades and the severe widening of the bid/ask spread; (2) the markets for TRUP CDOs are dysfunctional with no significant transactions to report; (3) low market prices for certain bonds, in the overall debt markets, were evidence of credit stress in the general markets and not necessarily an indication of credit problems with a particular issuer; and (4) the general widening in overall risk premiums over the past four years in the broader markets was responsible for a significant amount of the price decline in the TRUP CDO portfolio.

At December 31, 2011, United determined that certain TRUP CDOs were other-than-temporarily impaired. Management completed an in-depth analysis of the collateral pool, cash flow waterfall structure, and expected cash flows of the TRUP CDO portfolio. To determine a net realizable value and assess whether other-than-temporary impairment existed, management

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performed detailed cash flow analysis to determine whether, in management’s judgment, it was more likely that United would not recover the entire amortized cost basis of the security. Management’s cash flow analysis was performed for each security and considered the current deferrals and defaults within the underlying collateral, the likelihood that current deferrals would cure or ultimately default, potential future deferrals and defaults, potential prepayments, cash reserves, excess interest spread, credit analysis of the underlying collateral and the priority of payments in the cash flow structure. The underlying collateral analysis for each issuer took into consideration multiple factors including TARP participation, capital adequacy, earnings trends and asset quality. After completing its analysis of estimated cash flows, management determined that an adverse change in cash flows had occurred for certain TRUP CDOs as the expected discounted cash flows from these particular securities were less than the discounted cash flows originally expected at purchase or from the previous date of other-than-temporary impairment (cash flows are discounted at the contractual coupon rate for purposes of assessing OTTI). Therefore, based upon management’s analysis and judgment, certain TRUP CDOs were determined to be other-than-temporarily impaired. The credit-related other-than-temporary impairment recognized in earnings for 2011 related to these securities was $17.25 million, compared to $7.32 million in 2010. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) (OCI) during 2011 on these securities, which are not expected to be sold, was $2.15 million or $1.40 million, net of taxes. At December 31, 2011, the balance of the noncredit-related other-than-temporary impairment recognized on United’s TRUP CDO portfolio was $47.17 million as compared to $45.02 million at December 31, 2010.

The credit-related other-than-temporary impairment recognized in earnings for the fourth quarter of 2011 related to the TRUP CDO’s was $3.80 million. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) in the fourth quarter on these securities, which are not expected to be sold, was $7.85 million, or $5.10 million, net of taxes.

The amortized cost of available for sale TRUP CDOs in an unrealized loss position for twelve months or longer as of December 31, 2011 consisted of $9.50 million in investment grade bonds, $9.51 million in split-rated bonds and $85.15 million in below investment grade bonds. The amortized cost of available for sale single issue trust preferred securities in an unrealized loss position for twelve months or longer as of December 31, 2011 consisted of $5.02 million in split-rated bonds and $5.63 million in below investment grade bonds.

The following is a summary of the available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position twelve months or greater as of December 31, 2011.

							Amortized Cost
Class	Amortized Cost		Fair Value		Unrealized Loss		Investment Grade		Split Rated		Below Investment Grade
	(In thousands)
Senior – Bank		$   11,432		$  6,109		$  5,323		$          0		$ 5,000		$    6,432
Senior – Insurance		9,498		6,974		2,524		9,498		0		0
Mezzanine – Bank (now in senior position)		13,402		6,030		7,372		0		4,513		8,889
Mezzanine – Bank		57,630		18,801		38,829		0		0		57,630
Mezzanine – Insurance		6,500		3,115		3,385		0		0		6,500
Mezzanine – Bank & Insurance (combination)		5,699		1,340		4,359		0		0		5,699
Single issue trust preferreds		10,654		6,956		3,698		0		5,020		5,634
Totals		$  114,815		$ 49,325		$  65,490		$ 9,498		$ 14,533		$ 90,784

Management also considered the ratings of the Company’s bonds in its portfolio and the extent of downgrades in United’s impairment analysis. However, due to historical discrepancies in ratings from the various rating agencies, management considered it imperative to independently perform its own credit analysis based on cash flows as described. The ratings of the investment grade pooled trust preferred securities in the table above range from a low of BBB to a high of A+. The ratings of the split-rated pooled trust preferred securities range from a low of CCC to a high of Baa2, while the below investment grade pooled trust preferred securities range from a low of D to a high of Baa1. The available for sale single issue trust preferred securities’ ratings range from a low of CC to a high of BBB.

The Company has recognized cumulative credit-related other-than-temporary impairment of $29.94 million on fifteen pooled trust preferred securities since the third quarter of 2009. Of the remaining eight securities that have not been deemed to be other-than-temporally impaired, the collateralization ratios range from a low of 68.9% to a high of 290.0%, with a median of 104.1%, and a weighted average of 140.55%. The collateralization ratio is defined as the current performing collateral in a deal, divided by the current balance of the specific tranche the Company owns, plus any debt which is senior or pari passu with the Company’s security’s priority level. Performing collateral excludes the balance of any issuer that has either defaulted or has deferred its interest payment.

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The following schedule reflects data and certain assumptions that are utilized in the other-than-temporary impairment analysis of the TRUP CDO’s:

Class	Amortized Cost		% of issuers currently performing (1)			% of original collateral defaulted (2)			% of original collateral deferring (3)			Projected Prepayment Rate (4)			Lifetime additional projected loss from performing collateral (5)			Credit Related OTTI (6)
	(Dollars in thousands)
Senior – Bank	$	11,432		80.9 - 90.9	%		12.9 – 13.3	%		6.3 – 14.2	%		0.5 - 1.0	%		4.7 - 6.5	%	$	793
Senior – Insurance		9,498		83.2 - 94.9	%		0.0 – 00.0	%		3.5 – 9.3	%		1.0 - 1.0	%		6.3 - 6.6	%		0
Mezzanine – Bank (now in senior position)		13,402		69.7 - 78.4	%		2.7 – 9.1	%		1.9 – 4.4	%		0.5 - 1.0	%		7.8 - 16.4	%		5,428
Mezzanine – Bank		57,629		55.1 - 91.0	%		7.5 – 20.6	%		6.9 – 24.8	%		0.3 - 1.0	%		7.1 - 10.7	%		21,387
Mezzanine – Insurance		6,500		81.1 - 83.2	%		0.0 – 2.2	%		9.3 – 11.6	%		0.0 - 1.0	%		6.3 - 9.2	%		0
Mezzanine – Bank & Ins.		5,699		67.6 - 80.4	%		14.2 – 18.8	%		13.7 – 26.2	%		0.3 - 0.5	%		6.8 - 9.9	%		2,336

(1) Represents performing collateral as a percent of non-defaulted, current collateral outstanding. In the “Mezzanine – Bank” line, the percentage of issuers currently performing ranges from 55.1% to 91.0%. The weighted average percentage of performing collateral is 74.3%.

(2) Defaulted collateral is identified as defaulted when the issuer has been closed by a regulator. All defaults are assumed to have a zero percent recovery in the OTTI cash flow model.

(3) Deferring collateral is identified when the Company becomes aware that an issuer has announced or elected to defer interest payments on its trust preferred debt. The Company utilizes issuer specific loss assumptions on deferring collateral that range from 100% cure to 100% loss.

(4) Management utilizes an annual prepayment rate in its assumptions to calculate OTTI. The prepayment rate is pool specific and is assigned based upon management’s estimate of potential prepayments over the life of the security.

(5) Management applied an annual constant default rate to the performing collateral balance for each pool ranging from 0.38% to 1.20%. The calculation in the chart above represents the sum of the incremental projected losses over the remaining life of the security as a percentage of the performing collateral.

(6) Credit related OTTI represents the cumulative credit-related other-than-temporary impairment recognized over the life of the security.

Except for the securities that have already been deemed to be other than temporarily impaired, management does not believe any other individual security with an unrealized loss as of December 31, 2011 is other-than-temporarily impaired. For debt securities, United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a change in the expected contractual cash flows. Based on a review of each of the securities in the investment portfolio, management concluded that it expected to recover the amortized cost basis of the investment in such securities. As of December 31, 2011, United does not intend to sell any impaired debt security nor is it anticipated that it would be required to sell any impaired debt security before the recovery of its amortized cost basis. For equity securities, United has evaluated the near-term prospects of the investment in relation to the severity and duration of any impairment and based on that evaluation, management does not believe any individual equity security is other-than-temporarily impaired. As of December 31, 2011, United has the ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment.

During the fourth quarter of 2011, United also evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2011 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there were no events or changes in circumstances during the fourth quarter which would have an adverse effect on the fair value of any of its cost method securities. Therefore, no impairment was recorded.

Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income.

(In thousands)
Balance of cumulative credit losses at December 31, 2010	$	35,324
Additions for credit losses on securities for which OTTI was not previously recognized		2,172
Additions for additional credit losses on securities for which OTTI was previously recognized		18,242
Balance of cumulative credit losses at December 31, 2011	$	55,738

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The amortized cost and estimated fair value of securities available for sale at December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.

Maturities of mortgage-backed securities with an amortized cost of $225,069,000 and an estimated fair value of $230,945,000 at December 31, 2011 are included below based upon contractual maturity.

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	259,162	$	259,267
Due after one year through five years		128,279		130,898
Due after five years through ten years		91,031		96,345
Due after ten years		269,272		206,049
Marketable equity securities		4,341		3,959
Total	$	752,085	$	696,518

The following is a summary of the amortized cost and estimated fair values of securities held to maturity.

	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    11,062		$  2,785		$         0		$ 13,847
State and political subdivisions		12,794		207		1		13,000
Residential mortgage-backed securities
Agency		77		12		0		89
Non-agency		0		0		0		0
Single issue trust preferred securities		32,116		0		6,111		26,005
Other corporate securities		3,240		0		0		3,240
Total		$    59,289		$  3,004		$  6,112		$ 56,181
	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$  11,200		$  2,069		$        0		$ 13,269
State and political subdivisions		20,288		399		109		20,578
Residential mortgage-backed securities
Agency		92		13		0		105
Non-agency		2		0		0		2
Single issue trust preferred securities		32,122		0		7,093		25,029
Other corporate securities		3,332		0		0		3,332
Total		$  67,036		$  2,481		$  7,202		$ 62,315

Even though the market value of the held-to-maturity investment portfolio is less than its cost, the unrealized loss has no impact on the net worth or regulatory capital requirements of United. As of December 31, 2011, the Company’s three largest

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held-to-maturity single-issue trust preferred exposures were to Wells Fargo ($9.89 million), SunTrust Bank ($7.38 million), and Peoples Bancorp Inc. ($7.25 million). Other corporate securities consist mainly of bonds of corporations.

The following table shows the gross realized gains and losses on calls and sales of held to maturity securities that have been included in earnings as a result of those calls and sales. During the year of 2010, a corporate bond with a carrying value of $1,000,000 and classified as held-to-maturity was sold as a result of a limited opportunity to divest in this issuer, which had filed bankruptcy in 2008. United realized a gain of $1,238,000 on the sale of the bond. Gains or losses on calls and sales of held to maturity securities are recognized by the specific identification method.

	Year Ended
(In thousands)	2011		2010		2009
Gross realized gains		1		1,297		129
Gross realized losses		0		39		45

The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Maturities of mortgage-backed securities with an amortized cost of $77,000 and an estimated fair value of $89,000 at December 31, 2011 are included below based upon contractual maturity.

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	1,011	$	1,019
Due after one year through five years		8,548		9,684
Due after five years through ten years		10,370		12,115
Due after ten years		39,360		33,363
Total	$	59,289	$	56,181

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $634,944,000 and $586,510,000 at December 31, 2011 and 2010, respectively.

The fair value of mortgage-backed securities is affected by changes in interest rates and prepayment speed. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had net unrealized gains of $5,888,000 and $11,377,000 at December 31, 2011 and 2010, respectively, on all mortgage-backed securities.

The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2011, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security).

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	Within 1 Year				After 1 But Within 5 Years				After 5 But Within 10 Years				After 10 Years
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(Dollars in thousands)
U.S. Treasury and other U.S. Government agencies and corporations	$	250,707		0.05%	$	58,088		0.97%	$	5,751		5.67%	$	0		0.00%
States and political subdivisions (1)		9,415		4.88%		51,187		4.25%		28,768		6.21%		18,218		6.90%
Residential mortgage-backed securities
Agency		51		5.85%		21,558		5.11%		45,884		4.53%		118,127		4.48%
Non-agency		0		0.00%		0		0.00%		18,998		5.04%		20,528		5.70%
Trust preferred collateralized debt obligations		0		0.00%		0		0.00%		0		0.00%		104,161		3.89%
Single issue trust preferred securities		0		0.00%		0		0.00%		0		0.00%		47,358		4.31%
Marketable equity securities		0		0.00%		0		0.00%		0		0.00%		4,341		0.93%
Other Corporate securities		0		0.00%		5,994		2.27%		2,000		0.00%		240		0.00%

(1) Tax-equivalent adjustments (using a 35% federal rate) have been made in calculating yields on obligations of states and political subdivisions.

There are no securities with a single issuer, other than the U.S. government and its agencies and corporations, the book value of which in the aggregate exceeds 10% of United’s total shareholders’ equity.

NOTE D—LOANS

Major classes of loans are as follows:

	December 31
(In thousands)	2011		2010
Commercial, financial, and agricultural
Owner-occupied	$	743,502	$	574,909
Nonowner-occupied		1,553,259		1,224,481
Other commercial		1,212,205		1,038,302
Total commercial, financial & agricultural		3,508,966		2,837,692
Residential real estate		1,897,658		1,700,380
Construction & land development		549,877		470,934
Consumer:
Bankcard		11,519		12,025
Other Consumer		272,193		242,320
Less: Unearned interest		(3,503)		(3,025)
Total Loans, net of unearned interest	$	6,236,710	$	5,260,326

The table above does not include loans held for sale of $3,902,000 and $6,869,000 at December 31, 2011 and December 31, 2010, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market.

The outstanding balances in the table above do include acquired impaired loans from the Centra merger with a recorded investment of $38,954,000, or less than 1% of total gross loans, at December 31, 2011. The contractual principal in these acquired impaired loans was $65,051,000 at December 31, 2011. There were no acquired impaired loans at December 31, 2010. The balances above do not include future accretable net interest (i.e. the difference between the undiscounted expected cash flows and the recorded investment in the loan) on the acquired impaired loans.

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Activity for the accretable yield for the year of 2011 follows.

(In thousands)
Accretable yield at the beginning of the period	$	0
Additions		4,144
Accretion (including cash recoveries)		(1,673)
Net reclassifications to accretable from non-accretable		0
Disposals (including maturities, foreclosures, and charge-offs)		(148)
Accretable yield at the ending of the period	$	2,323

At December 31, 2011 and 2010, loans-in-process of $17,064,000 and $5,126,000 and overdrafts from deposit accounts of $10,435,000 and $6,817,000, respectively, are included within the appropriate loan classifications above.

United’s subsidiary banks have made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. Such related party loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than normal risk of collectibility. The aggregate dollar amount of these loans was $189,763,000 and $92,902,000 at December 31, 2011 and 2010, respectively. During 2011, $213,899,000 of new loans were made, repayments totaled $162,072,000, related party loans of $82,332,000 were acquired in the Centra merger and other changes due to the change in composition of United’s board members and executive officers approximated $37,298,000.

NOTE E—CREDIT QUALITY

Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan.

For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for loan losses. United’s method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note.

A loan is categorized as a troubled debt restructuring (TDR) if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. As of December 31, 2011, United had TDRs of $3,592,000 as compared to $437,000 as of December 31, 2010. Of the $3,592,000 aggregate balance of TDRs at December 31, 2011, $1,528,000 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. The TDR amount of $437,000 at December 31, 2010 was past due 90 days or more and is included in the “90 Days or more Past Due” and the “Recorded Investment >90 Days & Accruing” categories in the following “Age Analysis of Past Due Loans” table. As of December 31, 2011, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs.

80

A loan acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is reported as an accruing loan and a performing asset.

The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2011, segregated by class of loans:

Troubled Debt Restructurings For the Year Ended December 31, 2011
(In thousands)	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Commercial real estate:
Owner-occupied		0	$	0	$	0
Nonowner-occupied		2		2,075		2,064
Other commercial		0		0		0
Residential real estate		2		1,979		1,528
Construction & land development		0		0		0
Consumer:
Bankcard		0		0		0
Other consumer		0		0		0
Total		4	$	4,054	$	3,592

At December 31, 2011, United had restructured loans in the amount of $2,064,000 that were modified by a reduction in the interest rate and $1,528,000 that were modified by a combination of a reduction in the interest rate and the principal. The loans were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United.

The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2011. These loans were restructured during the last twelve months and subsequently defaulted, resulting in a principal charge-off during the respective time periods. Loans modified in a troubled debt restructuring that defaulted with a recorded investment of zero were fully paid down through the sale of foreclosed real estate property prior to period end.

	Year Ended December 31, 2011
(In thousands)	Number of Contracts		Recorded Investment
Troubled Debt Restructurings
Commercial real estate:
Owner-occupied		0	$	0
Nonowner-occupied		0		0
Other commercial		0		0
Residential real estate		2		0
Construction & land development		0		0
Consumer:
Bankcard		0		0
Other consumer		0		0
Total		2	$	0

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The following table sets forth United’s age analysis of its past due loans, segregated by class of loans:

Age Analysis of Past Due Loans As of December 31, 2011
(In thousands)	30-89   Days Past   Due		90 Days or more  Past Due		Total Past   Due		Current		Total Financing   Receivables		Recorded Investment >90 Days  & Accruing
Commercial real estate:
Owner-occupied	$	4,625	$	4,707	$	9,332	$	734,170	$	743,502	$	1,597
Nonowner-occupied		16,694		13,285		29,979		1,523,280		1,553,259		2,233
Other commercial		7,131		14,153		21,284		1,190,921		1,212,205		761
Residential real estate		52,654		26,617		79,271		1,818,387		1,897,658		8,833
Construction & land development		13,809		17,820		31,629		518,248		549,877		1,840
Consumer:
Bankcard		222		176		398		11,121		11,519		176
Other consumer		5,739		841		6,580		265,613		272,193		739
Total	$	100,874	$	77,599	$	178,473	$	6,061,740	$	6,240,213	$	16,179

Age Analysis of Past Due Loans As of December 31, 2010
(In thousands)	30-89   Days Past   Due		90 Days or more  Past Due		Total Past   Due		Current		Total Financing   Receivables		Recorded Investment >90 Days  & Accruing
Commercial real estate:
Owner-occupied	$	7,525	$	11,570	$	19,095	$	555,814	$	574,909	$	1,481
Nonowner-occupied		12,827		5,014		17,841		1,206,640		1,224,481		204
Other commercial		14,687		8,942		23,629		1,014,673		1,038,302		841
Residential real estate		49,758		20,383		70,141		1,630,239		1,700,380		3,814
Construction & land development		6,803		20,387		27,190		443,744		470,934		254
Consumer:
Bankcard		409		124		533		11,492		12,025		124
Other consumer		4,660		811		5,471		236,849		242,320		517
Total	$	96,669	$	67,231	$	163,900	$	5,099,451	$	5,263,351	$	7,235

The following table sets forth United’s nonaccrual loans, segregated by class of loans:

Loans on Nonaccrual Status
(In thousands)	December 31, 2011		December 31, 2010
Commercial real estate:
Owner-occupied	$	3,110	$	10,089
Nonowner-occupied		11,052		4,810
Other commercial		13,392		8,101
Residential real estate		17,784		16,569
Construction & land development		15,980		20,133
Consumer:
Bankcard		0		0
Other consumer		102		294
Total	$	61,420	$	59,996

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United assigns credit quality indicators of pass, special mention, substandard and doubtful to its loans. For United’s loans with a corporate credit exposure, United internally assigns a grade based on the creditworthiness of the borrower. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United updates these grades on a quarterly basis.

For loans with a corporate credit exposure, special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30-89 days are considered special mention.

A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard.

A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Loans classified as doubtful are also considered impaired.

The following tables set forth United’s credit quality indicators information, by class of loans:

Credit Quality Indicators

Corporate Credit Exposure
As of December 31, 2011
	Commercial Real Estate
(In thousands)	Owner-     occupied		Nonowner-     occupied		Other     Commercial		Construction & Land     Development
Grade:
Pass	$	679,651	$	1,407,006	$	1,073,347	$	462,517
Special mention		38,150		67,035		78,158		41,093
Substandard		25,701		79,218		57,436		45,267
Doubtful		0		0		3,264		1,000
Total	$	743,502	$	1,553,259	$	1,212,205	$	549,877

83

As of December 31, 2010
	Commercial Real Estate
(In thousands)	Owner-     occupied		Nonowner-     occupied		Other     Commercial		Construction & Land     Development
Grade:
Pass	$	502,228	$	1,133,186	$	897,196	$	366,358
Special mention		27,156		59,159		80,015		47,183
Substandard		45,525		32,136		61,083		51,282
Doubtful		0		0		8		6,111
Total	$	574,909	$	1,224,481	$	1,038,302	$	470,934

Credit Quality Indicators

Consumer Credit Exposure
As of December 31, 2011
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,790,296	$	11,079	$	265,995
Special mention		56,722		304		5,366
Substandard		50,640		136		832
Doubtful		0		0		0
Total	$	1,897,658	$	11,519	$	272,193

As of December 31, 2010
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,605,589	$	11,492	$	236,888
Special mention		47,538		409		4,621
Substandard		47,008		124		811
Doubtful		245		0		0
Total	$	1,700,380	$	12,025	$	242,320

Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, United does not consider loans for impairment unless a sustained period of delinquency (i.e. 90-plus days) is noted or there are subsequent events that impact repayment probability (i.e. negative financial trends, bankruptcy filings, eminent foreclosure proceedings, etc.). Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible.

The following table set forth United’s impaired loans information, by class of loans:

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Impaired Loans For the Year Ended December 31, 2011
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	3,540	$	4,934	$	0	$	11,132	$	109
Nonowner-occupied		30,382		32,573		0		18,005		1,191
Other commercial		7,831		9,405		0		11,265		312
Residential real estate		18,750		20,613		0		16,527		594
Construction & land development		23,654		33,172		0		33,622		509
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6
With an allowance recorded:
Commercial real estate:
Owner-occupied	$	1,638	$	1,638	$	269	$	864	$	58
Nonowner-occupied		2,086		2,413		596		4,186		128
Other commercial		20,453		22,630		5,888		12,772		787
Residential real estate		8,868		10,867		1,925		16,356		425
Construction & land development		10,714		12,210		2,480		8,578		299
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		0		0
Total:
Commercial real estate:
Owner-occupied	$	5,178	$	6,572	$	269	$	11,996	$	167
Nonowner-occupied		32,468		34,986		596		22,191		1,319
Other commercial		28,284		32,035		5,888		24,037		1,099
Residential real estate		27,618		31,480		1,925		32,883		1,019
Construction & land development		34,368		45,382		2,480		42,200		808
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	4,229	$	323
Nonowner-occupied		3,365		3,579		0		5,444		239
Other commercial		4,512		4,718		0		5,480		376
Residential real estate		6,650		7,971		0		6,742		301
Construction & land development		19,275		22,506		0		14,743		569
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		47		0
With an allowance recorded:
Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	4,462	$	0
Nonowner-occupied		2,924		3,124		918		1,881		80
Other commercial		3,923		4,304		2,147		2,961		244
Residential real estate		9,195		10,694		1,920		5,228		488
Construction & land development		8,360		8,785		3,408		13,876		358

85

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		273		1
Total:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	8,691	$	323
Nonowner-occupied		6,289		6,703		918		7,325		319
Other commercial		8,435		9,022		2,147		8,441		620
Residential real estate		15,845		18,665		1,920		11,970		789
Construction & land development		27,635		31,291		3,408		28,619		927
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		320		1

NOTE F—ALLOWANCE FOR CREDIT LOSSES

The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for risk-rated loan pools and delinquency for homogeneous loan pools. The outstanding principal balance within each pool is multiplied by historical loss data and certain qualitative factors to derive the general loss allocation per pool. Specific loss allocations are calculated for loans in excess of $250 thousand in accordance with ASC topic 310. Risk characteristics of owner-occupied commercial real estate loans and other commercial loans are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Nonowner-occupied commercial real estate loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. During the year of 2011, there were no material changes to the accounting policy or methodology related to the allowance for loan losses.

Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. For commercial loans, when a loan or a portion of a loan is identified to contain a loss, a charge-off recommendation is directed to management to charge-off all or a portion of that loan. Generally, any unsecured commercial loan more than six months delinquent in payment of interest must be charged-off in full. If secured, the charge-off is generally made to reduce the loan balance to a level equal to the liquidation value of the collateral when payment of principal and interest is six months delinquent. Any commercial loan, secured or unsecured, on which a principal or interest payment has not been made within 90 days, is reviewed monthly for appropriate action.

For consumer loans, closed-end retail loans that are past due 120 cumulative days delinquent from the contractual due date and open-end loans 180 cumulative days delinquent from the contractual due date are charged-off. Any consumer loan on which a principal or interest payment has not been made within 90 days is reviewed monthly for appropriate action. For a one-to-four family open-end or closed-end residential real estate loan, home equity loan, or high-loan-to-value loan that has reached 180 or more days past due, management evaluates the collateral position and charge-offs any amount that exceeds the value of the collateral. On retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged off within 60 days of the receipt of the notification. On retail credits effected by fraud, a loan is charged-off within 90 days of the discovery of the fraud. In the event of the borrower’s death and if repayment within the required timeframe is uncertain, the loan is generally charged-off as soon as the amount of the loss is determined.

86

United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $1,853,000 and $2,006,000 at December 31, 2011 and December 31, 2010, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses.

A progression of the allowance for credit losses, which includes the allowance for credit losses and the reserve for lending-related commitments, for the periods presented is summarized as follows:

	Year Ended December 31
(In thousands)	2011		2010		2009
Balance at beginning of period	$	75,039	$	70,010	$	63,603
Provision for credit losses		16,988		13,773		46,065
		92,027		83,783		109,668
Loans charged off		19,605		25,762		41,077
Less recoveries		3,305		17,018		1,419
Net charge-offs		16,300		8,744		39,658
Balance at end of period	$	75,727	$	75,039	$	70,010

During the fourth quarter of 2010, United recovered funds from its insurance carrier in the amount of $15.00 million related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans in the amount of $17.55 million previously charged-off in 2009.

A progression of the allowance for loan losses, by portfolio segment, for the year ended December 31, 2011 is summarized as follows:

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Allowance for Loan Losses:
Beginning balance	$	3,116	$	12,456	$	21,918	$	11,653	$	18,738	$	2,161	$	2,991	$	73,033
Charge-offs		1,230		897		2,765		7,069		6,290		1,354		0		19,605
Recoveries		2		639		1,924		248		136		356		0		3,305
Provision		1,782		(551)		(274)		9,048		6,567		988		(419)		17,141
Ending balance	$	3,670	$	11,647	$	20,803	$	13,880	$	19,151	$	2,151	$	2,572	$	73,874
Ending Balance: individually evaluated for impairment	$	269	$	596	$	5,888	$	1,925	$	2,480	$	0	$	0	$	11,158
Ending Balance: collectively evaluated for impairment	$	3,401	$	11,051	$	14,915	$	11,955	$	16,671	$	2,151	$	2,572	$	62,716
Ending Balance: loans acquired with deteriorated credit quality	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

87

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Financing receivables:
Ending balance	$	743,502	$	1,553,259	$	1,212,205	$	1,897,658	$	549,877	$	283,712	$	0	$	6,240,213
Ending Balance: individually evaluated for impairment	$	2,321	$	29,794	$	25,532	$	18,288	$	20,835	$	0	$	0	$	96,770
Ending Balance: collectively evaluated for impairment	$	738,596	$	1,514,173	$	1,184,565	$	1,877,287	$	508,921	$	280,947	$	0	$	6,104,489
Ending Balance: loans acquired with deteriorated credit quality	$	2,585	$	9,292	$	2,108	$	2,083	$	20,121	$	2,765	$	0	$	38,954

NOTE G—BANK PREMISES AND EQUIPMENT AND LEASES

Bank premises and equipment are summarized as follows:

	December 31
(In thousands)	2011		2010
Land	$	24,084	$	17,819
Buildings and improvements		79,723		67,396
Leasehold improvements		22,579		17,802
Furniture, fixtures and equipment		48,595		31,579
		174,981		134,596
Less allowance for depreciation and amortization		98,539		79,218
Net bank premises and equipment	$	76,442	$	55,378

Depreciation expense was $6,966,000, $5,231,000, and $5,849,000 for years ending December 31, 2011, 2010 and 2009, respectively, while amortization expense was $103,000 in each of these respective periods.

United and certain banking subsidiaries have entered into various noncancelable-operating leases. These noncancelable operating leases are subject to renewal options under various terms and some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense for noncancelable operating leases approximated $8,740,000, $8,056,000 and $8,178,000 for the years ended December 31, 2011, 2010 and 2009, respectively. United Bank (WV) leases one of its offices from a company that is beneficially owned by a former United director who resigned from the Board in January of 2011. United Bank (WV) also leases two additional offices from a former United director who retired from the Board in May of 2008. Rent expense incurred on these facilities was $1,044,000, $1,029,000, and $1,024,000 for the years ended December 31, 2011, 2010, and 2009, respectively.

88

Future minimum lease payments, by year and in the aggregate, under noncancelable operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2011, consisted of the following:

Year	Amount
(In thousands)
2012	$	7,981
2013		6,395
2014		5,451
2015		4,033
2016		3,061
Thereafter		8,750
Total minimum lease payments	$	35,671

NOTE H—GOODWILL AND OTHER INTANGIBLES

The following is a summary of intangible assets subject to amortization and those not subject to amortization:

	As of December 31, 2011
(In thousands)	Gross Carrying     Amount		Accumulated     Amortization		Net Carrying     Amount
Amortized intangible assets:
Core deposit intangible assets		$  43,434		$ (30,484)		$     12,950
Goodwill not subject to amortization						$ 371,693
	As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Core deposit intangible assets		$  30,995		$ (28,055)		$     2,940
Goodwill not subject to amortization						$ 311,765

During the year of 2011, United acquired Centra adding preliminary amounts of $60,099,000 to goodwill and $12,439,000 to core deposit intangible assets.

The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2011:

Year	Amount
(In thousands)
2012	$	2,843
2013		1,969
2014		1,478
2015		1,149
2016 and thereafter		5,511

89

NOTE I—DEPOSITS

The book value of deposits consisted of the following:

(Dollars in thousands)	December 31
	2011		2010
Demand deposits	$	878,838	$	657,395
Interest-bearing checking		284,670		290,153
Regular savings		473,819		388,332
Money market accounts		2,890,445		2,234,252
Time deposits under $100,000		1,213,964		1,153,337
Time deposits over $100,000		1,077,274		990,065
Total deposits	$	6,819,010	$	5,713,534

Interest paid on deposits approximated $39,853,000, $58,779,000 and $88,576,000 in 2011, 2010 and 2009, respectively.

United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $117,678,000 and $141,923,000 at December 31, 2011 and 2010, respectively.

NOTE J—SHORT-TERM BORROWINGS

At December 31, 2011 and 2010, short-term borrowings and the related weighted-average interest rates were as follows:

	2011				2010
			Weighted-				Weighted-
(Dollars in thousands)			Average				Average
	Amount		Rate		Amount		Rate
Federal funds purchased	$	7,120		0.20%	$	8,542		0.20%
Securities sold under agreements to repurchase		247,646		0.07%		183,097		0.04%
TT&L note option		0		0.00%		1,575		0.00%
Total	$	254,766			$	193,214

Federal funds purchased and securities sold under agreements to repurchase have been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $274,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions.

The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years.

(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
At December 31:
2011	$	7,120	$	247,646
2010		8,542		183,097
2009		7,835		211,659

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(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
Weighted-average interest rate at year-end:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.2%		0.0%
Maximum amount outstanding at any month’s end:
2011		$     20,440		$  274,546
2010		25,325		305,658
2009		207,680		367,887
Average amount outstanding during the year:
2011		$    13,377		$ 242,371
2010		15,871		269,142
2009		89,109		329,905
Weighted-average interest rate during the year:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.4%		0.0%

At December 31, 2011, repurchase agreements included $246,723,000 in overnight accounts. The remaining balance principally consists of agreements having maturities less than one year. The rates offered on these funds vary according to movements in the federal funds and short-term investment market rates.

United has a $10,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2011, United had no outstanding balance under this credit.

United Bank (VA) participates in the Treasury Investment Program (TT&L), which is essentially the U.S. Treasury’s savings account for companies depositing employment and other tax payments. The bank holds the funds in an open-ended, interest-bearing note until the Treasury withdraws or “calls” the funds. A maximum note balance is established that must be collateralized at all times. All tax deposits or portions of the tax deposits up to the maximum balance are generally available as a source of short-term investment funding. As of December 31, 2011, United Bank (VA) had no outstanding balance and had additional funding available of $5,000,000.

Interest paid on short-term borrowings approximated $471,000, $2,000 and $767,000 in 2011, 2010 and 2009, respectively.

NOTE K—LONG-TERM BORROWINGS

United’s subsidiary banks are members of the Federal Home Loan Bank (FHLB). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2011, the total carrying value of loans pledged as collateral for FHLB advances approximated $2,628,099,000. United had an unused borrowing amount as of December 31, 2011 of approximately $1,979,987,000 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties.

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At December 31, 2011 and 2010, FHLB advances and the related weighted-average interest rates were as follows:

	2011						2010
(Dollars in thousands)	Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate		Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate
FHLB advances		$  141,809		4.17%		4.17%		$ 202,181		4.06%		4.06%

No overnight funds were included in the $141,809,000 and $202,181,000 above at December 31, 2011 and 2010, respectively. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end 2011 and 2010 to manage interest rate risk on its long-term debt. Additional information is provided in Note P, Notes to Consolidated Financial Statements.

At December 31, 2011, United had a total of twelve statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (Capital Securities) with the proceeds invested in junior subordinated debt securities (Debentures) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. At December 31, 2011 and 2010, the outstanding balance of the Debentures was $203,557,000 and $184,277,000, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities.

Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative.

As part of the acquisition of Centra on July 8, 2011, United assumed all the obligations of Centra and its subsidiaries. Centra had two statutory business trusts that were formed for the purpose of issuing or participating in Capital Securities with the proceeds invested in Debentures of Centra. At merger, the outstanding balance of Centra’s Debentures was $20 million.

The Trust Preferred Securities currently qualify as Tier 1 regulatory capital of United for regulatory purposes.

Information related to United’s statutory trusts is presented in the table below:

Description	Issuance Date	Amount of Capital Securities Issued	Interest Rate	Maturity Date
(Dollars in thousands)
Century Trust	March 23, 2000	$  8,800	10.875% Fixed		March 8, 2030
Sequoia Trust I	March 28, 2001	$  7,000	10.18% Fixed		June 8, 2031
United Statutory Trust III	December 17, 2003	$ 20,000	3-month LIBOR + 2.85%		December 17, 2033
United Statutory Trust IV	December 19, 2003	$ 25,000	3-month LIBOR + 2.85%		January 23, 2034
United Statutory Trust V	July 12, 2007	$ 50,000	6.67% Fixed, until October 2012		October 1, 2037
United Statutory Trust VI	September 20, 2007	$ 30,000	6.60% Fixed, until October 2012		December 15, 2037
Premier Statutory Trust II	September 25, 2003	$  6,000	3-month LIBOR + 3.10%		October 8, 2033
Premier Statutory Trust III	May 16, 2005	$  8,000	3-month LIBOR + 1.74%		June 15, 2035
Premier Statutory Trust IV	June 20, 2006	$ 14,000	3-month LIBOR + 1.55%		September 23, 2036
Premier Statutory Trust V	December 14, 2006	$ 10,000	6.62% Fixed, until March 2012		March 1, 2037
Centra Statutory Trust I	September 20, 2004	$ 10,000	3-month LIBOR + 2.29%		September 20, 2034
Centra Statutory Trust II	June 15, 2006	$ 10,000	3-month LIBOR + 1.65%		July 7, 2036

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At December 31, 2011 and 2010, the Debentures and their related weighted-average interest rates were as follows:

	2011				2010
(Dollars in thousands)	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
Century Trust	$	8,800		10.88%	$	8,800		10.88%
Sequoia Trust I		7,220		10.18%		7,432		10.18%
United Statutory Trust III		20,619		3.41%		20,619		3.15%
United Statutory Trust IV		25,774		3.28%		25,774		3.14%
United Statutory Trust V		51,547		6.67%		51,547		6.67%
United Statutory Trust VI		30,928		6.60%		30,928		6.60%
Premier Statutory Trust II		6,186		3.50%		6,186		3.39%
Premier Statutory Trust III		8,248		2.29%		8,248		2.04%
Premier Statutory Trust IV		14,433		2.12%		14,433		1.85%
Premier Statutory Trust V		10,310		6.62%		10,310		6.62%
Centra Statutory Trust I		9,746		2.85%		0		0.00%
Centra Statutory Trust II		9,746		2.05%		0		0.00%
Total	$	203,557			$	184,277

At December 31, 2011, the scheduled maturities of long-term borrowings were as follows:

Year	Amount
(In thousands)
2012	$	54,887
2013		29,095
2014		26,499
2015		4,658
2016 and thereafter		230,227
Total	$	345,366

Interest paid on long-term borrowings approximated $16,330,000, $29,990,000 and $37,094,000 in 2011, 2010 and 2009, respectively.

NOTE L--INCOME TAXES

The income tax provisions included in the consolidated statements of income are summarized as follows:

(In thousands)	Year Ended December 31
	2011		2010		2009
Current expense:
Federal	$	23,341	$	24,904	$	17,222
State		518		971		354
Deferred expense (benefit):
Federal and State		10,907		6,582		(6,625)
Total income taxes	$	34,766	$	32,457	$	10,951

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The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes.

	Year Ended December 31
(Dollars in thousands)	2011				2010				2009
	Amount		%		Amount		%		Amount		%
Tax on income before taxes at statutory federal rate		$ 38,632		35.0%		$ 36,542		35.0%		$ 27,387		35.0%
Plus: State income taxes net of federal tax benefits		336		0.3		631		0.6		230		0.3
		38,968		35.3		37,173		35.6		27,617		35.3
Increase (decrease) resulting from:
Tax-exempt interest income		(4,226)		(3.8)		(3,711)		(3.6)		(3,885)		(5.0)
Tax reserve adjustment		777		0.7		(718)		(0.7)		(4,685)		(6.0)
Reversal of net operating loss valuation allowance		0		0		0		0		(7,978)		(10.2)
Other items-net		(753)		(0.7)		(287)		(0.3)		(118)		(0.1)
Income taxes		$ 34,766		31.5%		$ 32,457		31.0%		$ 10,951		14.0%

For years ended 2011, 2010 and 2009, United incurred federal income tax expense applicable to the sales and calls of securities of $552,000, $702,000 and $110,000, respectively. Income taxes paid approximated $34,531,000, $22,699,000 and $22,152,000 in 2011, 2010 and 2009, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Taxes not on income, which consists mainly of business franchise taxes, were $4,466,000, $4,107,000 and $4,252,000 for the years ended December 31, 2011, 2010 and 2009, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income.

Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2011 and 2010 are as follows:

(In thousands)	2011		2010
Deferred tax assets:
Allowance for credit losses	$	41,979	$	28,587
Other accrued liabilities		30		134
Unrecognized components of net periodic pension costs		19,480		12,591
Unrealized loss on securities available for sale		19,492		22,628
Net operating loss		3,113		4,563
Total deferred tax assets		84,094		68,503
Deferred tax liabilities:
Purchase accounting intangibles		9,230		6,146
Deferred mortgage points		1,039		1,417
Accrued benefits payable		12,587		16,648
Premises and equipment		1,351		742
Other		1,723		485
Total deferred tax liabilities		25,930		25,438
Net deferred tax assets	$	58,164	$	43,065

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At December 31, 2011, United had state net operating loss carryforwards of approximately $58 million that are subject to limitation imposed by tax laws and, if not used, will expire from 2025 to 2028.

In accordance with ASC topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

Below is a reconciliation of the total amounts of unrecognized tax benefits:

	December 31
(In thousands)	2011		2010
Unrecognized tax benefits at beginning of year		$    971		$ 1,118
Increase (Decrease) in unrecognized tax benefits as a result of tax positions settled during the current period		1,953		144
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(355)		(291)
Unrecognized tax benefits at end of year		$ 2,569		$   971

The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits it may recognize over the next 12 months.

United is currently open to audit under the statute of limitations by the Internal Revenue Service and State Taxing authorities for the years ended December 31, 2008 through 2010. Late in the first quarter of 2009, the State of West Virginia finalized its tax exam for the years ended December 31, 2005 through 2007. In accordance with ASC topic 740, at the close of the examination, United recognized a benefit associated with net operating loss carryforwards, coupled with a positive adjustment to income tax expense due to settlement of previously uncertain tax positions. The income tax benefit recorded in the first quarter of 2009 related to these two events was $11,507,000.

As of December 31, 2011 and 2010, the total amount of accrued interest related to uncertain tax positions was $717,000 and $182,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results or operations for the years of 2011, 2010 and 2009.

NOTE M--EMPLOYEE BENEFIT PLANS

United has a defined benefit retirement plan covering a majority of all employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future.

In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the Plan) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan.

Included in accumulated other comprehensive income at December 31, 2011 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $4,000 ($3,000 net of tax) and unrecognized actuarial losses of $50,590,000 ($32,884,000 net of tax). The amortization of these items expected to be recognized in net

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periodic pension cost during the fiscal year ended December 31, 2012 is $1,000 ($1,000 net of tax), and $4,124,000 ($2,680,000 net of tax), respectively.

Net consolidated periodic pension cost included the following components:

(Dollars in thousands)	Year Ended December 31,
	2011		2010		2009
Service cost		$    2,272		$    2,127		$    2,337
Interest cost		4,555		4,291		4,129
Expected return on plan assets		(8,343)		(7,138)		(5,328)
Amortization of transition asset		0		(131)		(175)
Recognized net actuarial loss		2,427		2,317		3,506
Amortization of prior service cost		1		1		1
Net periodic pension cost		$      912		$    1,467		$    4,470
Weighted-Average Assumptions:
Discount rate		5.75%		6.25%		6.25%
Expected return on assets		8.00%		8.00%		8.00%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%		4.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%		3.25%

The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the year ended December 31, 2011 and the accumulated benefit obligation at December 31, 2011 is as follows:

(Dollars in thousands)	December 31,
Change in Projected Benefit Obligation	2011		2010
Projected Benefit Obligation at the Beginning of the Year		$    79,556		$    70,136
Service Cost		2,272		2,127
Interest Cost		4,555		4,291
Actuarial (Gain) Loss		11,288		5,142
Benefits Paid		(2,509)		(2,140)
Projected Benefit at the End of the Year		$    95,162		$    79,556
Accumulated Benefit Obligation at the End of the Year		$    86,661		$    72,577
Change in Plan Assets
Fair Value of Plan Assets at the Beginning of the Year		$  105,504		$    87,507
Actual Return on Plan Assets		(1,612)		11,037
Benefits Paid		(2,509)		(2,140)
Employer Contributions		0		9,100
Fair value of plan assets at end of year		$  101,383		$  105,504
Net Amount Recognized
Funded Status		$      6,221		$    25,949
Unrecognized Transition Asset		0		0
Unrecognized Prior Service Cost		4		5
Unrecognized Net Loss		50,590		31,773
Net Amount Recognized		$    56,815		$    57,727
Weighted-Average Assumptions at the End of the Year
Discount Rate		5.15%		5.75%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%

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Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows:

Plan Assets	Target Allocation 2011		Allowable Allocation Range		Percentage of Plan Assets at
					December 31, 2011		December 31, 2010
Equity Securities		70%		50-80%		61%		59%
Debt Securities		25%		20-40%		32%		34%
Other		5%		3-10%		7%		7%
Total						100%		100%

Equity securities include United common stock in the amounts of $2,992,000 (3%) at December 31, 2011 and $3,090,000 (3%) at December 31, 2010.

The policy, as established by the Pension Committee, primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class.

At December 31, 2011, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:

Year	Amount
(In thousands)
2012		$    2,757
2013		3,068
2014		3,419
2015		3,762
2016		4,194
2017 through 2021		26,209

During the third quarter of 2010, United contributed to the plan $9.10 million. United did not contribute to the plan in 2011 as no contributions were required by funding regulations or law. For 2012, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2012, the amount of which cannot be reasonably estimated at this time.

In accordance with ASC topic 715 and using the guidance contained in ASC topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value.

Cash and Cash Equivalents: These underlying assets of are highly liquid U.S. government obligations. The fair value of cash and cash equivalents approximates cost (Level 1).

Debt Securities: Securities of the U.S. Government, municipalities, private issuers and corporations are valued at the closing price reported in the active market in which the individual security is traded, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of

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identical or similar securities by using pricing models that considers observable market data (Level 2).

Common and Preferred Stock: Theses securities are valued at the closing price on the respective stock exchange (Level 1).

Mutual Funds: Generally, these securities are valued at the closing price reported in the active market in which the individual mutual fund is traded (Level 1). However, certain funds are valued by the fund administrator using pricing models that considers observable market data (Level 2).

The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2011 and 2010:

			Fair Value Measurements at December 31, 2011 Using
(In thousands) Description	Balance as of December  31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and Cash equivalents		$     6,526		$     6,526		$          0		$    0
Fixed Income Securities:
Mortgage backed securities		289		0		289		0
Collateralized mortgage obligations		232		0		232		0
Municipal obligations		879		0		879		0
Corporate bonds		3,391		3,103		288		0
Fixed Income Mutual Funds:
Fixed income-general		12,065		12,065		0		0
Domestic		10,442		10,442		0		0
Alternative		4,787		4,787		0		0
Equity Securities:
Preferred stock		198		198		0		0
Common stock		23,686		23,686		0		0
Equity Mutual Funds:
Global equity		3,816		3,816		0		0
Domestic equity large cap		4,592		4,592		0		0
Domestic equity small cap		12,117		12,117		0		0
International emerging equity		6,312		6,312		0		0
International equity developed		6,685		6,685		0		0
Alternative equity		4,604		4,604		0		0
Other Assets:
Partnerships		762		0		762		0
Total		$ 101,383		$ 98,933		$    2,450		$    0
			Fair Value Measurements at December 31, 2010 Using
(In thousands) Description	Balance as of   December 31,   2010		Quoted Prices   in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Cash and Cash equivalents		$  6,497		$  6,497		$      0		$    0
Fixed Income Securities:
Mortgage backed securities		458		0		458		0

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			Fair Value Measurements at December 31, 2010 Using
(In thousands) Description	Balance as of    December 31,   2010		Quoted Prices   in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Collateralized mortgage obligations		413		0		413		0
Municipal obligations		815		0		815		0
Corporate bonds		4,257		3,913		344		0
Fixed Income Mutual Funds:
Fixed income - general		7,412		7,412		0		0
Domestic		16,174		16,174		0		0
Alternative		6,598		6,598		0		0
Equity Securities:
Preferred stock		185		185		0		0
Common stock		22,763		22,763		0		0
Equity Mutual Funds:
Global equity		3,879		3,879		0		0
Domestic equity large cap		4,641		4,641		0		0
Domestic equity small cap		11,018		11,018		0		0
International emerging equity		7,578		7,578		0		0
International equity developed		7,700		7,700		0		0
Alternative equity		4,223		4,223		0		0
Other Assets:
Partnerships		893		0		893		0
Total		$  105,504		$  102,581		$  2,923		$    0

Preferred stock investments are in financial institutions. Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets.

The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. Prior to December 31, 2008, after one year of eligible service, United matched 100% of the first 2% of salary deferred and 25% of the second 2% of salary deferred with United stock. Beginning January 1, 2009, United matched 100% of the first 3% of salary deferred and 25% of the next 1% of salary deferred with United stock. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $1,332,000, $1,212,000 and $1,180,000 in 2011, 2010 and 2009, respectively.

The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2011 and 2010, the combined plan assets included 873,685 and 829,295 shares, respectively, of United common stock with an approximate fair value of $24,699,000 and $24,215,000, respectively. Dividends paid on United common stock held by the plans approximated $1,022,000, $991,000 and $895,000 for the years ended December 31, 2011, 2010, and 2009, respectively.

United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year.

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NOTE N--STOCK BASED COMPENSATION

On May 16, 2011, United’s shareholders approved the 2011 Long-Term Incentive Plan (2011 LTI Plan). The 2011 LTI Plan became effective as of July 1, 2011. An award granted under the 2011 LTI Plan may consist of any non-qualified stock options or incentive stock options, stock appreciation rights, restricted stock, or restricted stock units. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2011 LTI Plan is 1,500,000. Any and all shares may be issued in respect of any of the types of awards, provided that (1) the aggregate number of shares that may be issued in respect of restricted stock awards, and restricted stock units awards which are settled in shares is 350,000, and (2) the aggregate number of shares that may be issued pursuant to stock options is 1,150,000. The shares to be offered under the 2011 LTI Plan may be authorized and unissued shares or treasury shares. With respect to awards that are intended to satisfy the requirements for performance-based compensation under Code Section 162(m), the maximum number of options and stock appreciation rights, in the aggregate, which may be awarded pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 100,000, and the maximum number of shares of restricted stock and/or shares subject to a restricted stock units award that may be granted pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 50,000 shares. A participant may be any key employee of United or its affiliates or a non-employee member of United’s Board of Directors. Subject to certain change in control provisions, stock options, SARs, restricted stock and restricted stock units will vest in 25% increments over the first four anniversaries of the awards unless the Committee specifies otherwise in the award agreement. No award will vest sooner than 1/3 per year over the first three anniversaries of the award. A Form S-8 was filed on September 2, 2011 with the Securities and Exchange Commission to register all the shares which were available for the 2011 LTI Plan.

The 2011 LTI Plan replaces the 2006 Stock Option Plan which expired during the second quarter of 2011. A total of 887,650 shares were granted under the 2006 Stock Option Plan resulting in the recognition of compensation expense of $1,133,000 and $1,050,000 in the years of 2011 and 2010, respectively, which was included in employee compensation in the Consolidated Statement of Income. A Form S-8 was filed on October 25, 2006 with the Securities and Exchange Commission to register all the shares available for the 2006 Stock Option Plan.

United currently has options outstanding from various option plans other than the 2006 Stock Option Plan (the Prior Plans); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years.

The fair value of the options for 2011 was estimated at the date of grant using a binomial lattice option pricing model with the following weighted-average assumptions: risk-free interest rates of 2.53%; dividend yield of 3.00%; volatility factors of the expected market price of United’s common stock of 0.3523; and a weighted-average expected option life of 6.15 years, respectively. The estimated fair value of the options at the date of grant was $7.91 for the options granted during 2011. ASC topic 718, “Compensation – Stock Compensation” defines a lattice model as a model that produces an estimated fair value based on the assumed changes in prices of a financial instrument over successive periods of time. A binomial lattice model assumes at least two price movements are possible in each period of time.

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A summary of option activity under the Plans as of December 31, 2011, and the changes during the year of 2011 are presented below:

	Year ended December 31, 2011
					Weighted Average
(Dollars in thousands, except per share data)			Aggregate		Remaining
			Intrinsic		Contractual		Exercise
	Shares		Value		Term (Yrs.)		Price
Outstanding at January 1, 2011		1,597,032						$  28.91
Granted		311,300						28.64
Exercised		40,447						13.41
Forfeited or expired		185,867						26.04
Outstanding at December 31, 2011		1,682,018		$  2,455		5.0		$  29.55
Exercisable at December 31, 2011		1,074,418		$     669		3.1		$  31.84

The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2011:

	Shares		Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2011		311,800	$  6.25
Granted		311,300	7.91
Vested		0	0.00
Forfeited or expired		15,500	6.62
Nonvested at December 31, 2011		607,600	$  7.09

As of December 31, 2011, the total unrecognized compensation cost related to nonvested awards was $2,254,000 with a weighted-average expense recognition period of 1.6 years. The total fair value of awards vested during the year ended December 31, 2011, was zero.

Cash received from options exercised under the Plans for the years ended December 31, 2011, 2010 and 2009 was $542,000, $2,492,000, and $724,000, respectively. During 2011 and 2010, 40,447 and 164,341 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises were issued from available treasury stock for 2011 and 2010. The weighted-average grant-date fair value of options granted in the year of 2011 and 2010 was $7.91 and $6.25, respectively. No options were granted in the year of 2009. The total intrinsic value of options exercised under the Plans during the years ended December 31, 2011, 2010, and 2009 was $518,000, $1,856,000, and $800,000, respectively.

The Statement of Cash Flows topic of the FASB Accounting Standards Codification requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow, rather than as an operating cash flow as required under previous standards. This requirement reduces net operating cash flows and increase net financing cash flows in periods after adoption. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows from financing activities of $3,114,000, $459,000 and $273,000 from excess tax benefits related to share-based compensation for the year of 2011, 2010 and 2009, respectively.

NOTE O--COMMITMENTS AND CONTINGENT LIABILITIES

United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements.

United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for

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the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $1,667,859,000 and $1,562,371,000 of loan commitments outstanding as of December 31, 2011 and 2010, respectively, substantially all of which contractually expire within one year.

Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. United has issued commercial letters of credit of $290,000 and $1,469,000 as of December 31, 2011 and 2010, respectively. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $130,034,000 and $117,705,000 as of December 31, 2011 and 2010, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial.

In April, 2011, United Bankshares, Inc. and United Bank, Inc. of West Virginia were named as defendants in two putative class actions. In the first putative class action, the plaintiffs seek to represent a national class of United Bank, Inc. of West Virginia customers allegedly harmed by United Bank’s overdraft practices relating to debit card transactions. In the second putative class action, the plaintiff seeks to represent a class of West Virginia residents allegedly harmed by United Bank’s overdraft practices relating to debit card transactions.

These lawsuits are substantially similar to class action lawsuits being filed against financial institutions nationwide. With respect to the second putative class action, in September of 2011, the West Virginia state court ruled on a motion to dismiss filed by United Bankshares, Inc. and United Bank, Inc. of West Virginia. Although the West Virginia state court denied the motion as to United Bank, Inc. of West Virginia, the motion was granted, without prejudice, as to United Bankshares, Inc. Otherwise, at this stage of the proceedings, it is too early to determine if these matters would be reasonably expected to have a material adverse effect on United’s financial condition. An estimate as to possible loss cannot be provided at this time because such estimate cannot be made with certainty. United believes there are meritorious defenses to the claims asserted in both proceedings.

In addition, United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position.

NOTE P--DERIVATIVE FINANCIAL INSTRUMENTS

United uses derivative instruments to help aid against adverse prices or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or

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other types of forecasted transactions, are considered cash flow hedges. As of December 31, 2011, United has only fair value hedges. United’s cash flow hedge matured in December of 2010.

For the years ended December 31, 2011 and 2010, the derivative portfolio also included derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. Gains and losses on other derivative financial instruments are included in noninterest income and noninterest expense, respectively.

The following table sets forth certain information regarding interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges at December 31, 2011 and 2010.

	Derivative Hedging Instruments
	December 31, 2011						December 31, 2010
(Dollars in thousands)	Notional Amount		Average Receive Rate		Average Pay Rate		Notional Amount		Average Receive Rate		Average Pay Rate
Fair Value Hedges:
Pay Fixed Swap (Hedging Commercial Loans)	$	13,045		0.00%		6.27%	$	13,381		0.00%		6.27%
Total Derivatives Used in Fair Value Hedges	$	13,045					$	13,381
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges	$	13,045					$	13,381

The following tables summarize the fair value of United’s derivative financial instruments:

	Asset Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives not designated as hedging instruments
Interest rate contracts		Other assets	$	3,817		Other assets	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total asset derivatives			$	3,817			$	4,360
	Liability Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts		Other liabilities	$	1,233		Other liabilities	$	1,581
Total derivatives designated as hedging instruments			$	1,233			$	1,581
Derivatives not designated as hedging instruments
Interest rate contracts		Other liabilities	$	3,817		Other liabilities	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total liability derivatives			$	5,050			$	5,941

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Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management.

The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009 are presented as follows:

		Year Ended
(In thousands)	Income Statement     Location	December 31, 2011		December 31, 2010		December 31, 2009
Derivatives in fair value hedging relationships
Interest rate contracts	Interest income/(expense)	$	81	$	86	$	103
Total derivatives in fair value hedging relationships		$	81	$	86	$	103
Derivatives not designated as hedging instruments
Interest rate contracts (1)	Other income	$	1,782	$	3,654	$	3,504
Interest rate contracts (2)	Other expense	$	(1,782)	$	(3,654)	$	(3,504)
Total derivatives not designated as hedging instruments		$	0	$	0	$	0
Total derivatives		$	81	$	86	$	103

(1) Represents net gains from derivative assets not designated as hedging instruments.

(2) Represents net losses from derivative liabilities not designated as hedging instruments.

For the years ended December 31, 2011 and 2010, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were not significant to United’s Consolidated Statements of Income. For the year ended December 31, 2010, $4,999,000 in net deferred gains, net of tax, related to the matured cash flow hedge were recorded in accumulated other comprehensive income. Because the cash flow hedge matured, there were no net deferred gains or losses remaining in accumulated other comprehensive income at December 31, 2011 and 2010.

NOTE Q--COMPREHENSIVE INCOME

The changes in accumulated other comprehensive income are as follows:

	For the Years Ended December 31
(In thousands)	2011		2010		2009
Net Income	$	75,610	$	71,947	$	67,298
Available for sale (“AFS”) securities:
AFS securities with OTTI charges during the period		(33,580)		(40,805)		(24,887)
Related income tax effect		11,753		14,282		8,710
Less : OTTI charges recognized in net income		20,414		8,523		5,701
Related income tax effect		(7,145)		(2,983)		(1,995)
Reclassification of previous noncredit OTTI to credit OTTI		12,622		2,611		0
Related income tax effect		(4,418)		(914)		0
Net unrealized losses on AFS securities with OTTI		(354)		(19,286)		(12,471)

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	For the Years Ended December 31
(In thousands)	2011		2010		2009
Net change in unrealized gains on AFS securities arising during the period		10,917		33,266		19,725
Related income tax effect		(3,821)		(11,643)		(6,904)
Net reclassification adjustment for gains included in net income		(1,418)		(351)		(231)
Related income tax expense		496		123		81
		6,174		21,395		12,671
Net effect of AFS securities on other comprehensive income		5,820		2,109		200
Held to maturity (“HTM”) securities:
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio		0		130		817
Related income tax expense		0		(45)		(286)
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity		8		8		69
Related income tax expense		(3)		(3)		(24)
Net effect of HTM securities on other comprehensive income		5		90		576
Cash flow hedge derivatives:
Unrealized gain on cash flow hedge		0		5,640		3,037
Related income tax expense		0		(1,974)		(1,063)
Termination of cash flow hedge		0		2,051		0
Related income tax expense		0		(718)		0
Net effect of cash flow hedge derivatives on other comprehensive income		0		4,999		1,974
Pension plan:
Change in pension asset		(20,591)		(1,204)		4,491
Related income tax expense (benefit)		7,206		421		(1,572)
Amortization of transition asset		0		(131)		(175)
Related income tax expense		0		52		65
Amortization of prior service cost		1		1		1
Related income tax benefit		0		0		0
Recognized net actuarial loss		2,427		2,317		3,506
Related income tax benefit		(970)		(927)		(1,298)
Net effect of change in pension plan asset on other comprehensive income		(11,927)		529		5,018
Total change in other comprehensive income, net of tax		(6,102)		7,727		7,768
Total Comprehensive Income	$	69,508	$	79,674	$	75,066

NOTE R--UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION

Condensed Balance Sheets
	December 31
(In thousands)	2011		2010
Assets
Cash and due from banks	$	31,496	$	26,397
Securities available for sale		4,318		6,667
Securities held to maturity		240		3,237
Other investment securities		200		1,576
Investment in subsidiaries:
Bank subsidiaries		1,076,475		899,593
Nonbank subsidiaries		6,247		6,122
Other assets		8,629		8,129
Total Assets	$	1,127,605	$	951,721

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Condensed Balance Sheets
	December 31
(In thousands)	2011			2010
Liabilities and Shareholders’ Equity
Junior subordinated debentures of subsidiary trusts	$	128,868		$	128,868
Accrued expenses and other liabilities		29,893			29,841
Shareholders’ equity (including other accumulated comprehensive loss of $66,758 and $60,656 at December 31, 2011 and 2010, respectively)		968,844			793,012
Total Liabilities and Shareholders’ Equity	$	1,127,605		$	951,721
Condensed Statements of Income
	Year Ended December 31
(In thousands)	2011			2010			2009
Income
Dividends from banking subsidiaries	$	68,323		$	63,138		$	52,715
Net interest income		417			288			315
Management fees:
Bank subsidiaries		13,000			11,077			9,396
Nonbank subsidiaries		27			27			27
Other income		414			450			165
Total Income		82,181			74,980			62,618
Expenses
Operating expenses		20,431			18,402			16,127
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries		61,750			56,578			46,491
Applicable income tax benefit		(2,025	)		(2,022	)		(1,886	)
Income Before Equity in Undistributed Net Income of Subsidiaries		63,775			58,600			48,377
Equity in undistributed net income of subsidiaries:
Bank subsidiaries		11,710			13,223			19,287
Nonbank subsidiaries		125			124			(366	)
Net Income	$	75,610		$	71,947		$	67,298
Condensed Statements of Cash Flows
	Year Ended December 31
(In thousands)	2011			2010			2009
Operating Activities
Net income	$	75,610		$	71,947		$	67,298
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(11,835	)		(13,348	)		(18,920	)
Amortization of net periodic pension costs		76			117			257
Stock-based compensation		1,133			1,050			484
Net (gain) loss on securities transactions		(12	)		(54	)		179
Net change in other assets and liabilities		(6,895	)		(1,940	)		(1,376	)
Net Cash Provided by Operating Activities		58,077			57,772			47,922
Investing Activities
Net proceeds from (purchases of) sales of securities		4,854			(240	)		243
Net cash paid in acquisition of subsidiary		(8,576	)		0			0

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Condensed Statements of Cash Flows
(In thousands)	Year Ended December 31
	2011			2010			2009
Change in other investment securities		1,376			37			52
Net Cash (Used in) Provided by Investing Activities		(2,346	)		(203	)		295
Financing Activities
Cash dividends paid		(54,344	)		(52,257	)		(50,383	)
Acquisition of treasury stock		(18	)		(11	)		(1,180	)
Proceeds from sale of treasury stock from deferred compensation plan		74			520			536
Excess tax benefits from stock-based compensation arrangements		3,114			459			273
Proceeds from exercise of stock options		542			2,492			724
Net Cash Used in Financing Activities		(50,632	)		(48,797	)		(50,030	)
Increase (Decrease) in Cash and Cash Equivalents		5,099			8,772			(1,813	)
Cash and Cash Equivalents at Beginning of Year		26,397			17,625			19,438
Cash and Cash Equivalents at End of Year	$	31,496		$	26,397		$	17,625

NOTE S--REGULATORY MATTERS

The subsidiary banks are required to maintain average reserve balances with their respective Federal Reserve Bank. The average amount of those reserve balances maintained and required for the year ended December 31, 2011, were approximately $470,240,000 and $48,719,000, respectively. The average amount of those reserve balances maintained and required for the year ended December 31, 2010, was approximately $397,423,000 and $31,435,000, respectively.

The primary source of funds for the dividends paid by United Bankshares, Inc. to its shareholders is dividends received from its subsidiary banks. Dividends paid by United’s subsidiary banks are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years.

During 2012, the retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends without regulatory approval, are approximately $25,711,000, plus net income for the interim period through the date of declaration.

Under Federal Reserve regulation, the banking subsidiaries are also limited as to the amount they may loan to affiliates, including the parent company. Loans from the banking subsidiaries to the parent company are limited to 10% of the banking subsidiaries’ capital and surplus, as defined, or $77,648,000 at December 31, 2011, and must be secured by qualifying collateral.

United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. United’s subsidiary banks’ capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require United to maintain minimum amounts and ratios of total and Tier I capital, as defined in the regulations, to risk-weighted assets, as defined, and of Tier I capital, as defined, to average assets, as defined. Failure to meet minimum capital requirements can initiate certain mandatory and

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possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on United’s financial statements. As of December 31, 2011, United exceeds all capital adequacy requirements to which it is subject.

At December 31, 2011, the most recent notification from its regulators, United and its subsidiary banks were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status.

United’s and its subsidiary banks’, United Bank (WV), United Bank (VA), and Centra Bank, capital amounts (in thousands of dollars) and ratios are presented in the following table.

(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2011:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 925,285		13.8%		$ 535,102		³8.0%		$ 668,877		³10.0%
United Bank (WV)		382,785		13.6%		225,283		³8.0%		281,604		³10.0%
United Bank (VA)		395,524		13.8%		229,065		³8.0%		286,332		³10.0%
Centra Bank		118,070		11.6%		81,415		³8.0%		101,769		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		840,758		12.6%		267,551		³4.0%		401,326		³6.0%
United Bank (WV)		347,561		12.3%		112,642		³4.0%		168,962		³6.0%
United Bank (VA)		359,705		12.6%		114,533		³4.0%		171,799		³6.0%
Centra Bank		117,521		11.6%		40,708		³4.0%		61,061		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		840,758		10.2%		328,965		³4.0%		411,206		³5.0%
United Bank (WV)		347,561		9.5%		145,883		³4.0%		182,354		³5.0%
United Bank (VA)		359,705		10.4%		138,485		³4.0%		173,107		³5.0%
Centra Bank		117,521		9.3%		50,477		³4.0%		63,097		³5.0%
(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2010:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 790,235		13.7%		$ 463,089		³8.0%		$ 578,861		³10.0%
United Bank (WV)		371,786		13.5%		220,711		³8.0%		275,888		³10.0%
United Bank (VA)		395,588		13.2%		240,178		³8.0%		300,222		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		708,963		12.3%		231,544		³4.0%		347,317		³6.0%
United Bank (WV)		337,257		12.2%		110,355		³4.0%		165,533		³6.0%
United Bank (VA)		358,489		11.9%		120,089		³4.0%		180,133		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		708,963		9.9%		285,925		³4.0%		357,407		³5.0%
United Bank (WV)		337,257		9.1%		148,421		³4.0%		185,526		³5.0%
United Bank (VA)		358,489		10.3%		138,877		³4.0%		173,596		³5.0%

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NOTE T--FAIR VALUES OF FINANCIAL INSTRUMENTS

In accordance with ASC topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements.

Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management’s review consists of comparing fair values assigned by third party vendors to trades and offerings observed by management. The review requires some degree of judgment as to the number or percentage of securities to review on the part of management which could fluctuate based on results of past reviews and in comparison to current expectations. Exceptions that are deemed to be material are reviewed by management. Upon completing its review of the pricing from third party vendors at December 31, 2011, management determined that the prices provided by its third party pricing source were reasonable and inline with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at December 31, 2011. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available-for-sale TRUP CDOs as Level 3. The Fair Value Measurements and Disclosures topic assumes that fair values of financial assets are determined in an orderly transaction and not a forced liquidation or distressed sale at the measurement date. Based on financial market conditions, United feels that the fair values obtained from its third party vendor reflects forced liquidation or distressed sales for these TRUP CDOs due to decreased volume and trading activity. Additionally, management held discussions with institutional traders to identify trends in the number and type of transactions related to the TRUP CDOs sector. Based upon management’s review of the market conditions for TRUP CDOs, it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is more representative of fair value than the market approach valuation technique used by United’s third party vendor. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management’s internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security’s collateral, subordination, excess spread, priority of claims, principal and interest. Discount margins used in the valuation at December 31, 2011 ranged from LIBOR plus 6.00% to LIBOR plus 30.00%.

Derivatives: United utilizes interest rate swaps in order to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United’s derivative portfolio also includes derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation.

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For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively.

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and 2010, segregated by the level of the valuation inputs within the fair value hierarchy:

			Fair Value at December 31, 2011 Using
Description	Balance as of   December 31,   2011		Quoted Prices   in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    303,547		$            0		$    303,547		$            0
State and political subdivisions		98,848		0		98,848		0
Residential mortgage-backed securities
Agency		193,404		0		193,404		0
Non-agency		37,541		364		37,177		0
Trust preferred collateralized debt obligations		42,369		0		0		42,369
Single issue trust preferred securities		11,760		428		11,332		0
Other corporate securities		5,090		0		5,090		0
Total available for sale debt securities		692,559		792		649,398		42,369
Available for sale equity securities:
Financial services industry		2,243		1,923		320		0
Equity mutual funds (1)		860		860		0		0
Other equity securities		856		856		0		0
Total available for sale equity securities		3,959		3,639		320		0
Total available for sale securities		696,518		4,431		649,718		42,369
Derivative financial assets:
Interest rate contracts		3,817		0		3,817		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,050		0		5,050		0

⁽¹⁾  The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

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			Fair Value at December 31, 2010 Using
Description	Balance as of   December 31,   2010		Quoted Prices   in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    103,865		$            0		$    103,865		$            0
State and political subdivisions		84,313		0		84,313		0
Residential mortgage-backed securities
Agency		323,733		0		323,733		0
Non-agency		73,756		408		73,348		0
Trust preferred collateralized debt obligations		49,908		0		0		49,908
Single issue trust preferred securities		11,726		446		11,280		0
Total available for sale debt securities		647,301		854		596,539		49,908
Available for sale equity securities:
Financial services industry		1,942		1,942		0		0
Equity mutual funds (1)		3,054		3,054		0		0
Other equity securities		979		979		0		0
Total available for sale equity securities		5,975		5,975		0		0
Total available for sale securities		653,276		6,829		596,539		49,908
Derivative financial assets:
Interest rate contracts		4,360		0		4,360		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,941		0		5,941		0

⁽¹⁾  The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2011 and 2010 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:

	Available-for-sale Securities
(In thousands)	Trust preferred collateralized debt obligations
	2011			2010
Balance, beginning of year		$    49,908			$    59,294
Total gains or losses (realized/unrealized):
Included in earnings (or changes in net assets)		(17,252	)		(7,322	)
Included in other comprehensive income		9,713			(2,064	)
Purchases, issuances, and settlements		0			0
Transfers in and/or out of Level 3		0			0
Balance, ending of year		$ 42,369			$ 49,908

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	Available-for-sale Securities
(In thousands)	Trust preferred collateralized debt obligations
	2011		2010
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date		0		0

Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets.

The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements.

Loans held for sale: Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, United records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the year ended December 31, 2011. Gains and losses on sale of loans are recorded within income from mortgage banking on the Consolidated Statements of Income.

Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impairment is measured based upon the present value of expected future cash flows from the loan discounted at the loan’s effective rate and the loan’s observable market price or the fair value of collateral, if the loan is collateral dependent. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income.

OREO: OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (Level 2). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing

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construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (Level 3). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a bi-annual basis with values lowered as necessary.

Intangible Assets: For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. Goodwill impairment would be defined as the difference between the recorded value of goodwill (i.e. book value) and the implied fair value of goodwill. In determining the implied fair value of goodwill for purposes of evaluating goodwill impairment, United determines the fair value of the reporting unit using a market approach and compares the fair value to its carrying value. If the carrying value exceeds the fair value, a step two test is performed whereby the implied fair value is computed by deducting the fair value of all tangible and intangible net assets from the fair value of the reporting unit. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Centra, no fair value measurement of intangible assets was made during the year of 2011 and 2010.

The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis as of December 31, 2011 and 2010:

(In thousands) Description	Balance as of   December 31,   2011		Carrying value at December 31, 2011						YTD   Losses
			Quoted Prices     in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Assets
Impaired Loans		$  32,438		0		$      23,240		$  9,198		$1,598
OREO		51,760		0		45,249		6,511		1,840

(In thousands) Description	Balance as of   December 31,   2010		Carrying value at December 31, 2010						YTD   Losses
			Quoted Prices   in Active Markets for Identical Assets (Level 1)		Significant Other   Observable   Inputs (Level 2)		Significant    Unobservable   Inputs (Level 3)
Assets
Impaired Loans	$	25,722		0	$	9,741	$	15,981	$	7,545
OREO		44,770		0		42,705		2,065		3,364

The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments:

Cash and Cash Equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values.

Securities held to maturity and other securities: The estimated fair values of held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data. Any securities held to maturity not valued based upon the methods above are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal

113

Home Loan Bank and Federal Reserve Bank stock that do not have readily determinable fair values and are carried at cost.

Loans: The fair values of certain mortgage loans (e.g., one-to-four family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns.

Deposits: The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values.

Long-term Borrowings: The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements.

The estimated fair values of United’s financial instruments are summarized below:

	December 31, 2011				December 31, 2010
(In thousands)	Carrying     Amount		Fair          Value		Carrying       Amount		Fair          Value
Cash and cash equivalents	$	636,003	$	636,003	$	461,389	$	461,389
Securities available for sale		696,518		696,518		653,276		653,276
Securities held to maturity		59,289		56,181		67,036		62,315
Other securities		68,412		65,399		74,403		73,901
Loans held for sale		3,902		3,902		6,869		6,869
Loans		6,236,710		6,152,791		5,260,326		5,178,765
Derivative financial assets		3,817		3,817		4,360		4,360
Deposits		6,819,010		6,850,251		5,713,534		5,742,452
Short-term borrowings		254,766		254,766		193,214		193,214
Long-term borrowings		345,366		354,496		386,458		393,994
Derivative financial liabilities		5,050		5,050		5,941		5,941

NOTE U-- VARIABLE INTEREST ENTITIES

Variable interest entities (VIEs) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities.

United currently sponsors ten statutory business trusts that were created for the purpose of raising funds that qualify for Tier I regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of

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United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity.

The trusts utilized in these transactions are variable interest entities (VIEs) as the third-party equity holders lack a controlling financial interest in the trusts through their inability to make decisions that have a significant effect on the operations and success of the entities. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s equity interest does not absorb the majority of the trusts’ expected losses or receive a majority of their expected residual returns. Information related to United’s statutory trusts is presented in Note K, Notes to Consolidated Financial Statements.

The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs:

As of December 31, 2011

As of December 31, 2010

(In thousands)

Aggregate   Assets

Aggregate   Liabilities

Risk Of   Loss (1)

Aggregate   Assets

Aggregate   Liabilities

Risk Of   Loss (1)

Trust preferred securities

$206,258

$199,593

$6,665

$186,023

$179,536

$6,487

(1)  Represents investment in VIEs.

United, through its banking subsidiaries, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary.

NOTE V--QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly financial data for 2011 and 2010 is summarized below (dollars in thousands, except for per share data):

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2011
Interest income		$  73,857		$  72,435		$  84,701		$  85,529
Interest expense		14,494		13,814		13,949		13,537
Net interest income		59,363		58,621		70,752		71,992
Provision for credit losses		4,436		4,800		3,637		4,268
Mortgage banking income		234		131		205		382
Securities losses, net		(1,559)		(3,466)		(7,477)		(6,336)
Other noninterest income		15,976		16,669		18,250		17,828
Noninterest expense		43,469		41,677		48,873		50,029
Income taxes		8,224		8,026		9,204		9,312
Net income (1)		17,885		17,452		20,016		20,257
Per share data:
Average shares outstanding (000s):
Basic		43,629		43,646		49,628		50,207
Diluted		43,700		43,676		49,636		50,236
Net income per share:
Basic		$0.41		$0.40		$0.40		$0.40
Diluted		$0.41		$0.40		$0.40		$0.40
Dividends per share		$0.30		$0.30		$0.30		$0.31

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	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2010
Interest income		$84,096		$82,189		$79,889		$77,208
Interest expense		23,617		22,025		20,907		18,647
Net interest income		60,479		60,164		58,982		58,561
Provision for credit losses		6,868		6,400		6,123		(5,618)
Mortgage banking income		112		129		118		303
Securities losses, net		(378)		(300)		(1,732)		(5,399)
Other noninterest income		15,839		17,755		17,304		18,452
Noninterest expense		43,751		45,188		43,898		49,375
Income taxes		8,011		8,241		7,335		8,870
Net income (1)		17,422		17,919		17,316		19,290
Per share data:
Average shares outstanding (000s):
Basic		43,455		43,540		43,588		43,607
Diluted		43,534		43,641		43,646		43,677
Net income per share:
Basic		$0.40		$0.41		$0.40		$0.44
Diluted		$0.40		$0.41		$0.40		$0.44
Dividends per share		$0.30		$0.30		$0.30		$0.30

⁽¹⁾ For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

This item is omitted since it is not applicable.

Item 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

United Bankshares, Inc. (the Company) maintains controls and procedures designed to ensure that it is able to collect the information it is required to disclose in the reports it files with the SEC, and to process, summarize and disclose this information within the time periods specified in the rules of the SEC. Based on an evaluation of the Company’s disclosure controls and procedures as of the end of the period covered by this report conducted by the Company’s management, with the participation of the Chief Executive and Chief Financial Officer, the Chief Executive and Chief Financial Officer believe that these controls and procedures are effective to ensure that the Company is able to collect, process and disclose the information it is required to disclose in the reports it files with the SEC within the required time periods.

Management’s Report on Internal Control over Financial Reporting

Management’s Report on internal control over financial reporting and the audit report of Ernst & Young LLP, the Company’s independent registered public accounting firm, on internal control over financial reporting is included on pages 53-54 of this report and are incorporated in this Item 9A by reference.

Changes In Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter ended December 31, 2011 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. OTHER INFORMATION

None

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UNITED BANKSHARES, INC.

FORM 10-K, PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information regarding directors and executive officers of the registrant including their reporting compliance under Section 16(a) of the Securities Exchange Act of 1934 is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the caption “Directors Whose Terms Expire in 2012 and Nominees for Directors” under the heading “PROPOSAL 1: ELECTION OF DIRECTORS”, under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” under the heading “COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT” and under the captions “Executive Officers” and “Family Relationships” under the heading “GOVERNANCE OF THE COMPANY.”

United has adopted a code of ethics for its Chief Executive Officer, Chief Financial Officer, Controller and persons performing similar functions of the registrant in accordance with Section 406 of the Sarbanes-Oxley Act of 2002. A copy of the code of ethics is posted on United’s web site at www.ubsi-inc.com.

Information related to the registrant’s audit committee and its financial expert in accordance with Section 407 of the Sarbanes-Oxley Act of 2002 is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the captions “The Audit Committee” and the “Audit Committee Financial Expert” under the heading “GOVERNANCE OF THE COMPANY.”

Since the disclosure of the procedures in the definitive proxy statement for the 2012 Annual Meeting of Shareholders, United has not adopted any changes to the procedures by which shareholders may recommend nominees to United’s Board of Directors as set forth in Article II, Section 5 of the Restated Bylaws of United.

Item 11. EXECUTIVE COMPENSATION

Information regarding executive compensation is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the heading of “EXECUTIVE COMPENSATION”, under the heading “COMPENSATION DISCUSSION AND ANALYSIS (CD&A)”, and under the heading “REPORT OF THE COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION.”

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information regarding security ownership of certain beneficial owners and management and securities authorized under equity compensation plans is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the caption “Directors Whose Terms Expire in 2012 and Nominees for Directors” under the heading “PROPOSAL 1: ELECTION OF DIRECTORS” and under the captions “Beneficial Ownership of Directors and Named Executive Officers”, “Principal Shareholders of United” and “Related Shareholder Matters” under the heading “COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.”

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information regarding certain relationships and related transactions is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the captions of “Related Party Transactions” and “Independence of Directors” under the heading “GOVERNANCE OF THE COMPANY.”

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Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Information regarding approval of audit and non-audit services by the Audit Committee as well as fees paid to auditors is incorporated by reference from United’s definitive proxy statement for the 2012 Annual Meeting of Shareholders under the captions “Pre-Approval Policies and Procedures” and “Independent Registered Public Accounting Firm Fees Information” under the heading “AUDIT COMMITTEE AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.”

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UNITED BANKSHARES, INC.

FORM 10-K, PART IV

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) List of Documents Filed as Part of This Report:

(1) Financial Statements

United’s consolidated financial statements required in response to this Item are incorporated by reference from Item 8 of this Annual Report on Form 10-K.

(2) Financial Statement Schedules

United is not filing separate financial statement schedules because of the absence of conditions under which they are required or because the required information is included in the consolidated financial statements or notes thereto.

(3) Exhibits Required by Item 601

Listing of Exhibits - See the Exhibits’ Index on page   120   of this Form 10-K.

(b) Exhibits -- The exhibits to this Form 10-K begin on page   125   .

(c) Consolidated Financial Statement Schedules -- All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable or pertain to items as to which the required disclosures have been made elsewhere in the financial statements and notes thereto, and therefore have been omitted.

All reports filed electronically by United with the Securities and Exchange Commission (SEC), including the annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as well as any amendments to those reports, are accessible at no cost on United’s web site at www.ubsi-inc.com. These filings are also accessible on the SEC’s web site at www.sec.gov.

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UNITED BANKSHARES, INC.

FORM 10-K

INDEX TO EXHIBITS

Description	S-K Item 601 Table Reference	Sequential Page Number
Agreement and Plan of Reorganization with Centra Financial Holdings, Inc.	(2)	(a)
Articles of Incorporation and Bylaws:	(3)
(a) Restated and Amended Articles of Incorporation		(b)
(b) Bylaws		(c)
Material Contracts	(10)
(a) Fourth Amended Employment Agreement for     Richard M. Adams	(10.5)	Filed herewith
(b) Second Amended and Restated Supplemental     Retirement Agreement for Richard M. Adams		(d)
(c) First Amendment to Second Amended and Restated         Supplemental Retirement Agreement for Richard M.         Adams	(10.6)	Filed herewith
(d) Data processing contract with FISERV		(e)(f)
(e) Amended and Restated Change of Control Agreement     for Steven E. Wilson, Richard M. Adams, Jr., James B.     Hayhurst, Jr., James J. Consagra, Jr., and Joe L.     Wilson		(d)
(f) Form of the Amendment and First Restatement of     the United Bankshares, Inc. Supplemental Executive     Retirement Agreement (Tier 1 SERP) for Steven E.     Wilson, James B. Hayhurst, Jr., and Joe L. Wilson		(d)
(g) Form of the First Amendment to Second Amendment     and First Restatement of the United Bankshares, Inc.     Supplemental Executive Retirement Agreement (Tier 1     SERP) for Steven E. Wilson, James B. Hayhurst, Jr.,     and Joe L. Wilson	(10.7)	Filed herewith
(h) Form of the Amendment and First Restatement of     the United Bankshares, Inc. Supplemental Executive     Retirement Agreement (Tier 2 SERP) for Richard M.     Adams, Jr., Executive Vice-President and James J.     Consagra, Jr., Executive Vice-President		(d)

120

Description	S-K Item 601 Table Reference	Sequential Page Number
(i) Employment Agreement with J. Paul McNamara		(g)
(j) Amended and Restated Employment Agreement     for Donald L. Unger		(d)
(k) Amendment and Restated Supplemental Executive     Retirement Agreement: The Marathon Bank for     Donald L. Unger		(d)
(l) Amended and Restated Deferred Compensation     Agreement for Donald L. Unger		(d)
(m) First Amendment to Life Insurance Endorsement     Split Dollar Plan Management Agreement:     The Marathon Bank for Donald L. Unger		(d)
(n) Independent Contractor Agreement for     Donald L. Unger		(j)
(o) Summary of Compensation Paid to Named     Executive Officers		(l)
(p) Summary of Compensation Paid to Directors		(m)
(q) Second Amended and Restated United Bankshares, Inc.     Non-Qualified Retirement and Savings Plan		(d)
(r) Amended and Restated United Bankshares, Inc.     Management Stock Bonus Plan.		(d)
(s) United Bankshares, Inc., United Bank, Inc. and     United Bank Deferred Compensation Plan for     Directors		(d)
(t) United Bankshares, Inc., United Bank, Inc. and     United Bank Rabbi Trust Agreement for     Deferred Compensation Plan for Directors		(d)
Statement Re: Computation of Ratios	(12)	Filed herewith
Subsidiaries of the Registrant	(21)	Filed herewith
Consent of Ernst & Young LLP	(23)	Filed herewith

121

Description	S-K Item 601 Table Reference	Sequential Page Number
Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer	(31.1)	Filed herewith
Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer	(31.2)	Filed herewith
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer *	(32.1)	Filed herewith
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer *	(32.2)	Filed herewith
Interactive data file (XBRL)	(101)	(n)

Footnotes

* Furnished not filed.

(a) Incorporated into this filing by reference to Exhibit 2.1 to the Form 8-K dated December 15, 2010 and filed December 16, 2010 for United Bankshares, Inc., File No. 0-13322.

(b) Incorporated into this filing by reference to a Current Report on Form 8-K dated December 23, 2008 and filed December 31, 2008 for United Bankshares, Inc., File No. 0-13322.

(c) Incorporated into this filing by reference to a Current Report on Form 8-K dated January 25, 2010 and filed January 29, 2010 for United Bankshares, Inc., File No. 0-13322.

(d) Incorporated into this filing by reference to a Current Report on Form 8-K dated November 24, 2008 and filed November 26, 2008 for United Bankshares, Inc., File No. 0-13322.

(e) Incorporated into this filing by reference to a Current Report on Form 8-K dated November 17, 2005 and filed November 23, 2005 for United Bankshares, Inc., File No. 0-13322.

(f) Incorporated into this filing by reference to a Current Report on Form 8-K dated December 30, 2005 and filed January 5, 2006 for United Bankshares, Inc., File No. 0-13322.

(g) Incorporated into this filing by reference to Part II of Form S-4 Registration Statement of United Bankshares, Inc., Registration No. 33-106890 filed July 9, 2003.

(h) Incorporated into this filing by reference to a Current Report on Form 8-K dated March 20, 2006 and filed March 23, 2006 for United Bankshares, Inc., File No. 0-13322.

(i) Incorporated into this filing by reference to a Current Report on Form 8-K dated January 25, 2010 and filed January 29, 2010 for United Bankshares, Inc., File No. 0-13322.

(j) Incorporated into this filing by reference to Exhibits to the 2009 Form 10-K for United Bankshares, Inc., File No. 0-13322.

(k) Incorporated into this filing by reference to a Current Report on Form 8-K dated July 27, 2010 and filed August 2, 2010 for United Bankshares, Inc., File No. 0-13322.

(l) Incorporated into this filing by reference to a Current Report on Form 8-K dated February 28, 2011 and filed March 4, 2011 for

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United Bankshares, Inc., File No. 0-13322.

(m) Incorporated into this filing by reference to a Current Report on Form 8-K dated July 26, 2011 and filed August 1, 2011 for United Bankshares, Inc., File No. 0-13322.

(n) Exhibit not provided herein. The interactive data file (XBRL) exhibit is available through United’s corporate website at www.ubsi-inc.com.

123

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNITED BANKSHARES, INC.

(Registrant)

/s/ Richard M. Adams

Chairman of the Board

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signatures	Title	Date
/s/ Richard M. Adams	Chairman of the Board, Director, and Chief Executive Officer	February 28, 2012
/s/ Steven E. Wilson	Chief Financial Officer Chief Accounting Officer	February 28, 2012
/s/ Mary K. Weddle	Director	February 28, 2012
/s/ Mark R. Nesselroad	Director	February 28, 2012
/s/ Donald L. Unger	Director	February 28, 2012
/s/ J. Paul McNamara	Director	February 28, 2012
/s/ Lawrence K. Doll	Director	February 28, 2012
/s/ Theodore J. Georgelas	Director	February 28, 2012
/s/ John M. McMahon	Director	February 28, 2012
/s/ W. Gaston Caperton, III	Director	February 28, 2012
/s/ P. Clinton Winter, Jr.	Director	February 28, 2012
/s/ F. T. Graff, Jr.	Director	February 28, 2012
/s/ William C. Pitt, III	Director	February 28, 2012
/s/ Gary G. White	Director	February 28, 2012

124

EX-10.5

Exhibit 10.5

FOURTH AMENDED EMPLOYMENT AGREEMENT

BETWEEN

UNITED BANKSHARES, INC.

AND

RICHARD M. ADAMS

TABLE OF CONTENTS

I.	EMPLOYMENT		3
II.	DUTIES AND RESPONSIBILITIES		3
	A.	As Chairman and Chief Executive Officer of United	3
	B.	As Chairman and Chief Executive Officer of Bank	3
	C.	Full Time Employment — Best Efforts	3
III.	TERM; EXTENSIONS		3
IV.	TERMINATION OF EMPLOYMENT BY EMPLOYER OR ADAMS		4
	A.	Mutual Agreement	5
	B.	Death	5
	C.	Disability	5
	D.	For Cause	5
	E.	Change in Control	5
	F.	Breach by United	6
	G.	Insolvency, etc.	6
V.	COMPENSATION AND REIMBURSEMENTS		6
	A.	Base Salary	6
	B.	Incentive Pay	6
	C.	Fringe Benefits	6
	D.	Club and Organization Membership and Dues	6
	E.	Business Expenses	7
	F.	Termination Payments	7
	G.	Six-Month Delay	8
VI.	MISCELLANEOUS PROVISIONS		8
	A.	Notices	8
	B.	Prior Agreements	9
	C.	Amendments	9
	D.	Governing Law	9
	E.	Headings	9
	F.	Severability of Provisions	9
	G.	Indemnification	9
	H.	Authority to Execute Documents	10
	I.	Waiver of Breach	10
	J.	Binding Effect and Assignability	10
	K.	Withholding	10
	L.	Counterparts	10

i

FOURTH AMENDED AND RESTATED EMPLOYMENT AGREEMENT

BETWEEN

UNITED BANKSHARES, INC.

AND

RICHARD M. ADAMS

THIS FOURTH AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Restated Agreement”), made and entered into the 21st day of November, 2011, effective February 28, 2011 (the “Effective Date”), by and among Richard M. Adams (“Adams”) and United Bankshares, Inc., a West Virginia corporation and bank holding company (“United”).

WITNESSETH:

WHEREAS, Adams is Chairman, Chief Executive Officer, and a Director of United and Chairman, Chief Executive Officer and a Director of United Bank, Inc., a West Virginia state bank (“Bank”), and

WHEREAS, United and Adams entered into an Employment Agreement dated April 11, 1986 (the “Employment Agreement”), effective for a five (5) year term from April 1, 1986, with the provision that the Employment Agreement could be annually extended by one (1) year to maintain a rolling five (5) year contract, and

WHEREAS, United and Adams entered into an Amended Employment Agreement dated February 16, 1989 and an Amended Employment Agreement dated April 1, 1993 and Second Amended Employment Agreement dated November 1, 2001 (the “Amended Employment Agreements”), to provide for the continued employment of Adams, and

WHEREAS, United has extended either the Employment or Amended Employment Agreements for additional one (1) year periods in each year subsequent to 1986, and

WHEREAS, by Agreement dated November 26, 2008, the parties entered into a Third Amended Employment Agreement with a term extending to March 13, 2013, and for the purpose of complying with the requirements of Internal Revenue Code (“Code”) Section 409A and United and Adams intended said Third Amended Employment Agreement to comply with Transition Relief promulgated by the Internal Revenue Service pursuant to Code Section 409A, and accordingly, notwithstanding any other provisions of such Third Amended Employment Agreement, such amendment applied only to amounts that would not otherwise be payable in 2006, 2007 or 2008 and did not cause (i) an amount to be paid in 2006 that would not otherwise be payable in such year, (ii) an amount to be paid in 2007 that would not otherwise be payable in such year, or (iii) an amount to be paid in 2008 that would not otherwise be payable in such year, and to the extent necessary to qualify under Transition Relief issued under said Code Section 409A, to not be treated as a change in the form and timing of a payment under Section 409A(a)(4) or an acceleration of a payment under Section 409A(a)(3), and Adams, by executing said Third Amended Employment Agreement, was deemed to have elected, on or before December 31, 2008, the timing and form of distribution provisions of said Third Amended and

1

Restated Agreement, and to have otherwise further revised this Agreement, all prior to December 31, 2008; and

WHEREAS, United has extended the Third Amended Employment Agreement by additional one (1) year periods in 2009 and 2010, but rescinded the one year extension adopted in 2010 so that the term now extends to March 13, 2014, and one year extensions hereafter under Article III of said Third Amended Employment Agreement, as amended herein will be annual extensions, which, if adopted will maintain a rolling three (3) year contract; and

WHEREAS, pursuant to Article VII, Section C of the Third Amended Employment Agreement, the Agreement may be amended by a written instrument executed by United and Adams; and

WHEREAS, by this Agreement United and Adams desire to amend and restate the Third Amended Employment Agreement, as this Fourth Amended and Restated Agreement, and to reflect that such Agreement, as so amended and restated, shall extend through March 31, 2014, such amended and restated agreement to supersede the Employment Agreement, the Amended Employment Agreement, and the Second Amended Employment Agreement, and the Third Amended Employment Agreement; and

WHEREAS, the Board of Directors of United desire to confirm that it is in the best interests of United and the Bank to enter into this Agreement with Adams to ensure continuity of leadership and to ensure that United and Bank will have the benefit of his services as an employee of United and Bank and any of their affiliated companies for a reasonable period of time in the future; and

WHEREAS, Adams is willing to provide the herein described services to United, Bank and their affiliates, and

WHEREAS, at the request of Adams, the Compensation Committee of United and its Board of Directors agreed to so amend this Agreement to align it more closely with the pay practices suggested by Institutional Shareholders, Inc. (ISS), and in that regard agreed to certain changes all as set forth in this Agreement, including but not limited to: (1) the reduction of the rolling term of employment from five years to three years, (2) the amendment of certain termination payments from a payment in a lump sum amount equal to his base salary for a sixty (60) month period to a lump sum amount equal to the sum of his prior year’s base salary and target bonus times three; (3) the elimination of the modified single trigger provision providing for a change in control payment without involuntary job loss or reduction in duties and the insertion of a double trigger provision requiring both a change in control and involuntary job loss or reduction in duties; and (4) the deletion of provisions entitling Adams to a “280G gross- up payment” relating to reimbursement of certain excise taxes imposed by Code Section 4999; and

NOW, THEREFORE, for and in consideration of the premises, their mutual promises, and the other good and valuable consideration herein specified, the receipt of which is hereby acknowledged by the parties hereto, the parties agree as follows:

2

I. EMPLOYMENT

United employs Adams and Adams accepts employment as the Chairman and Chief Executive Officer of United. All employment shall be in accordance with and subject to the terms and conditions of this Agreement and is sometimes herein referred to as the “Employment.”

II. DUTIES AND RESPONSIBILITIES

A.      As Chairman and Chief Executive Officer of United. Adams, as Chairman and Chief Executive Officer of United, shall be the sole Chief Executive Officer of United. He shall report to and shall be responsible only to the Board of Directors of United, and he shall have direction and control of the duties and responsibilities of all other United officers and employees, regardless of the title or position of any such other officer or employee, except that the United Auditor shall report to and shall be responsible only to the Board of Directors. As Chairman and Chief Executive Officer, Adams will perform all the duties and shall have all the responsibilities normally imposed upon and held by the Chief Executive Officer of a bank holding company, and he shall have the duty and responsibility of carrying out and executing the business policies of United as established from time to time by the Board of Directors, and he shall have such other specific duties and responsibilities relating to United and its affiliates as may be assigned to him from time to time by the Board of Directors.

B.      As Chairman and Chief Executive Officer of Bank. Adams shall serve as the Chairman and Chief Executive Officer of Bank and shall report to and shall be responsible only to the Board of Directors of Bank.

C.      Full Time Employment — Best Efforts. Adams shall devote full time and his best efforts at all times to the performance of his duties for United, the Bank, and other subsidiaries and affiliates of United and Bank. He shall not be employed by, nor shall he devote any of his time and efforts to the furtherance of interests of any other person, firm or corporation except United, the Bank and other United subsidiaries and affiliates and such other entities as may be approved by the Board of Directors of United. It is contemplated that Adams shall serve in banking, business, civic and social activities that will consume some part of his time and efforts, and such activities are encouraged and expected by United as part of Adams’ position with United and the Bank and as part of the banking, business, civic and social communities of the State of West Virginia, and nationally, and the provisions of this Agreement are not intended to restrict such activities by Adams so long as such activities do not interfere with his duties and responsibilities as defined in this Agreement.

III.   TERM; EXTENSIONS

The term of employment of Adams by United shall be until March 31, 2014 and this Agreement shall remain in force and effect during such period unless sooner terminated or extended as provided herein. The Compensation Committee of United shall review this Agreement at least annually, and may, with the approval of Adams, extend the term of this Agreement annually for additional one (1) year periods. The term of this Agreement shall extend until all obligations under this Agreement have been fully performed by United.

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IV. TERMINATION OF EMPLOYMENT BY EMPLOYER OR ADAMS

“Termination of Employment” or “termination” under this Agreement shall mean “Separation from Service” as defined in Code Section 409A and the regulations and guidance thereunder, which shall mean and include, to the extent consistent with Code Section 409A and the regulations and guidance thereunder, the severance of Adams’ employment with United, Bank and any affiliate for any reason. Adams separates from service with United, Bank and any affiliate if he dies, retires, separates from service because of Adams’ Disability, or otherwise has a termination of employment with United, Bank and any affiliate. However, the employment relationship is treated as continuing intact while Adams is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as Adams’ right to reemployment with United, Bank or any affiliate, as the case may be, is provided either by statute or by contract. If the period of leave exceeds six months and Adams’ right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes Adams to be unable to perform the duties of his position of employment or any substantially similar position of employment, a 29-month period of absence shall be substituted for such six-month period. In addition, notwithstanding any of the foregoing, the term “Separation from Service” shall be interpreted under this Agreement in a manner consistent with the requirements of Code Section 409A and applicable regulations thereunder, including but not limited to (i) an examination of the relevant facts and circumstances, as set forth in Code Section 409A and the regulations and guidance thereunder, in the case of any performance of services or availability to perform services after a purported termination of services or availability to perform services after a purported Separation from Service and (ii) in any instance in which Adams is participating or has at any time participated in any other plan which is, under the aggregation rules of Code Section 409A and the regulations and guidance issued thereunder, aggregated with this Agreement and with respect to which amounts deferred hereunder and under such other plan or plans are treated as deferred under a single plan, (hereinafter sometimes referred to as an “Aggregated Plan” or together as the “Aggregated Plans,”) then in such instance Adams shall only be considered to meet the requirements of a Separation from Service hereunder if Adams meets (a) the requirements of a Separation from Service under all such Aggregated Plans and (b) the requirements of a Separation from Service under this Agreement which would otherwise apply, (iii) in any instance in which Adams is an employee and an independent contractor of United or any Affiliate or both Adams must have a Separation from Service in all such capacities to meet the requirements of a Separation from Service hereunder, although, notwithstanding the foregoing, if Adams provides services both as an employee and a member of the Board of Directors of United or any Affiliate or both or any combination thereof, the services provided as a director are not taken into account in determining whether Adams has had a Separation from Service as an employee under this Agreement, provided that no plan in which Adams participates or has participated in his capacity as a director is an Aggregated Plan and (iv) a determination of whether a Separation from Service has occurred shall be made in accordance with Treasury Regulations Section 1.409A-1(h)(4) or any similar or successor law, regulation of guidance of like import, in the event of an asset purchase transaction as described therein.

4

Employment of Adams may be terminated by any one of the following prior to the expiration of its normal term, provided that unless otherwise agreed to by the parties, all employment by both United and Bank shall be terminated simultaneously and termination of employment by either United or Bank shall automatically terminate employment with the other in which case Adams shall be entitled to the benefits due and payable upon termination set forth elsewhere herein:

A.     Mutual Agreement. By mutual agreement of the parties upon such terms and conditions as they may agree.

B.     Death. By United upon the death of Adams and United shall be considered to have terminated Adams’ employment on his date of death if he has not had a Separation from Service prior to death.

C.     Disability. By United upon the legal Disability of Adams, (and United shall be considered to have terminated Adams’ employment on his Disability if he has not had a Separation from Service prior to Disability) and Adams shall be considered “Disabled” or to have a legal “Disability” if Adams (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of United, Bank or an affiliate. In addition, notwithstanding any of the foregoing, the terms “Disability” and “Disabled” shall be interpreted under this Agreement in a manner consistent with the requirements of Code Section 409A.

D.     For Cause. By United for cause upon giving Adams thirty (30) days advance notice of such termination, specifying the cause of termination.

E.     Change in Control. By Adams, within six (6) months after the effective date of a Change in Control, but only in the event of any of the following, without Adams’ prior written consent: (a) a material decrease in the total amount of Adams’ Base Salary below its level in effect on the date of consummation of the Change of Control, (b) a material change in Adams’ position to become one of lesser responsibility, importance or scope from the position held immediately prior to such change, or (c) a material geographical relocation of Adams, which shall be deemed to mean relocation to an office more than twenty (20) miles from Adams’ location at the time of the Change of Control. For the purpose of this Agreement, a “Change in Control” shall mean, with respect to (i) United, Bank or such affiliate for whom Adams is performing services at the time of the Change in Control Event; (ii) United, Bank or such affiliate that is liable for the payment to Adams hereunder, or under that certain Amended and Restated Supplemental Retirement Agreement between United and Adams effective January 1, 2005 (hereinafter the “Supplemental Agreement,”) as the case may be, (or all corporations liable for the payment if more than one corporation is liable) but only if either the payment under this Agreement or said Supplemental Agreement, as the case may be, is attributable to the performance of service by Adams for United or for such Bank or Affiliate, as the case may be,

5

that is liable for the payment to Adams hereunder or under said Supplemental Agreement, as the case may be, or there is a bona fide business purpose for United or for such Bank or Affiliate, as the case may be, that is liable for the payment to Adams hereunder, or under said Supplemental Agreement, as the case may be, to be liable for such payment and, in either case, no significant purpose of making United or for such Bank or Affiliate, as the case may be, that is liable for the payment to Adams hereunder, or under said Supplemental Agreement, as the case may be, liable for such payment is the avoidance of Federal Income tax; or (iii) a corporation that is a majority shareholder of a corporation identified in paragraph (i) or (ii) of this section, or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in paragraph (i) or (ii) of this section, a Change in Ownership or Effective Control of the corporation, as defined in Section 409A of the Code, and the regulations or guidance issued by the Internal Revenue Service thereunder, meeting the requirements of such Change in Ownership of the corporation or Change in Effective Control of the corporation as a “Change in Control Event” thereunder.

F.     Breach by United. By Adams in the event of a material breach by United of any of the terms or conditions of this Agreement.

G.     Insolvency, etc. By Adams, at his sole option, in the event of the business failure, insolvency, bankruptcy, or assignment for the benefit of creditors of or by United or Bank.

V. COMPENSATION AND REIMBURSEMENTS

A.     Base Salary. United shall pay Adams for his service to both United and Bank, a base salary at an annual rate not less than $715,000.00, payable in equal semi-monthly installments. Adams’ base salary for calendar year 2011 has been set at $715,000.00. Adams’ performance shall be evaluated by the Compensation Committee of United at least once each twelve month period, and such evaluation shall be the basis of determining whether the compensation payable to Adams shall be increased in the judgment of such committee directors. No decreases in the base salary shall be permitted during the term. In addition, for service as a member of the Boards of Directors of United or any of United’s subsidiaries or affiliates, or their respective committees, Adams shall receive such sums as may be paid to members and officers of such boards for their services.

B.     Incentive Pay. In addition to the base salary herein provided for, Adams shall be entitled to receive incentive compensation from United or Bank in accordance with plans adopted by their Boards of Directors, and such incentive compensation if not deferred by Adams pursuant to any deferral election which may be available to Adams under any plan adopted by United or Bank (if any), shall be paid with respect to services rendered by Adams in any year no later than the fifteenth day of the third month of the following year.

C.     Fringe Benefits. United shall afford to Adams and his family the benefit of all fringe benefits afforded to other United or bank officers, such as pension, life insurance, health and accident insurance benefits.

D.     Club and Organization Membership and Dues. United shall maintain the cost of stock or membership certificate and the cost of the initiation fee for memberships for a family

6

(general membership) in one or more country clubs in the trade areas of the Bank, which Adams shall select, plus dues, assessments and other costs of maintaining such memberships. United shall also pay Adams’ membership fees and dues in banking, business, civic, and social organizations in which Adams is a participating member. The benefits under this Section V D shall cease upon Separation from Service of Adams and no such benefits or expenses which are incurred after or attributable to any time period after Separation from Service of Adams shall be paid or reimbursed hereunder. The reimbursement of an eligible expense shall be made by United no later than the last day of Adams’ taxable year during which the expense was incurred, or if later, the fifteenth day of the third month after such expense was incurred, and Adams is required to request reimbursement and substantiate any such expense no later than ten days prior to the last date on which United is required to provide reimbursement for such expense hereunder. In addition, the amount of expenses eligible for reimbursement, or in-kind benefits provided, during Adams’ taxable year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year and the right to reimbursement or in-kind benefits hereunder is not subject to liquidation or exchange for any other benefit.

E.     Business Expenses. United shall reimburse Adams for all reasonable expenses incurred by Adams in carrying out his duties and responsibilities, including furnishing an automobile for use by Adams, with the costs of purchase, maintenance and operation to be borne by United, all provided such expense is incurred by Adams prior to Separation from Service. The reimbursement of an eligible expense shall be made by United no later than the last day of Adams’ taxable year during which the expense was incurred, or if later, the fifteenth day of the third month after such expense was incurred, and Adams is required to request reimbursement and substantiate any such expense no later than ten days prior to the last date on which United is required to provide reimbursement for such expense hereunder. The amount of expenses eligible for reimbursement, or in-kind benefits provided, during Adams’ taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. The right to reimbursement or in-kind benefits under this Agreement is not subject to liquidation or exchange for another benefit. In addition, the right to reimbursement or in-kind benefits under this Agreement is all subject to the provisions of Section V G so that in the event that any reimbursement would be payable hereunder on or before the date which is six months after a Separation of Service of Adams other than by death, such payment shall instead be made on the date which is six months after the date of such Separation of Service of Adams other than by death.

F.     Termination Payments. In the event of termination of Adams’ employment prior to expiration of the term of this Agreement, Adams or his family shall be compensated as follows:

(1)     If terminated under Article IV, Sections A, B, C, D (excepting under Section D terminations based solely upon (i) excessive absenteeism without approval of United or the Bank, not caused by disability, (ii) gross or willful neglect of duty resulting in some substantial loss to United or the Bank after Adams has been given written direction and reasonable time to perform such duties, (iii) any acts or omissions on the part of Adams which when proven constitute fraud or commission of any criminal act involving the person or property of others or the public generally, (iv) or any combination of (i), (ii) or (iii) above), E or F of this Agreement, then United shall pay Adams (or his family or estate) a lump sum amount equal to

7

the sum of his prior year’s Base Salary and target bonus times three, payable on the date of termination or Separation from Service provided, however, that if such termination or Separation from Service is other than by death, than such payment, in accordance with Article V Section G, shall be made on the date which is six months after Adams’ termination or Separation from Service, provided that payment hereunder shall be treated as having been made on a date specified in this Agreement if it is made after the designated date but on a date within the same calendar year as the designated date, or, if later, if made no later than the fifteenth day of the third month after such designated date to the extent permitted under Code Section 409A and the regulations and guidance thereunder and provided that, in any event, Adams is not permitted, directly or indirectly, to designate the taxable year of any payment.

(2)     If terminated under Article IV, Section D, based solely upon (i) excessive absenteeism without approval of United or the Bank, not caused by disability, (ii) or gross or willful neglect of duty resulting in some substantial loss to United or the Bank after Adams has been given written direction and reasonable time to perform such duties, (iii) any acts or omissions on the part of Adams which when proven constitute fraud or commission of any criminal act involving the person or property of others or the public generally, (iv) or any combination of (i), (ii), or (iii) above, United shall pay Adams’ base salary only for such period of his active full-time employment to the date of the termination.

(3)     The payments provided for in the event of Adams’ termination are in the nature of additional compensation and liquidated damages and upon termination, Adams shall have no obligation to mitigate damages incurred by him in connection with such termination and he shall be absolutely entitled to receive said payments, and upon termination, United shall not be liable to Adams for any further payments to Adams for other damages or compensation, except liabilities to Adams incurred prior to termination under the other provisions of this Agreement.

G.     Six-Month Delay. Notwithstanding the provisions of Section V F or any other provision of this Agreement, if any payment is to be made upon or based upon Adams’ Separation from Service other than by death, under Section V F or any other provision of this Agreement, and such payment is to be made within six months after Adams’ date of Separation from Service, other than by death, then such payment shall instead be made on the date which is six months after such Separation from Service of Adams (other than by death,) provided further, however, that in the case of any such payment which is to be made in installments, with the first such installment to be paid on or within six months after the date of Separation from Service other than by death, then, upon Separation from Service other than by death of Adams, notwithstanding any other provision of this Agreement, the first such installment shall be paid on the date which is six months after such Separation from Service of Adams (other than by death,) with the installments to follow such first such payment in monthly intervals thereafter until fully paid hereunder.

VI. MISCELLANEOUS PROVISIONS

A.     Notices. Whenever notices are given pursuant to this Agreement, or with relation to any matter arising hereunder, such notices shall be given to such parties at the address set

8

opposite their name below, and shall be given in writing, by registered mail, return receipt requested:

United Bankshares, Inc.	United Center 500 Virginia Street, East Charleston, WV 25301
United Bank, Inc.	514 Market Street Parkersburg, WV 26101
Richard M. Adams	514 Market Street Parkersburg, WV 26101

B.     Prior Agreements. This Agreement represents the entire agreement between the parties, and all prior representations, promises or statements are merged with and into this document.

C.     Amendments. Any amendments to this Agreement must be in writing and signed by all parties hereto except that extensions of the term of this Agreement under Article III may be evidenced by Compensation Committee minutes, all provided that (i) no such amendment shall be effective if it would, if effective, cause this Agreement to violate Code Section 409A and the regulations and guidance thereunder or cause any amount of compensation or payment hereunder to be subject to a penalty tax under Code Section 409A and the regulations and guidance issued thereunder, which amount of compensation or payment would not have been subject to a penalty tax under Code Section 409A and the regulations and guidance thereunder in the absence of such amendment and (ii) the provisions of this paragraph VII C are irrevocable.

D.     Governing Law. The laws of West Virginia shall govern the interpretation and enforcement of this Agreement.

E.     Headings. The headings used in this Agreement are used solely for the convenience of the parties and are not to be used in construing or interpreting the Agreement.

F.     Severability of Provisions. The effect of a determination by a court of competent jurisdiction that one or more of the contract clauses is or are found to be unenforceable, illegal, contrary to public policy, or otherwise unenforceable, then this Agreement shall remain in full force and effect except for such clauses.

G.     Indemnification. United agrees that they will indemnify and hold harmless Adams (to the extent permissible under applicable law) from and against all costs and expenses, including without limitation, all court costs and attorneys’ fees, incurred by him in defending any and all bona fide claims, demands, proceedings, suits or actions, actually instituted or threatened, by third parties, against Adams, United or Bank, or any combination thereof, where such claim is based on actions or failures to act by Adams in his capacity as Chairman, Chief Executive Officer, and a Director of United and Chairman, Chief Executive Officer and a Director of Bank, or any combination of such capacities, or in any other capacity as an employee of either or both

9

of United and Bank, but only if such bona fide claim, demand, proceeding, suit or action, actually instituted or threatened, is one involving this Agreement, its validity or enforceability or with respect to any payments to be made pursuant thereto. Provided further, however, that in the event of any such bona fide claims, suits or actions, where such claim, suit or proceeding is (i) based on actions or failures to act by Adams in his capacity as Chairman, Chief Executive Officer, and a Director of United and Chairman, Chief Executive Officer and a Director of Bank, or any combination of such capacities, or in any other capacity as an employee of either or both of United and Bank, (ii) involves this Agreement, its validity or enforceability or with respect to any payments to be made pursuant thereto and (iii) is a claim, suit or proceeding between Adams and United or Bank involving this Agreement, Adams shall be indemnified pursuant to this if he ultimately prevails in such claim, suit or action.

H.     Authority to Execute Documents. The undersigned representatives of United certifies and represents that he is authorized to enter into its binding agreement with Adams.

I.     Waiver of Breach. A waiver of a breach of any provision of the Agreement by any party shall not be construed as a waiver of subsequent breaches of that provision. No requirement of this Agreement may be waived except in writing by the party adversely affected.

J.     Binding Effect and Assignability. This Agreement shall insure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs and legal representatives, including any entity with which United or Bank may merge or consolidate or to which either of them may transfer all or substantially all of their assets. Insofar as Adams is concerned, this Agreement, being personal, cannot be assigned as to performance or for any other purpose.

K.     Withholding. Adams shall make appropriate arrangements with United and the Bank, as applicable, for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other employee tax requirements applicable to any payment under the Agreement.

L.     Counterparts. This Agreement may be executed in one or more counterparts, which together shall constitute an original.

WITNESS the following signatures as of the date first above written, to be effective as of the Effective Date:

UNITED BANKSHARES, INC.
By	/s/ P. Clinton Winter, Jr.
	Its	Compensation Committee Chairman

/s/ Richard M. Adams

RICHARD M. ADAMS

10

EX-10.6

Exhibit 10.6

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED

SUPPLEMENTAL RETIREMENT AGREEMENT BETWEEN

UNITED BANKSHARES, INC.

AND

RICHARD M. ADAMS

THIS FIRST AMENDMENT TO AMENDED AND RESTATED SUPPLEMENTAL RETIREMENT AGREEMENT (the “Agreement”) is made and entered into this 21st day of February, 2012, effective February 28, 2011, by and between Richard M. Adams (“Adams”) and United Bankshares, Inc., a West Virginia corporation and bank holding company (“UBS”);

WHEREAS, UBS and Adams entered into a Supplemental Retirement Agreement dated July 27, 1990 (“Supplemental Retirement Agreement”) to provide Adams such retirement income; and

WHEREAS, UBS and Adams first amended and restated said Supplemental Retirement Agreement effective as of November 1, 2001; and

WHEREAS, UBS and Adams next amended and restated said Supplemental Retirement Agreement by executing a Second Amended and Restated Supplemental Retirement Agreement effective as of November 26, 2008; and

WHEREAS, pursuant to Article V, Section B of said Second Amended and Restated Supplemental Retirement Agreement, the Agreement may be amended by a written instrument executed by UBS and Adams; and

WHEREAS, UBS and Adams wish to further amend the Agreement as set forth herein.

NOW THEREFORE WITNESSETH:

1. Section A of Article II shall be and it hereby is revoked and in its place and stead is hereby substituted the following Section A of Article II to read in full as follows:

A. Separation from Service on or After Age 65. Except as otherwise provided herein, and provided that Adams does not have a Separation from Service prior to age 65, UBS agrees to provide Adams an annual supplemental retirement benefit upon his Separation from Service from UBS or an affiliate or successor entity to UBS, other than by death, (and such date shall be the Benefit Commencement Date for such benefit, for purposes of, and subject to the terms and conditions of payment under, Section III of this Agreement,) which benefits shall be provided irrespective of whether Adams is employed by an entity other than UBS or an affiliate or successor entity to UBS. Said annual supplemental retirement benefit shall be equal to seventy percent (70%) of Adams’ Final Base Salary, reduced by Adams’ annual benefits actuarially calculated at the time the supplemental retirement benefit first becomes payable under (1) the UBS Pension Plan (determined as if Adams’ distribution was made on an installment basis for the joint and last survivor expectancy of Adams and his Spouse, if married, and if not, over Adams’ life expectancy); (2) Social Security (as the same may be adjusted from time to time), provided, however, that only one-half of such Social Security benefits so calculated shall reduce such annual supplemental retirement benefit of Adams; and (3) the UBS Savings and Stock Investment Plan, but only respecting the portion of Adams’ account balances arising from employer contributions, (determined

1

as if Adams’ distribution, respecting such portion of Adams’ account balances arising from employer contributions, was made upon his normal retirement age, on a single life annuity basis).

2. The right to further amendment is retained by the UBS and Adams.

This Amendment may be executed in one or more counterparts, which taken together shall constitute an original.

IN WITNESS WHEREOF, this First Amendment to Second Amended and Restated Supplemental Retirement Agreement has been duly signed by an authorized officer of United and individually by Adams, respectively, all as of date first above written, effective February 28, 2011.

UNITED BANKSHARES, INC.:
By:	/s/ P. Clinton Winter, Jr.
Its:	Compensation Committee Chairman

[SEAL]

/s/ Richard M. Adams

Richard M. Adams

2

EX-10.7

Exhibit 10.7

FIRST AMENDMENT TO SECOND AMENDMENT AND FIRST RESTATEMENT

OF THE UNITED BANKSHARES, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDMENT AND FIRST RESTATEMENT OF THE UNITED BANKSHARES, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT (the “Agreement”) is made and entered into this             day of February, 2012, effective February 28, 2011, by and between UNITED BANKSHARES, INC., a West Virginia bank holding company (the “Company”) and                     (the “Executive”);

WHEREAS, the Company and Executive entered into the United Bankshares, Inc. Supplemental Executive Retirement Agreement as of October 1, 2003 (the “Agreement”); and

WHEREAS, effective November 1, 2007, the Company approved a First Amendment to the Agreement; and,

WHEREAS, effective November 26, 2008, the Company and the Executive entered into a Second Amendment and First Restatement of the Agreement; and

WHEREAS, pursuant to Article 7 of said Second Amendment and First Restatement of the Agreement, the Agreement may be amended by a written instrument executed by Company and Executive; and

WHEREAS, Company and Executive wish to further amend the Agreement as set forth herein;

NOW THEREFORE WITNESSETH:

1. Subsection 2.1.1 of Section 2.1 of Article 2 shall be and it hereby is revoked and in its place and stead is hereby substituted the following Subsection 2.1.1 of Section 2.1 of Article 2 to read in full as follows:

2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is 70 percent of the Executive’s Final Pay, reduced by:

(a) Fifty percent (50%) of the primary Social Security benefit payable (before earnings reduction) to the Executive or which would be payable if applied for by the Executive upon his Normal Retirement Age;

(b) the annual amount of benefits payable to the Executive upon his Normal Retirement Age (whether or not actually paid) from the Company’s qualified pension plan (the “Pension Plan”) on a single life annuity basis; and

(c) the annual amount of benefits payable to the Executive upon his Normal Retirement Age, on a single life annuity basis, attributable to the portion of the Executive’s account balances arising from employer contributions (but excluding the portion of such balances arising from employee salary reduction contributions) from the Bank’s Section 401(k) plan. The equivalent single life annuity basis of the appropriate account balance shall be determined using the Executive’s age at the date of

1

determination and the mortality and interest rate assumptions defined in Actuarial Equivalence.

2. Subsection 2.2.1 of Section 2.2 of Article 2 shall be and it hereby is revoked and in its place and stead is hereby substituted the following Subsection 2.1.1 of Section 2.1 of Article 2 to read in full as follows:

2.2.1 Amount of Benefit. The annual benefit under this Section 2.2 is 60 percent of the Executive’s Final Pay, reduced by:

(a) Fifty percent (50%) of the primary Social Security benefit payable (before earnings reduction) to the Executive or which would be payable if applied for by the Executive upon his Normal Retirement Age;

(b) the annual amount of benefits payable to the Executive upon his Normal Retirement Age (whether or not actually paid) from the Company’s qualified pension plan (the “Pension Plan”) on a single life annuity basis; and

(c) the annual amount of benefits payable to the Executive upon his Normal Retirement Age, on a single life annuity basis, attributable to the portion of the Executive’s account balances arising from employer contributions (but excluding the portion of such balances arising from employee salary reduction contributions) from the Bank’s Section 401(k) plan. The equivalent single life annuity basis of the appropriate account balance shall be determined using the Executive’s age at the date of determination deferred to the Normal Retirement Age and the mortality and interest rate assumptions defined in Actuarial Equivalence.

3. The right to further amendment is retained by the Company and the Executive.

This Amendment may be executed in one or more counterparts, which taken together shall constitute an original.

IN WITNESS WHEREOF, this First Amendment to Second Amendment and First Restatement of the United Bankshares, Inc. Supplemental Executive Retirement Agreement has been duly signed by an authorized officer of Company and individually by Executive, respectively, all as of date first above written, effective February 28, 2011.

UNITED BANKSHARES, INC.:
By:	/s/ Richard M. Adams
Its:	CEO and Chairman

[SEAL]

EXECUTIVE:

2

EX-12

Exhibit 12

Computation of Ratios
Net Income Per Share	=  Net Income/Average Common Shares Outstanding
Cash Dividends Per Share	=  Dividends Paid/Actual Common Shares Outstanding
Book Value Per Share	=  Total Shareholders’ Equity/Actual Common Shares Outstanding
Return on Average Assets	=  Net Income/Average Assets
Return on Average Shareholders’ Equity	=  Net Income/Average Shareholders’ Equity
Net Interest Margin	=  Net Interest Income/Average Earning Assets
Noninterest Expense to Average Assets	=  Noninterest Expense/Average Assets
Efficiency Ratio	=  (Noninterest Expense-Other Real Estate Owned Expense-Amortization of Intangibles)/(Net Interest Income + Noninterest Income-Security Losses)
Average Loans to Deposits	=  Average Net Loans/Average Deposits Outstanding
Dividend Payout	=  Dividends Declared/Net Income
Average Shareholders’ Equity to Average Assets	=  Average Shareholders’ Equity/Average Assets
Tier I Capital Ratio	=  Shareholders’ Equity – Net Unrealized Gains on Available for Sale Securities-Intangible Assets +Qualifying Capital Securities (Tier I Capital)/ Risk Adjusted Assets
Total Capital Ratio	=  (Tier I Capital +Qualifying Tier II Capital Securities +Allowance for Loan Losses +Qualifying Portion of Unrealized Gains on Available for Sale Marketable Equity Securities)/Risk Adjusted Assets
Tier I Leverage Ratio	=  Tier I Capital/Average Assets
Net Charge-offs to Average Loans	=  (Gross Charge-offs – Recoveries)/ Average Net Loans
Non-performing Loans to Period End Loans	=  (Nonaccrual Loans + Loans Past Due 90 Days or Greater)/ Loans Net of Unearned Income
Non-performing Assets to Period End Assets	=  (Nonaccrual Loans + Loans Past Due 90 Days or Greater + Other Real Estate Owned)/Total Assets
Allowance for Loan Losses to Period End Loans	=  Loan Loss Reserve/Loans Net of Unearned Income
Allowance for Loan Losses to Non-Performing Loans	=  Loan Loss Reserve/(Nonaccrual Loans + Loans Past Due 90 days or Greater)

EX-21

Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

TITLE	STATE OF INCORPORATION
UBC Holding Company, Inc.	West Virginia
United Bank, Inc.	West Virginia
United Brokerage Services, Inc.	West Virginia
United Real Estate Property Services, Inc.	West Virginia
United Venture Fund, Inc.	West Virginia
United Title Company	West Virginia
Centra Bank	West Virginia
George Mason Bankshares, Inc.	Virginia
United Bank	Virginia
NVA Properties, LLC	Virginia
NVA Residential, LLC	Virginia
NVA Commercial, LLC	Virginia
GMBS Capital Management Co.	Nevada
GMBS Investment Co., LLC	Nevada
UBC Capital Management, Co.	Nevada
UBC Investment Co., LLC	Nevada
United Asset Management Corp.	Nevada
United Loan Management Co.	Nevada
Century Capital Trust I	District of Columbia
United Statutory Trust III	Connecticut
United Statutory Trust IV	Delaware

SUBSIDIARIES OF THE REGISTRANT

(continued)

TITLE	STATE OF INCORPORATION
United Statutory Trust V	Delaware
United Statutory Trust VI	Delaware
Sequoia Trust I	Delaware
Premier Statutory Trust II	Delaware
Premier Statutory Trust III	Delaware
Premier Statutory Trust IV	Delaware
Premier Statutory Trust V	Delaware
Centra Statutory Trust I	Delaware
Centra Statutory Trust II	Delaware

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the inclusion in this Annual Report (Form 10-K) of United Bankshares, Inc. for the year ended December 31, 2011, of our reports dated February 29, 2012, with respect to the consolidated financial statements of United Bankshares, Inc., and the effectiveness of internal control over financial reporting of United Bankshares, Inc.

We also consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-176658) pertaining to the 2011 Long-Term Incentive Plan of United Bankshares, Inc., Registration Statement (Form S-8 No. 333-138192) pertaining to the 2006 Stock Option Plan of United Bankshares, Inc., Registration Statement (Form S-8 No. 333-106528) pertaining to the 2001 Incentive Stock Option Plan of United Bankshares, Inc., and Registration Statement (Form S-8, No. 333-24241) pertaining to the 1996 Incentive Stock Option Plan of United Bankshares, Inc. of our reports dated February 29, 2012 with respect to the consolidated financial statements of United Bankshares, Inc., and the effectiveness of internal control over financial reporting of United Bankshares, Inc., included in the Annual Report (Form 10-K) for the year ended December 31, 2011.

/s/ Ernst & Young LLP

Charleston, WV

February 29, 2012

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Richard M. Adams, Chief Executive Officer, certify that:

1. I have reviewed this annual report on Form 10-K of United Bankshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 28, 2012	/s/ Richard M. Adams
	Richard M. Adams, Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven E. Wilson, Chief Financial Officer, certify that:

1. I have reviewed this annual report on Form 10-K of United Bankshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 28, 2012	/s/ Steven E. Wilson
	Steven E. Wilson, Executive Vice President, Treasurer,
	Secretary and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of United Bankshares, Inc. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 28, 2012	/s/ Richard M. Adams
	Name: Richard M. Adams
	Title: Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of United Bankshares, Inc. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 28, 2012	/s/ Steven E. Wilson
	Name: Steven E. Wilson
	Title: Chief Financial Officer

XML

Deposits (Tables)

12 Months Ended

Dec. 31, 2011

Deposits [Abstract]

Book value of deposits

(Dollars in thousands)	December 31
	2011		2010
Demand deposits	$	878,838	$	657,395
Interest-bearing checking		284,670		290,153
Regular savings		473,819		388,332
Money market accounts		2,890,445		2,234,252
Time deposits under $100,000		1,213,964		1,153,337
Time deposits over $100,000		1,077,274		990,065
Total deposits	$	6,819,010	$	5,713,534

XML

Commitments and Contingent Liabilities (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Commitments and Contingent Liabilities (Textual) [Abstract]
Loan commitments outstanding	$ 1,667,859,000	$ 1,562,371,000
Commercial Letters of Credit [Member]
Commitments and Contingent Liabilities (Textual) [Abstract]
Letters of credit issued	290,000	1,469,000
Standby Letters of Credit [Member]
Commitments and Contingent Liabilities (Textual) [Abstract]
Letters of credit issued	$ 130,034,000	$ 117,705,000

XML

Mergers and Acquisitions (Details) (USD $) In Thousands, unless otherwise specified	Jul. 08, 2011
Schedule of fair value of accounted acquired loan portfolio
Contractually required principal and interest at acquisition	$ 72,647
Expected cash flows at acquisition	48,112
Basis in acquired loans at acquisition - estimated fair value	46,446
Centra Financial Holdings Inc [Member]
Schedule of fair value of accounted acquired loan portfolio
Contractually required principal and interest at acquisition	1,377,211
Contractual cash flows not expected to be collected	(33,879)
Expected cash flows at acquisition	1,343,332
Interest component of expected cash flows	(321,297)
Basis in acquired loans at acquisition - estimated fair value	$ 1,022,035

XML

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2011

Regulatory Matters [Abstract]

Capital amounts and ratios

(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2011:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 925,285		13.8%		$ 535,102		³8.0%		$ 668,877		³10.0%
United Bank (WV)		382,785		13.6%		225,283		³8.0%		281,604		³10.0%
United Bank (VA)		395,524		13.8%		229,065		³8.0%		286,332		³10.0%
Centra Bank		118,070		11.6%		81,415		³8.0%		101,769		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		840,758		12.6%		267,551		³4.0%		401,326		³6.0%
United Bank (WV)		347,561		12.3%		112,642		³4.0%		168,962		³6.0%
United Bank (VA)		359,705		12.6%		114,533		³4.0%		171,799		³6.0%
Centra Bank		117,521		11.6%		40,708		³4.0%		61,061		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		840,758		10.2%		328,965		³4.0%		411,206		³5.0%
United Bank (WV)		347,561		9.5%		145,883		³4.0%		182,354		³5.0%
United Bank (VA)		359,705		10.4%		138,485		³4.0%		173,107		³5.0%
Centra Bank		117,521		9.3%		50,477		³4.0%		63,097		³5.0%

(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2010:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 790,235		13.7%		$ 463,089		³8.0%		$ 578,861		³10.0%
United Bank (WV)		371,786		13.5%		220,711		³8.0%		275,888		³10.0%
United Bank (VA)		395,588		13.2%		240,178		³8.0%		300,222		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		708,963		12.3%		231,544		³4.0%		347,317		³6.0%
United Bank (WV)		337,257		12.2%		110,355		³4.0%		165,533		³6.0%
United Bank (VA)		358,489		11.9%		120,089		³4.0%		180,133		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		708,963		9.9%		285,925		³4.0%		357,407		³5.0%
United Bank (WV)		337,257		9.1%		148,421		³4.0%		185,526		³5.0%
United Bank (VA)		358,489		10.3%		138,877		³4.0%		173,596		³5.0%

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Regulatory Matters (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
United Bankshares
Capital
Total Capital to Risk-Weighted Assets, Actual Amount	$ 925,285	$ 790,235
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	535,102	463,089
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	668,877	578,861
Tier One Risk Based Capital
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	840,758	708,963
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	267,551	231,544
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	401,326	347,317
Risk Based Ratios
Total Capital to Risk-Weighted Assets, Actual Ratio	13.80%	13.70%
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio	8.00%	8.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	10.00%	10.00%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	12.60%	12.30%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	6.00%	6.00%
Tangible Capital
Tier 1 Capital to Average Assets, Amount	840,758	708,963
Tier 1 Capital to Average Assets, Actual Ratio	10.20%	9.90%
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount	328,965	285,925
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount	411,206	357,407
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio	5.00%	5.00%
United Bank (WV) [Member]
Capital
Total Capital to Risk-Weighted Assets, Actual Amount	382,785	371,786
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	225,283	220,711
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	281,604	275,888
Tier One Risk Based Capital
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	347,561	337,257
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	112,642	110,355
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	168,962	165,533
Risk Based Ratios
Total Capital to Risk-Weighted Assets, Actual Ratio	13.60%	13.50%
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio	8.00%	8.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	10.00%	10.00%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	12.30%	12.20%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	6.00%	6.00%
Tangible Capital
Tier 1 Capital to Average Assets, Amount	347,561	337,257
Tier 1 Capital to Average Assets, Actual Ratio	9.50%	9.10%
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount	145,883	148,421
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount	182,354	185,526
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio	5.00%	5.00%
United Bank (VA) [Member]
Capital
Total Capital to Risk-Weighted Assets, Actual Amount	395,524	395,588
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	229,065	240,178
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	286,332	300,222
Tier One Risk Based Capital
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	359,705	358,489
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	114,533	120,089
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	171,799	180,133
Risk Based Ratios
Total Capital to Risk-Weighted Assets, Actual Ratio	13.80%	13.20%
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio	8.00%	8.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	10.00%	10.00%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	12.60%	11.90%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	6.00%	6.00%
Tangible Capital
Tier 1 Capital to Average Assets, Amount	359,705	358,489
Tier 1 Capital to Average Assets, Actual Ratio	10.40%	10.30%
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount	138,485	138,877
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount	173,107	173,596
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio	5.00%	5.00%
Centra Bank [Member]
Capital
Total Capital to Risk-Weighted Assets, Actual Amount	118,070
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	81,415
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	101,769
Tier One Risk Based Capital
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	117,521
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount	40,708
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount	61,061
Risk Based Ratios
Total Capital to Risk-Weighted Assets, Actual Ratio	11.60%
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio	8.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	10.00%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	11.60%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio	4.00%
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio	6.00%
Tangible Capital
Tier 1 Capital to Average Assets, Amount	117,521
Tier 1 Capital to Average Assets, Actual Ratio	9.30%
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount	50,477
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio	4.00%
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount	$ 63,097
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio	5.00%

XML

Investment Securities (Details Textual) (USD $)	12 Months Ended								12 Months Ended			12 Months Ended				3 Months Ended	12 Months Ended					3 Months Ended	12 Months Ended					12 Months Ended
	Dec. 31, 2011 securities years	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 Wells Fargo [Member]	Dec. 31, 2011 Suntrust Bank [Member]	Dec. 31, 2011 Peoples Bancorp Inc. [Member]	Dec. 31, 2011 Single issue trust preferreds [Member] Investment Grade [Member]	Dec. 31, 2011 Single issue trust preferreds [Member] Split Rated [Member]	Dec. 31, 2011 Mezzanine - Bank [Member]	Dec. 31, 2011 U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]	Dec. 31, 2010 U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]	Dec. 31, 2011 Minimum [Member]	Dec. 31, 2011 Minimum [Member] Mezzanine - Bank [Member]	Dec. 31, 2011 Maximum [Member]	Dec. 31, 2011 Maximum [Member] Mezzanine - Bank [Member]	Dec. 31, 2011 Residential mortgage-backed securities, Non Agency [Member]	Dec. 31, 2011 Residential mortgage-backed securities, Non Agency [Member]	Dec. 31, 2010 Residential mortgage-backed securities, Non Agency [Member]	Dec. 31, 2011 Originated Prior to 2005 [Member]	Dec. 31, 2011 Originated in 2006 and 2007 [Member]	Dec. 31, 2011 Senior or Super-senior Tranches [Member]	Dec. 31, 2011 TRUP CDOs [Member]	Dec. 31, 2011 TRUP CDOs [Member]	Dec. 31, 2010 TRUP CDOs [Member]	Dec. 31, 2011 TRUP CDOs [Member] Investment Grade [Member]	Dec. 31, 2011 TRUP CDOs [Member] Split Rated [Member]	Dec. 31, 2011 TRUP CDOs [Member] Below Investment Grade [Member]	Dec. 31, 2010 Corporate bonds [Member]	Dec. 31, 2011 Mortgage-backed securities [Member]
Investment Securities (Textual) [Abstract]
Gross unrealized losses on available for sale securities	$ 68,857,000	$ 83,842,000								$ 12,000	$ 0
Number of available for sale securities in a gross unrealized loss position	86
Available for sale securities in portfolio, number	381
Percentage of portfolio of non-agency mortgage backed securities with collateral																			65.00%	35.00%	98.00%
Number of mortgage backed securities additional other than temporary impairment	4
Other-than-temporary impairment, the security specific assumptions utilized												2.00%		13.50%
Loss severity												20.00%		75.00%
Constant prepayment												6.00%		16.00%
Credit-related other-than-temporary impairment recognized in earnings																2,480,000	3,160,000					3,800,000	17,250,000	7,320,000
Noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss)																	2,230,000					7,850,000	2,150,000	1,400,000
Noncredit-related other-than-temporary impairment, net of taxes																336,000		3,660,000				5,100,000
Noncredit-related other-than-temporary impairment recognized																						47,170,000	47,170,000	45,020,000
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio	10,000,000,000
Number of trust preferred securities that are other-than-temporarily impaired	0
Number of trust preferred securities deferring interest payments	2
Maximum interest deferral period of trust preferred securities	5
Period of general widening in overall risk premiums	4 years
Amortized cost of available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position 12 months or greater							5,020,000	5,630,000																	9,500,000	9,510,000	85,150,000
Recognized cumulative credit-related other-than-temporary impairment	29,940,000
Number of credit related other than temporary impairment pooled trust preferred securities	15
Number of securities that have not been deemed to be other than temporally impaired	8
Other-than-temporally impaired, the collateralization ratios low	68.90%
Other-than-temporally impaired, the collateralization ratios high	290.00%
Other-than-temporally impaired, the collateralization ratios median	104.10%
Other-than-temporally impaired, the collateralization ratios weighted average	140.55%
Percentage of non-defaulted current collateral outstanding													55.10%		91.00%
Weighted average percentage of performing collateral									74.30%
Assumed percent recovery in the OTTI cash flow model	0.00%
Percentage of issuer specific loss assumptions on deferring collateral cure	100.00%
Percentage of issuer specific loss assumptions on deferring collateral loss	100.00%
Percentage of performing collateral balance for each pool												0.38%		1.20%
Impairment on cost method securities	0
Available-for-sale securities amortized cost	752,085,000																												225,069,000
Available-for-sale securities estimated fair value	696,518,000																												230,945,000
Amortized cost of trust preferred securities	633,000			9,890,000	7,380,000	7,250,000
Amortized Cost	59,289,000	67,036,000								11,062,000	11,200,000																	1,000,000
Realized gain on sale of held-to-maturity securities																												1,238,000
Held-to-maturity securities amortized cost	59,289,000																												77,000
Held-to-maturity securities estimated fair value	56,181,000																												89,000
Carrying value of securities pledged	634,944,000	586,510,000
Mortgage backed securities net unrealized gains	$ 5,888,000	$ 11,377,000
Tax on income before taxes at statutory federal rate, rate	35.00%	35.00%	35.00%
Aggregate book value percentage of securities to shareholders' equity										10.00%

XML

Fair Values of Financial Instruments (Details 1) (Fair Value Measurements Recurring [Member], Trust preferred collateralized debt obligations [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Fair Value Measurements Recurring [Member] | Trust preferred collateralized debt obligations [Member]
Schedule of additional information about financial assets and liabilities measured at fair value utilized level 3
Balance, beginning of year	$ 49,908	$ 59,294
Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets)	(17,252)	(7,322)
Total gains or losses (realized/unrealized): Included in other comprehensive income	9,713	(2,064)
Purchases, issuances, and settlements	0	0
Transfers in and/or out of Level 3	0	0
Balance, ending of period	42,369	49,908
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date	$ 0	$ 0

XML

Mergers and Acquisitions (Details 1) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Jul. 08, 2011
Purchase price:
Value of common shares issued (6,548,473 shares)		$ 161,420
Cash for stock options and fractional shares		8,576
Total purchase price	170,000	169,996
Identifiable assets:
Cash and cash equivalents		57,661
Investment securities		128,078
Loans held for sale		2,062
Loans		1,022,035
Premises and equipment		20,126
Core deposit intangibles		12,439
Other assets		51,656
Total identifiable assets		1,294,057
Identifiable liabilities:
Deposits		1,132,885
Short-term borrowings		28,566
Long-term borrowings		19,436
Other liabilities		3,273
Total identifiable liabilities		1,184,160
Net assets acquired including identifiable intangible assets		109,897
Resulting goodwill	$ 60,099	$ 60,099

XML

Credit Quality (Details 4) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	$ 6,240,213
Corporate Credit Exposure [Member] | Owner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	743,502	574,909
Corporate Credit Exposure [Member] | Nonowner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,553,259	1,224,481
Corporate Credit Exposure [Member] | Other commercial [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,212,205	1,038,302
Corporate Credit Exposure [Member] | Construction & land development [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	549,877	470,934
Corporate Credit Exposure [Member] | Pass [Member] | Owner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	679,651	502,228
Corporate Credit Exposure [Member] | Pass [Member] | Nonowner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,407,006	1,133,186
Corporate Credit Exposure [Member] | Pass [Member] | Other commercial [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,073,347	897,196
Corporate Credit Exposure [Member] | Pass [Member] | Construction & land development [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	462,517	366,358
Corporate Credit Exposure [Member] | Special Mention [Member] | Owner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	38,150	27,156
Corporate Credit Exposure [Member] | Special Mention [Member] | Nonowner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	67,035	59,159
Corporate Credit Exposure [Member] | Special Mention [Member] | Other commercial [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	78,158	80,015
Corporate Credit Exposure [Member] | Special Mention [Member] | Construction & land development [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	41,093	47,183
Corporate Credit Exposure [Member] | Substandard [Member] | Owner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	25,701	45,525
Corporate Credit Exposure [Member] | Substandard [Member] | Nonowner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	79,218	32,136
Corporate Credit Exposure [Member] | Substandard [Member] | Other commercial [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	57,436	61,083
Corporate Credit Exposure [Member] | Substandard [Member] | Construction & land development [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	45,267	51,282
Corporate Credit Exposure [Member] | Doubtful [Member] | Owner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	0	0
Corporate Credit Exposure [Member] | Doubtful [Member] | Nonowner-occupied [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	0	0
Corporate Credit Exposure [Member] | Doubtful [Member] | Other commercial [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	3,264	8
Corporate Credit Exposure [Member] | Doubtful [Member] | Construction & land development [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,000	6,111
Consumer Credit Exposure [Member] | Residential real estate [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,897,658	1,700,380
Consumer Credit Exposure [Member] | Bankcard [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	11,519	12,025
Consumer Credit Exposure [Member] | Other consumer [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	272,193	242,320
Consumer Credit Exposure [Member] | Pass [Member] | Residential real estate [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	1,790,296	1,605,589
Consumer Credit Exposure [Member] | Pass [Member] | Bankcard [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	11,079	11,492
Consumer Credit Exposure [Member] | Pass [Member] | Other consumer [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	265,995	236,888
Consumer Credit Exposure [Member] | Special Mention [Member] | Residential real estate [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	56,722	47,538
Consumer Credit Exposure [Member] | Special Mention [Member] | Bankcard [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	304	409
Consumer Credit Exposure [Member] | Special Mention [Member] | Other consumer [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	5,366	4,621
Consumer Credit Exposure [Member] | Substandard [Member] | Residential real estate [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	50,640	47,008
Consumer Credit Exposure [Member] | Substandard [Member] | Bankcard [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	136	124
Consumer Credit Exposure [Member] | Substandard [Member] | Other consumer [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	832	811
Consumer Credit Exposure [Member] | Doubtful [Member] | Residential real estate [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	0	245
Consumer Credit Exposure [Member] | Doubtful [Member] | Bankcard [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	0	0
Consumer Credit Exposure [Member] | Doubtful [Member] | Other consumer [Member]
Schedule of Credit Quality Indicators Information, by Class of Loans
Financing receivable, credit quality indicators information	$ 0	$ 0

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Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Net consolidated periodic pension cost
Service cost	$ 2,272	$ 2,127	$ 2,337
Interest cost	4,555	4,291	4,129
Expected return on plan assets	(8,343)	(7,138)	(5,328)
Amortization of transition asset	0	(131)	(175)
Recognized net actuarial loss	2,427	2,317	3,506
Amortization of prior service cost	1	1	1
Net periodic pension cost	$ 912	$ 1,467	$ 4,470
Weighted-Average Assumptions:
Discount rate	5.75%	6.25%	6.25%
Expected return on assets	8.00%	8.00%	8.00%
Rate of compensation increase	2.75%	2.75%	3.25%
Prior to age 45 [Member]
Weighted-Average Assumptions:
Rate of compensation increase	3.75%	3.75%	4.75%

XML

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2011

Comprehensive Income [Abstract]

Components of total comprehensive income

	For the Years Ended December 31
(In thousands)	2011		2010		2009
Net Income	$	75,610	$	71,947	$	67,298
Available for sale ("AFS") securities:
AFS securities with OTTI charges during the period		(33,580)		(40,805)		(24,887)
Related income tax effect		11,753		14,282		8,710
Less : OTTI charges recognized in net income		20,414		8,523		5,701
Related income tax effect		(7,145)		(2,983)		(1,995)
Reclassification of previous noncredit OTTI to credit OTTI		12,622		2,611		0
Related income tax effect		(4,418)		(914)		0
Net unrealized losses on AFS securities with OTTI		(354)		(19,286)		(12,471)
Net change in unrealized gains on AFS securities arising during the period		10,917		33,266		19,725
Related income tax effect		(3,821)		(11,643)		(6,904)
Net reclassification adjustment for gains included in net income		(1,418)		(351)		(231)
Related income tax expense		496		123		81
		6,174		21,395		12,671
Net effect of AFS securities on other comprehensive income		5,820		2,109		200
Held to maturity ("HTM") securities:
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio		0		130		817
Related income tax expense		0		(45)		(286)
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity		8		8		69
Related income tax expense		(3)		(3)		(24)
Net effect of HTM securities on other comprehensive income		5		90		576
Cash flow hedge derivatives:
Unrealized gain on cash flow hedge		0		5,640		3,037
Related income tax expense		0		(1,974)		(1,063)
Termination of cash flow hedge		0		2,051		0
Related income tax expense		0		(718)		0
Net effect of cash flow hedge derivatives on other comprehensive income		0		4,999		1,974
Pension plan:
Change in pension asset		(20,591)		(1,204)		4,491
Related income tax expense (benefit)		7,206		421		(1,572)
Amortization of transition asset		0		(131)		(175)
Related income tax expense		0		52		65
Amortization of prior service cost		1		1		1
Related income tax benefit		0		0		0
Recognized net actuarial loss		2,427		2,317		3,506
Related income tax benefit		(970)		(927)		(1,298)
Net effect of change in pension plan asset on other comprehensive income		(11,927)		529		5,018
Total change in other comprehensive income, net of tax		(6,102)		7,727		7,768
Total Comprehensive Income	$	69,508	$	79,674	$	75,066

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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2011

Investment Securities [Abstract]

Summary of amortized cost and fair values of available for sale securities

	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	303,484	$	75	$	12	$	303,547	$	0
State and political subdivisions		94,794		4,092		38		98,848		0
Residential mortgage-backed securities
Agency		185,543		8,036		175		193,404		0
Non-agency		39,526		607		2,592		37,541		2,234
Trust preferred collateralized debt obligations		104,161		0		61,792		42,369		47,167
Single issue trust preferred securities		15,242		304		3,786		11,760		0
Other corporate securities		4,994		96		0		5,090		0
Marketable equity securities		4,341		80		462		3,959		0
Total	$	752,085	$	13,290	$	68,857	$	696,518	$	49,401

	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    103,851		$        14		$            0		$  103,865		$            0
State and political subdivisions		81,801		2,711		199		84,313		0
Residential mortgage-backed securities
Agency		308,601		15,132		0		323,733		0
Non-agency		77,524		880		4,648		73,756		3,835
Trust preferred collateralized debt obligations		124,632		0		74,724		49,908		45,021
Single issue trust preferred securities		15,594		287		4,155		11,726		0
Marketable equity securities		5,794		297		116		5,975		0
Total		$    717,797		$  19,321		$  83,842		$  653,276		$  48,856

(1) Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax.

Summary of securities available for sale in an unrealized loss position

	Less than 12 months				12 months or longer
(In thousands)	Fair     Value		Unrealized     Losses		Fair     Value		Unrealized     Losses
December 31, 2011
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	196,988	$	12	$	0	$	0
State and political subdivisions		3,760		25		968		13
Residential mortgage-backed securities
Agency		14,789		175		0		0
Non-agency		0		0		12,369		2,592
Trust preferred collateralized debt obligations		0		0		42,369		61,792
Single issue trust preferred securities		412		88		6,956		3,698
Marketable equity securities		2,009		433		133		29
Total	$	217,958	$	733	$	62,795	$	68,124
December 31, 2010
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	0	$	0	$	0	$	0
State and political subdivisions		7,373		160		624		39
Residential mortgage-backed securities
Agency		91		0		0		0
Non-agency		5,127		15		23,716		4,633
Trust preferred collateralized debt obligations		0		0		49,908		74,724
Single issue trust preferred securities		0		0		7,093		4,155
Marketable equity securities		339		52		389		64
Total	$	12,930	$	227	$	81,730	$	83,615

Summary of gains or losses on sales and calls of available for sale securities by the specific identification method

	Year Ended
(In thousands)	2011		2010		2009
Proceeds from maturities, sales and calls		$ 1,486,936		$ 1,389,197		$ 512,787
Gross realized gains		1,729		813		772
Gross realized losses		311		462		541

Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities

							Amortized Cost
Class	Amortized Cost		Fair Value		Unrealized Loss		Investment Grade		Split Rated		Below Investment Grade
	(In thousands)
Senior – Bank		$   11,432		$  6,109		$  5,323		$          0		$ 5,000		$    6,432
Senior – Insurance		9,498		6,974		2,524		9,498		0		0
Mezzanine – Bank (now in senior position)		13,402		6,030		7,372		0		4,513		8,889
Mezzanine – Bank		57,630		18,801		38,829		0		0		57,630
Mezzanine – Insurance		6,500		3,115		3,385		0		0		6,500
Mezzanine – Bank & Insurance (combination)		5,699		1,340		4,359		0		0		5,699
Single issue trust preferreds		10,654		6,956		3,698		0		5,020		5,634
Totals		$  114,815		$ 49,325		$  65,490		$ 9,498		$ 14,533		$ 90,784

Assumptions utilized in other than temporary impairment analysis of TRUP CDO's

Class	Amortized Cost		% of issuers currently performing (1)			% of original collateral defaulted (2)			% of original collateral deferring (3)			Projected Prepayment Rate (4)			Lifetime additional projected loss from performing collateral (5)			Credit Related OTTI (6)
	(Dollars in thousands)
Senior – Bank	$	11,432		80.9 - 90.9	%		12.9 – 13.3	%		6.3 – 14.2	%		0.5 - 1.0	%		4.7 - 6.5	%	$	793
Senior – Insurance		9,498		83.2 - 94.9	%		0.0 – 00.0	%		3.5 – 9.3	%		1.0 - 1.0	%		6.3 - 6.6	%		0
Mezzanine – Bank (now in senior position)		13,402		69.7 - 78.4	%		2.7– 9.1	%		1.9 – 4.4	%		0.5 - 1.0	%		7.8 - 16.4	%		5,428
Mezzanine – Bank		57,629		55.1 - 91.0	%		7.5 – 20.6	%		6.9 – 24.8	%		0.3 - 1.0	%		7.1 - 10.7	%		21,387
Mezzanine – Insurance		6,500		81.1 - 83.2	%		0.0 – 2.2	%		9.3 – 11.6	%		0.0 - 1.0	%		6.3 - 9.2	%		0
Mezzanine – Bank & Ins.		5,699		67.6 - 80.4	%		14.2 – 18.8	%		13.7 – 26.2	%		0.3 - 0.5	%		6.8 - 9.9	%		2,336

(1) Represents performing collateral as a percent of non-defaulted, current collateral outstanding. In the "Mezzanine – Bank" line, the percentage of issuers currently performing ranges from 55.1% to 91.0%. The weighted average percentage of performing collateral is 74.3%.

(2) Defaulted collateral is identified as defaulted when the issuer has been closed by a regulator. All defaults are assumed to have a zero percent recovery in the OTTI cash flow model.

(3) Deferring collateral is identified when the Company becomes aware that an issuer has announced or elected to defer interest payments on its trust preferred debt. The Company utilizes issuer specific loss assumptions on deferring collateral that range from 100% cure to 100% loss.

(4) Management utilizes an annual prepayment rate in its assumptions to calculate OTTI. The prepayment rate is pool specific and is assigned based upon management's estimate of potential prepayments over the life of the security.

(5) Management applied an annual constant default rate to the performing collateral balance for each pool ranging from 0.38% to 1.20%. The calculation in the chart above represents the sum of the incremental projected losses over the remaining life of the security as a percentage of the performing collateral.

(6) Credit related OTTI represents the cumulative credit-related other-than-temporary impairment recognized over the life of the security.

Roll Forward of anticipated credit losses on securities

(In thousands)
Balance of cumulative credit losses at December 31, 2010	$	35,324
Additions for credit losses on securities for which OTTI was not previously recognized		2,172
Additions for additional credit losses on securities for which OTTI was previously recognized		18,242
Balance of cumulative credit losses at December 31, 2011	$	55,738

Summary of maturities of securities available for sale by amortized cost and estimated fair value

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	259,162	$	259,267
Due after one year through five years		128,279		130,898
Due after five years through ten years		91,031		96,345
Due after ten years		269,272		206,049
Marketable equity securities		4,341		3,959
Total	$	752,085	$	696,518

Summary of amortized cost and estimated fair values of securities held to maturity

	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    11,062		$  2,785		$         0		$ 13,847
State and political subdivisions		12,794		207		1		13,000
Residential mortgage-backed securities
Agency		77		12		0		89
Non-agency		0		0		0		0
Single issue trust preferred securities		32,116		0		6,111		26,005
Other corporate securities		3,240		0		0		3,240
Total		$    59,289		$  3,004		$  6,112		$ 56,181
	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$  11,200		$  2,069		$        0		$ 13,269
State and political subdivisions		20,288		399		109		20,578
Residential mortgage-backed securities
Agency		92		13		0		105
Non-agency		2		0		0		2
Single issue trust preferred securities		32,122		0		7,093		25,029
Other corporate securities		3,332		0		0		3,332
Total		$  67,036		$  2,481		$  7,202		$ 62,315

Summary of gross realized gains and losses on calls and a sales of held to maturity securities included in earnings

	Year Ended
(In thousands)	2011		2010		2009
Gross realized gains		1		1,297		129
Gross realized losses		0		39		45

Summary of maturities of debt securities held to maturity by amortized cost and estimated fair value

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	1,011	$	1,019
Due after one year through five years		8,548		9,684
Due after five years through ten years		10,370		12,115
Due after ten years		39,360		33,363
Total	$	59,289	$	56,181

Maturities and weighted-average yields of securities

	Within 1 Year				After 1 But Within 5 Years				After 5 But Within 10 Years				After 10 Years
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(Dollars in thousands)
U.S. Treasury and other U.S. Government agencies and corporations	$	250,707		0.05%	$	58,088		0.97%	$	5,751		5.67%	$	0		0.00%
States and political subdivisions (1)		9,415		4.88%		51,187		4.25%		28,768		6.21%		18,218		6.90%
Residential mortgage-backed securities
Agency		51		5.85%		21,558		5.11%		45,884		4.53%		118,127		4.48%
Non-agency		0		0.00%		0		0.00%		18,998		5.04%		20,528		5.70%
Trust preferred collateralized debt obligations		0		0.00%		0		0.00%		0		0.00%		104,161		3.89%
Single issue trust preferred securities		0		0.00%		0		0.00%		0		0.00%		47,358		4.31%
Marketable equity securities		0		0.00%		0		0.00%		0		0.00%		4,341		0.93%
Other Corporate securities		0		0.00%		5,994		2.27%		2,000		0.00%		240		0.00%

(1) Tax-equivalent adjustments (using a 35% federal rate) have been made in calculating yields on obligations of states and political subdivisions.

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Credit Quality (Details 5) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Owner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	$ 5,178	$ 10,837
Impaired Loans, Unpaid Principal Balance	6,572	11,970
Impaired Loans, Related Allowance	269	0
Impaired Loans, Average Recorded Investment	11,996	8,691
Impaired Loans, Interest Income Recognized	167	323
Nonowner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	32,468	6,289
Impaired Loans, Unpaid Principal Balance	34,986	6,703
Impaired Loans, Related Allowance	596	918
Impaired Loans, Average Recorded Investment	22,191	7,325
Impaired Loans, Interest Income Recognized	1,319	319
Other commercial [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	28,284	8,435
Impaired Loans, Unpaid Principal Balance	32,035	9,022
Impaired Loans, Related Allowance	5,888	2,147
Impaired Loans, Average Recorded Investment	24,037	8,441
Impaired Loans, Interest Income Recognized	1,099	620
Residential real estate [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	27,618	15,845
Impaired Loans, Unpaid Principal Balance	31,480	18,665
Impaired Loans, Related Allowance	1,925	1,920
Impaired Loans, Average Recorded Investment	32,883	11,970
Impaired Loans, Interest Income Recognized	1,019	789
Construction & land development [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	34,368	27,635
Impaired Loans, Unpaid Principal Balance	45,382	31,291
Impaired Loans, Related Allowance	2,480	3,408
Impaired Loans, Average Recorded Investment	42,200	28,619
Impaired Loans, Interest Income Recognized	808	927
Bankcard [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	0	0
Impaired Loans, Unpaid Principal Balance	0	0
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	0	0
Impaired Loans, Interest Income Recognized	0	0
Other consumer [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	120	1,320
Impaired Loans, Unpaid Principal Balance	144	1,320
Impaired Loans, Related Allowance	0	200
Impaired Loans, Average Recorded Investment	141	320
Impaired Loans, Interest Income Recognized	6	1
Impaired Loans With no Related Allowance Recorded [Member] | Owner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	3,540	10,837
Impaired Loans, Unpaid Principal Balance	4,934	11,970
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	11,132	4,229
Impaired Loans, Interest Income Recognized	109	323
Impaired Loans With no Related Allowance Recorded [Member] | Nonowner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	30,382	3,365
Impaired Loans, Unpaid Principal Balance	32,573	3,579
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	18,005	5,444
Impaired Loans, Interest Income Recognized	1,191	239
Impaired Loans With no Related Allowance Recorded [Member] | Other commercial [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	7,831	4,512
Impaired Loans, Unpaid Principal Balance	9,405	4,718
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	11,265	5,480
Impaired Loans, Interest Income Recognized	312	376
Impaired Loans With no Related Allowance Recorded [Member] | Residential real estate [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	18,750	6,650
Impaired Loans, Unpaid Principal Balance	20,613	7,971
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	16,527	6,742
Impaired Loans, Interest Income Recognized	594	301
Impaired Loans With no Related Allowance Recorded [Member] | Construction & land development [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	23,654	19,275
Impaired Loans, Unpaid Principal Balance	33,172	22,506
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	33,622	14,743
Impaired Loans, Interest Income Recognized	509	569
Impaired Loans With no Related Allowance Recorded [Member] | Bankcard [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	0	0
Impaired Loans, Unpaid Principal Balance	0	0
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	0	0
Impaired Loans, Interest Income Recognized	0	0
Impaired Loans With no Related Allowance Recorded [Member] | Other consumer [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	120	0
Impaired Loans, Unpaid Principal Balance	144	0
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	141	47
Impaired Loans, Interest Income Recognized	6	0
Impaired Loans With Related Allowance Recorded [Member] | Owner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	1,638	0
Impaired Loans, Unpaid Principal Balance	1,638	0
Impaired Loans, Related Allowance	269	0
Impaired Loans, Average Recorded Investment	864	4,462
Impaired Loans, Interest Income Recognized	58	0
Impaired Loans With Related Allowance Recorded [Member] | Nonowner-occupied [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	2,086	2,924
Impaired Loans, Unpaid Principal Balance	2,413	3,124
Impaired Loans, Related Allowance	596	918
Impaired Loans, Average Recorded Investment	4,186	1,881
Impaired Loans, Interest Income Recognized	128	80
Impaired Loans With Related Allowance Recorded [Member] | Other commercial [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	20,453	3,923
Impaired Loans, Unpaid Principal Balance	22,630	4,304
Impaired Loans, Related Allowance	5,888	2,147
Impaired Loans, Average Recorded Investment	12,772	2,961
Impaired Loans, Interest Income Recognized	787	244
Impaired Loans With Related Allowance Recorded [Member] | Residential real estate [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	8,868	9,195
Impaired Loans, Unpaid Principal Balance	10,867	10,694
Impaired Loans, Related Allowance	1,925	1,920
Impaired Loans, Average Recorded Investment	16,356	5,228
Impaired Loans, Interest Income Recognized	425	488
Impaired Loans With Related Allowance Recorded [Member] | Construction & land development [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	10,714	8,360
Impaired Loans, Unpaid Principal Balance	12,210	8,785
Impaired Loans, Related Allowance	2,480	3,408
Impaired Loans, Average Recorded Investment	8,578	13,876
Impaired Loans, Interest Income Recognized	299	358
Impaired Loans With Related Allowance Recorded [Member] | Bankcard [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	0	0
Impaired Loans, Unpaid Principal Balance	0	0
Impaired Loans, Related Allowance	0	0
Impaired Loans, Average Recorded Investment	0	0
Impaired Loans, Interest Income Recognized	0	0
Impaired Loans With Related Allowance Recorded [Member] | Other consumer [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans, Recorded Investment	0	1,320
Impaired Loans, Unpaid Principal Balance	0	1,320
Impaired Loans, Related Allowance	0	200
Impaired Loans, Average Recorded Investment	0	273
Impaired Loans, Interest Income Recognized	$ 0	$ 1

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United Bankshares, Inc. (Parent Company Only) Financial Information (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and due from banks	$ 128,627,000	$ 115,352,000
Securities available for sale	696,518,000	653,276,000
Securities held to maturity	56,181,000	62,315,000
Other investment securities	68,412,000	74,403,000
Investment in subsidiaries:
Other assets	349,914,000	314,746,000
TOTAL ASSETS	8,451,470,000	7,155,719,000
Liabilities and Shareholders' Equity
Accrued expenses and other liabilities	61,631,000	67,495,000
Shareholders' equity (including other accumulated comprehensive loss of $66,758 and $60,656 at December 31, 2011 and 2010, respectively)	968,844,000	793,012,000	761,550,000	736,712,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	8,451,470,000	7,155,719,000
United Bankshares, Inc. (Parent Company Only) Financial Information (Textual) [Abstract]
Accumulated other comprehensive loss	(66,758,000)	(60,656,000)
United Bankshares
Assets
Cash and due from banks	31,496,000	26,397,000
Securities available for sale	4,318,000	6,667,000
Securities held to maturity	240,000	3,237,000
Other investment securities	200,000	1,576,000
Investment in subsidiaries:
Bank subsidiaries	1,076,475,000	899,593,000
Nonbank subsidiaries	6,247,000	6,122,000
Other assets	8,629,000	8,129,000
TOTAL ASSETS	1,127,605,000	951,721,000
Liabilities and Shareholders' Equity
Junior subordinated debentures of subsidiary trusts	128,868,000	128,868,000
Accrued expenses and other liabilities	29,893,000	29,841,000
Shareholders' equity (including other accumulated comprehensive loss of $66,758 and $60,656 at December 31, 2011 and 2010, respectively)	968,844,000	793,012,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,127,605,000	951,721,000
United Bankshares, Inc. (Parent Company Only) Financial Information (Textual) [Abstract]
Accumulated other comprehensive loss	$ 66,758,000	$ 60,656,000

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Fair Values of Financial Instruments (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Fair Values of Financial Instruments (Textual) [Abstract]
Discount rates utilized, minimum	6.00%
Discount rates utilized, maximum	30.00%
Fair value measurement of intangible assets	$ 0	$ 0
Nonrecurring fair value adjustments on loans held for sale	$ 0

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Loans (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Loans (Textual) [Abstract]
Loans held for sale	$ 3,902,000	$ 6,869,000
Acquired impaired loans from merger	213,899,000
Recorded investment in acquired impaired loans	65,051,000
Loans-in-process	17,064,000	5,126,000
Overdrafts from deposit accounts	10,435,000	6,817,000
Related party loans	189,763,000	92,902,000
Acquired related party loans from merger	82,332,000
Repayment of Loan	162,072,000
Changes in related party loans due to a change in the composition of the entity's board of directors and executive officers	37,298,000
Centra Bank [Member]
Loans (Textual) [Abstract]
Acquired impaired loans from merger	$ 38,954,000
Percentage of acquired impaired loans from merger on total gross loans	1.00%

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Deposits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Book value of deposits
Demand deposits	$ 878,838	$ 657,395
Interest-bearing checking	284,670	290,153
Regular savings	473,819	388,332
Money market accounts	2,890,445	2,234,252
Time deposits under $100,000	1,213,964	1,153,337
Time deposits over $100,000	1,077,274	990,065
Total deposits	$ 6,819,010	$ 5,713,534

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Mergers and Acquisitions (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2010
Schedule of business acquisition pro forma information
Total Revenues	$ 32,506	$ 345,126	$ 360,417
Net Income	$ 13,769	$ 70,944	$ 81,963

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Stock Based Compensation (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 years	Dec. 31, 2010
Summary of option activity
Shares Outstanding, Beginning Balance	1,597,032
Shares, Granted	311,300
Shares, Exercised	40,447	164,341
Shares, Forfeited or expired	185,867
Shares Outstanding, Ending Balance	1,682,018	1,597,032
Shares, Exercisable	1,074,418
Aggregate Intrinsic Value, Outstanding	$ 2,455
Aggregate Intrinsic Value, Exercisable	$ 669
Weighted Average Remaining Contractual Term, Outstanding	5.0
Weighted Average Remaining Contractual Term, Exercisable	3.1
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 28.91
Weighted Average Exercise Price, Granted	$ 28.64
Weighted Average Exercise Price, Exercised	$ 13.41
Weighted Average Exercise Price, Forfeited or expired	$ 26.04
Weighted Average Exercise Price, Outstanding Ending Balance	$ 29.55	$ 28.91
Weighted Average Exercise Price, Exercisable	$ 31.84

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Credit Quality (Details 2) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	$ 100,874,000	$ 96,669,000
Loans, 90 Days or more Past Due	77,599,000	67,231,000
Loans, Total Past Due	178,473,000	163,900,000
Loans, Current	6,061,740,000	5,099,451,000
Total Loans	6,240,213,000	5,263,351,000
Loans, Recorded Investment >90 Days & Accruing	16,179,000	7,235,000
Owner-occupied [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	4,625,000	7,525,000
Loans, 90 Days or more Past Due	4,707,000	11,570,000
Loans, Total Past Due	9,332,000	19,095,000
Loans, Current	734,170,000	555,814,000
Total Loans	743,502,000	574,909,000
Loans, Recorded Investment >90 Days & Accruing	1,597,000	1,481,000
Nonowner-occupied [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	16,694,000	12,827,000
Loans, 90 Days or more Past Due	13,285,000	5,014,000
Loans, Total Past Due	29,979,000	17,841,000
Loans, Current	1,523,280,000	1,206,640,000
Total Loans	1,553,259,000	1,224,481,000
Loans, Recorded Investment >90 Days & Accruing	2,233,000	204,000
Other commercial [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	7,131,000	14,687,000
Loans, 90 Days or more Past Due	14,153,000	8,942,000
Loans, Total Past Due	21,284,000	23,629,000
Loans, Current	1,190,921,000	1,014,673,000
Total Loans	1,212,205,000	1,038,302,000
Loans, Recorded Investment >90 Days & Accruing	761,000	841,000
Residential real estate [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	52,654,000	49,758,000
Loans, 90 Days or more Past Due	26,617,000	20,383,000
Loans, Total Past Due	79,271,000	70,141,000
Loans, Current	1,818,387,000	1,630,239,000
Total Loans	1,897,658,000	1,700,380,000
Loans, Recorded Investment >90 Days & Accruing	8,833,000	3,814,000
Construction & land development [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	13,809,000	6,803,000
Loans, 90 Days or more Past Due	17,820,000	20,387,000
Loans, Total Past Due	31,629,000	27,190,000
Loans, Current	518,248,000	443,744,000
Total Loans	549,877,000	470,934,000
Loans, Recorded Investment >90 Days & Accruing	1,840,000	254,000
Bankcard [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	222,000	409,000
Loans, 90 Days or more Past Due	176,000	124,000
Loans, Total Past Due	398,000	533,000
Loans, Current	11,121,000	11,492,000
Total Loans	11,519,000	12,025,000
Loans, Recorded Investment >90 Days & Accruing	176,000	124,000
Other consumer [Member]
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans
Loans, 30-89 Days Past Due	5,739,000	4,660,000
Loans, 90 Days or more Past Due	841,000	811,000
Loans, Total Past Due	6,580,000	5,471,000
Loans, Current	265,613,000	236,849,000
Total Loans	272,193,000	242,320,000
Loans, Recorded Investment >90 Days & Accruing	$ 739,000	$ 517,000

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Bank Premises and Equipment and Leases (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Bank Premises and Equipment and Leases (Textual) [Abstract]
Depreciation expense	$ 6,966,000	$ 5,231,000	$ 5,849,000
Amortization expense	103,000	103,000	103,000
Rent expense, noncancelable operating leases	8,740,000	8,056,000	8,178,000
Number of offices on lease from related parties	1
Number of additional offices on lease from related parties	2
Rent expense related to properties owned by related parties	$ 1,044,000	$ 1,029,000	$ 1,024,000

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Allowance for Credit Losses (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Progression of allowance for credit losses including allowance for credit losses and reserve for lending-related commitments
Balance at beginning of period	$ 75,039	$ 70,010	$ 63,603
Provision for credit losses	16,988	13,773	46,065
Financing receivable allowance and provisions for credit losses	92,027	83,783	109,668
Loans charged off	19,605	25,762	41,077
Less recoveries	3,305	17,018	1,419
Net charge-offs	16,300	8,744	39,658
Balance at end of period	$ 75,727	$ 75,039	$ 70,010

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Goodwill and Other Intangibles (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Core deposit intangible assets [Member]
Summary of intangible assets
Gross Carrying Amount	$ 43,434	$ 30,995
Accumulated Amortization	(30,484)	(28,055)
Net Carrying Amount	12,950	2,940
Goodwill not subject to amortization [Member]
Summary of intangible assets
Net Carrying Amount	$ 371,693	$ 311,765

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Credit Quality (Details 3) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	$ 61,420,000	$ 59,996,000
Owner-occupied [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	3,110,000	10,089,000
Nonowner-occupied [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	11,052,000	4,810,000
Other commercial [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	13,392,000	8,101,000
Residential real estate [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	17,784,000	16,569,000
Construction & land development [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	15,980,000	20,133,000
Bankcard [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	0	0
Other consumer [Member]
Schedule of Nonaccrual Loans, Segregated by Class of Loans
Loans on Nonaccrual Status	$ 102,000	$ 294,000

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Loans (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Classes of loans
Total commercial, financial & agricultural	$ 3,508,966	$ 2,837,692
Residential real estate	1,897,658	1,700,380
Construction & land development	549,877	470,934
Consumer loans: Bankcard	11,519	12,025
Consumer loans: Other consumer	272,193	242,320
Less: Unearned income	(3,503)	(3,025)
Loans net of unearned income	6,236,710	5,260,326
Owner-occupied Commercial Real Estate [Member]
Classes of loans
Commercial, financial and agricultural	743,502	574,909
Nonowner-occupied Commercial Real Estate [Member]
Classes of loans
Commercial, financial and agricultural	1,553,259	1,224,481
Other Commercial Loans [Member]
Classes of loans
Commercial, financial and agricultural	$ 1,212,205	$ 1,038,302

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United Bankshares, Inc. (Parent Company Only) Financial Information

12 Months Ended

Dec. 31, 2011

United Bankshares, Inc. (Parent Company Only) Financial Information [Abstract]

UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION

NOTE R--UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION

Condensed Balance Sheets

	December 31
(In thousands)	2011		2010
Assets
Cash and due from banks	$	31,496	$	26,397
Securities available for sale		4,318		6,667
Securities held to maturity		240		3,237
Other investment securities		200		1,576
Investment in subsidiaries:
Bank subsidiaries		1,076,475		899,593
Nonbank subsidiaries		6,247		6,122
Other assets		8,629		8,129
Total Assets	$	1,127,605	$	951,721
Liabilities and Shareholders' Equity
Junior subordinated debentures of subsidiary trusts	$	128,868	$	128,868
Accrued expenses and other liabilities		29,893		29,841
Shareholders' equity (including other accumulated comprehensive loss of $66,758 and $60,656 at December 31, 2011 and 2010, respectively)		968,844		793,012
Total Liabilities and Shareholders' Equity	$	1,127,605	$	951,721

Condensed Statements of Income

	Year Ended December 31
(In thousands)	2011			2010			2009
Income
Dividends from banking subsidiaries	$	68,323		$	63,138		$	52,715
Net interest income		417			288			315
Management fees:
Bank subsidiaries		13,000			11,077			9,396
Nonbank subsidiaries		27			27			27
Other income		414			450			165
Total Income		82,181			74,980			62,618
Expenses
Operating expenses		20,431			18,402			16,127
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries		61,750			56,578			46,491
Applicable income tax benefit		(2,025	)		(2,022	)		(1,886	)
Income Before Equity in Undistributed Net Income of Subsidiaries		63,775			58,600			48,377
Equity in undistributed net income of subsidiaries:
Bank subsidiaries		11,710			13,223			19,287
Nonbank subsidiaries		125			124			(366	)
Net Income	$	75,610		$	71,947		$	67,298

Condensed Statements of Cash Flows

	Year Ended December 31
(In thousands)	2011			2010			2009
Operating Activities
Net income	$	75,610		$	71,947		$	67,298
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(11,835	)		(13,348	)		(18,920	)
Amortization of net periodic pension costs		76			117			257
Stock-based compensation		1,133			1,050			484
Net (gain) loss on securities transactions		(12	)		(54	)		179
Net change in other assets and liabilities		(6,895	)		(1,940	)		(1,376	)
Net Cash Provided by Operating Activities		58,077			57,772			47,922
Investing Activities
Net proceeds from (purchases of) sales of securities		4,854			(240	)		243
Net cash paid in acquisition of subsidiary		(8,576	)		0			0
Change in other investment securities		1,376			37			52
Net Cash (Used in) Provided by Investing Activities		(2,346	)		(203	)		295
Financing Activities
Cash dividends paid		(54,344	)		(52,257	)		(50,383	)
Acquisition of treasury stock		(18	)		(11	)		(1,180	)
Proceeds from sale of treasury stock from deferred compensation plan		74			520			536
Excess tax benefits from stock-based compensation arrangements		3,114			459			273
Proceeds from exercise of stock options		542			2,492			724
Net Cash Used in Financing Activities		(50,632	)		(48,797	)		(50,030	)
Increase (Decrease) in Cash and Cash Equivalents		5,099			8,772			(1,813	)
Cash and Cash Equivalents at Beginning of Year		26,397			17,625			19,438
Cash and Cash Equivalents at End of Year	$	31,496		$	26,397		$	17,625

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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2011

Variable Interest Entities [Abstract]

Summary of quantitative information related to significant involvement in unconsolidated variable interest entities

As of December 31, 2011

As of December 31, 2010

(In thousands)

Aggregate Assets

Aggregate Liabilities

Risk Of Loss (1)

Aggregate Assets

Aggregate Liabilities

Risk Of Loss (1)

Trust preferred securities

$206,258

$199,593

$6,665

$186,023

$179,536

$6,487

(1) Represents investment in VIEs.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income tax provisions included in the consolidated statements of income

(In thousands)	Year Ended December 31
	2011		2010		2009
Current expense:
Federal	$	23,341	$	24,904	$	17,222
State		518		971		354
Deferred expense (benefit):
Federal and State		10,907		6,582		(6,625)
Total income taxes	$	34,766	$	32,457	$	10,951

Reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate

	Year Ended December 31
(Dollars in thousands)	2011				2010				2009
	Amount		%		Amount		%		Amount		%
Tax on income before taxes at statutory federal rate		$ 38,632		35.0%		$ 36,542		35.0%		$ 27,387		35.0%
Plus: State income taxes net of federal tax benefits		336		0.3		631		0.6		230		0.3
		38,968		35.3		37,173		35.6		27,617		35.3
Increase (decrease) resulting from:
Tax-exempt interest income		(4,226)		(3.8)		(3,711)		(3.6)		(3,885)		(5.0)
Tax reserve adjustment		777		0.7		(718)		(0.7)		(4,685)		(6.0)
Reversal of net operating loss valuation allowance		0		0		0		0		(7,978)		(10.2)
Other items-net		(753)		(0.7)		(287)		(0.3)		(118)		(0.1)
Income taxes		$ 34,766		31.5%		$ 32,457		31.0%		$ 10,951		14.0%

Components of United's deferred tax assets and liabilities

(In thousands)	2011		2010
Deferred tax assets:
Allowance for credit losses	$	41,979	$	28,587
Other accrued liabilities		30		134
Unrecognized components of net periodic pension costs		19,480		12,591
Unrealized loss on securities available for sale		19,492		22,628
Net operating loss		3,113		4,563
Total deferred tax assets		84,094		68,503
Deferred tax liabilities:
Purchase accounting intangibles		9,230		6,146
Deferred mortgage points		1,039		1,417
Accrued benefits payable		12,587		16,648
Premises and equipment		1,351		742
Other		1,723		485
Total deferred tax liabilities		25,930		25,438
Net deferred tax assets	$	58,164	$	43,065

Reconciliation of the total amounts of unrecognized tax benefits

	December 31
(In thousands)	2011		2010
Unrecognized tax benefits at beginning of year		$    971		$ 1,118
Increase (Decrease) in unrecognized tax benefits as a result of tax positions settled during the current period		1,953		144
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(355)		(291)
Unrecognized tax benefits at end of year		$ 2,569		$   971

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Credit Quality (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 contracts
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	2
Recorded Investment	$ 0
Owner-occupied [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	0
Nonowner-occupied [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	0
Other commercial [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	0
Residential real estate [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	2
Recorded Investment	0
Construction & land development [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	0
Bankcard [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	0
Other consumer [Member]
Troubled Debt Restructuring by Class of Loan, Charge-Offs
Number of Contracts	0
Recorded Investment	$ 0

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Long-Term Borrowings (Details 3) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Schedule of maturities for all long-term borrowings
2012	$ 54,887
2013	29,095
2014	26,499
2015	4,658
2016 and thereafter	230,227
Total	$ 345,366

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Bank Premises and Equipment and Leases (Tables)

12 Months Ended

Dec. 31, 2011

Bank Premises and Equipment and Leases [Abstract]

Bank premises and equipment

	December 31
(In thousands)	2011		2010
Land	$	24,084	$	17,819
Buildings and improvements		79,723		67,396
Leasehold improvements		22,579		17,802
Furniture, fixtures and equipment		48,595		31,579
		174,981		134,596
Less allowance for depreciation and amortization		98,539		79,218
Net bank premises and equipment	$	76,442	$	55,378

Future minimum lease payments

Year	Amount
(In thousands)
2012	$	7,981
2013		6,395
2014		5,451
2015		4,033
2016		3,061
Thereafter		8,750
Total minimum lease payments	$	35,671

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Summary of Significant Accounting Policies (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share
Average common shares outstanding	50,207,000	49,628,000	43,646,000	43,629,000	43,607,000	43,588,000	43,540,000	43,455,000	46,803,432	43,547,965	43,410,431
Earnings per basic common share	$ 0.40	$ 0.40	$ 0.40	$ 0.41	$ 0.44	$ 0.40	$ 0.41	$ 0.40	$ 1.62	$ 1.65	$ 1.55
Equivalents from stock options									33,931	77,218	46,458
Average diluted shares outstanding	50,236,000	49,636,000	43,676,000	43,700,000	43,677,000	43,646,000	43,641,000	43,534,000	46,837,363	43,625,183	43,456,889
Earnings per diluted common share	$ 0.40	$ 0.40	$ 0.40	$ 0.41	$ 0.44	$ 0.40	$ 0.41	$ 0.40	$ 1.61	$ 1.65	$ 1.55
Earnings Per Share, Basic [Member]
Reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share
Net Income									$ 75,610	$ 71,947	$ 67,298
Average common shares outstanding									46,803,432	43,547,965	43,410,431
Earnings per basic common share									$ 1.62	$ 1.65	$ 1.55
Earnings Per Share, Diluted [Member]
Reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share
Net Income									$ 75,610	$ 71,947	$ 67,298
Average common shares outstanding									46,803,432	43,547,965	43,410,431
Equivalents from stock options									33,931	77,218	46,458
Average diluted shares outstanding									46,837,363	43,625,183	43,456,889
Earnings per diluted common share									$ 1.61	$ 1.65	$ 1.55

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Investment Securities (Details 8) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summary of gross realized gains and losses on calls and a sales of held to maturity securities included in earnings
Gross realized gains	$ 1	$ 1,297	$ 129
Gross realized losses	$ 0	$ 39	$ 45

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Stock Based Compensation (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011 years	Dec. 31, 2010	Dec. 31, 2009	May 16, 2011
Stock Based Compensation (Textual) [Abstract]
Authorized shares of stock, option plan, maximum				1,500,000
Aggregate number of shares issued in respect of restricted stock awards	350,000
Options available for award each plan year				1,150,000
Maximum number of options and stock appreciation rights	100,000
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted	50,000
Percentage of restricted stock and restricted stock units vest	25.00%
Vesting period of awards	1/3 per year over the first three anniversaries of the award
Shares granted under 2006 stock option plan	887,650
Recognition of compensation expense	$ 1,133,000	$ 1,050,000
Maximum term for awards granted (years)	10
Weighted average risk free interest rate	2.53%
Weighted average dividend yield	3.00%
Weighted average volatility factors of the expected market price of United's common stock	0.3523%
Weighted-average expected option life	6.15
Estimated fair value of the options at the date of grant	$ 7.91
Total unrecognized compensation cost related to nonvested awards	2,254,000
Weighted-average expense recognition period	1.60
Total fair value of awards vested	0
Cash received from options exercised under the plans	542,000	2,492,000	724,000
Shares issued related stock option exercises	40,447	164,341
Weighted-average grant-date fair value of options granted	$ 7.91	$ 6.25
Shares, Granted	311,300		0
Total intrinsic value of options exercised	518,000	1,856,000	800,000
Excess tax benefits related to share-based compensation	$ 3,114,000	$ 459,000	$ 273,000

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Investment Securities (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summary of gains or losses on sales and calls of available for sale securities by the specific identification method
Proceeds from maturities, sales and calls	$ 1,486,936	$ 1,389,197	$ 512,787
Gross realized gains	1,729	813	772
Gross realized losses	$ 311	$ 462	$ 541

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United Bankshares, Inc. (Parent Company Only) Financial Information (Tables)

12 Months Ended

Dec. 31, 2011

United Bankshares, Inc. (Parent Company Only) Financial Information [Abstract]

Condensed Balance Sheets

	December 31
(In thousands)	2011		2010
Assets
Cash and due from banks	$	31,496	$	26,397
Securities available for sale		4,318		6,667
Securities held to maturity		240		3,237
Other investment securities		200		1,576
Investment in subsidiaries:
Bank subsidiaries		1,076,475		899,593
Nonbank subsidiaries		6,247		6,122
Other assets		8,629		8,129
Total Assets	$	1,127,605	$	951,721
Liabilities and Shareholders' Equity
Junior subordinated debentures of subsidiary trusts	$	128,868	$	128,868
Accrued expenses and other liabilities		29,893		29,841
Shareholders' equity (including other accumulated comprehensive loss of $66,758 and $60,656 at December 31, 2011 and 2010, respectively)		968,844		793,012
Total Liabilities and Shareholders' Equity	$	1,127,605	$	951,721

Condensed Statements of Income

	Year Ended December 31
(In thousands)	2011			2010			2009
Income
Dividends from banking subsidiaries	$	68,323		$	63,138		$	52,715
Net interest income		417			288			315
Management fees:
Bank subsidiaries		13,000			11,077			9,396
Nonbank subsidiaries		27			27			27
Other income		414			450			165
Total Income		82,181			74,980			62,618
Expenses
Operating expenses		20,431			18,402			16,127
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries		61,750			56,578			46,491
Applicable income tax benefit		(2,025	)		(2,022	)		(1,886	)
Income Before Equity in Undistributed Net Income of Subsidiaries		63,775			58,600			48,377
Equity in undistributed net income of subsidiaries:
Bank subsidiaries		11,710			13,223			19,287
Nonbank subsidiaries		125			124			(366	)
Net Income	$	75,610		$	71,947		$	67,298

Condensed Statements of Cash Flows

	Year Ended December 31
(In thousands)	2011			2010			2009
Operating Activities
Net income	$	75,610		$	71,947		$	67,298
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(11,835	)		(13,348	)		(18,920	)
Amortization of net periodic pension costs		76			117			257
Stock-based compensation		1,133			1,050			484
Net (gain) loss on securities transactions		(12	)		(54	)		179
Net change in other assets and liabilities		(6,895	)		(1,940	)		(1,376	)
Net Cash Provided by Operating Activities		58,077			57,772			47,922
Investing Activities
Net proceeds from (purchases of) sales of securities		4,854			(240	)		243
Net cash paid in acquisition of subsidiary		(8,576	)		0			0
Change in other investment securities		1,376			37			52
Net Cash (Used in) Provided by Investing Activities		(2,346	)		(203	)		295
Financing Activities
Cash dividends paid		(54,344	)		(52,257	)		(50,383	)
Acquisition of treasury stock		(18	)		(11	)		(1,180	)
Proceeds from sale of treasury stock from deferred compensation plan		74			520			536
Excess tax benefits from stock-based compensation arrangements		3,114			459			273
Proceeds from exercise of stock options		542			2,492			724
Net Cash Used in Financing Activities		(50,632	)		(48,797	)		(50,030	)
Increase (Decrease) in Cash and Cash Equivalents		5,099			8,772			(1,813	)
Cash and Cash Equivalents at Beginning of Year		26,397			17,625			19,438
Cash and Cash Equivalents at End of Year	$	31,496		$	26,397		$	17,625

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Mergers and Acquisitions

12 Months Ended

Dec. 31, 2011

Mergers and Acquisitions [Abstract]

MERGERS AND ACQUISITIONS

NOTE B—MERGERS AND ACQUISITIONS

At the close of business on July 8, 2011, United acquired 100% of the outstanding common stock of Centra Financial Holdings, Inc. (Centra), a West Virginia corporation headquartered in Morgantown, West Virginia. The acquisition of Centra affords United the opportunity to enhance its existing footprint in Maryland and West Virginia, as well as provide an entry into Pennsylvania. The results of operations of Centra are included in the consolidated results of operations from the date of acquisition.

At consummation, Centra had assets of approximately $1.31 billion, loans of $1.04 billion, deposits of $1.13 billion and shareholders' equity of $131 million. The transaction was accounted for under the purchase method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date.

The aggregate purchase price was approximately $170 million, including common stock valued at $161.4 million and $8.6 million of cash paid for vested stock options and fractional shares. The number of shares issued in the transaction was 6,548,473, which were valued based on the closing market price of $24.65 for United's common shares on July 8, 2011. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill and core deposit intangibles of $60.10 million and $12.44 million, respectively. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Centra acquisition is expected to be deductible for tax purposes. As a result of the merger, United recorded a downward fair value adjustment of $36.65 million on the loans acquired from Centra, a premium on interest-bearing deposits of $6.53 million and a discount of $564 thousand on junior subordinated debt securities. The discount and premium amounts are being amortized or accreted on an accelerated basis over the individual liability's estimated remaining life at the time of acquisition. At December 31, 2011, the premium on the interest-bearing deposits has an estimated remaining life of 1.25 years while the discount on the junior subordinated debt securities has an estimated remaining life of 4.5 years. United assumed approximately $621 thousand of liabilities to provide severance benefits to terminated employees of Centra which still remained as of December 31, 2011. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets, are subject to refinement as additional information becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the first 12 months following the date of acquisition.

In many cases, determining the estimated fair value of the acquired assets and assumed liabilities required United to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of those determinations related to the fair valuation of acquired loans. The fair value of the acquired loans was based on the present value of the expected cash flows. Periodic principal and interest cash flows were adjusted for expected losses and prepayments, then discounted to determine the present value and summed to arrive at the estimated fair value. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and other factors, such as prepayments. In accordance with GAAP, there was no carry-over of Centra's previously established allowance for credit losses. As a result, standard industry coverage ratios with regard to the allowance for credit losses are less meaningful after the acquisition of Centra.

The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC topic 310-30 (acquired impaired) and loans that do not meet this criteria, which are accounted for under ASC topic 310-20 (acquired performing). Acquired impaired loans have experienced a deterioration of credit quality from origination to acquisition for which it is probable that the investor will be unable to collect all contractually required payments receivable, including both principal and interest. Subsequent decreases in the expected cash flows require United to evaluate the need for additions to the Company's allowance for credit losses. Subsequent improvements in expected cash flows generally result in the recognition of additional interest income over the then remaining lives of the loans.

In conjunction with the Centra merger, the acquired loan portfolio was accounted for at fair value as follows:

(In thousands)	July 8, 2011
Contractually required principal and interest at acquisition	$	1,377,211
Contractual cash flows not expected to be collected		(33,879)
Expected cash flows at acquisition		1,343,332
Interest component of expected cash flows		(321,297)
Basis in acquired loans at acquisition – estimated fair value	$	1,022,035

Included in the above table is information related to acquired impaired loans. Specifically, contractually required principal and interest, cash flows expected to be collected and estimated fair value of acquired impaired loans were $72,647, $48,112 and $46,446, respectively.

The consideration paid for Centra's common equity and the amounts of acquired identifiable assets and liabilities assumed as of the acquisition date were as follows:

(In thousands)
Purchase price:
Value of common shares issued (6,548,473 shares)	$	161,420
Cash for stock options and fractional shares		8,576
Total purchase price		169,996
Identifiable assets:
Cash and cash equivalents		57,661
Investment securities		128,078
Loans held for sale		2,062
Loans		1,022,035
Premises and equipment		20,126
Core deposit intangibles		12,439
Other assets		51,656
Total identifiable assets	$	1,294,057
Identifiable liabilities:
Deposits	$	1,132,885
Short-term borrowings		28,566
Long-term borrowings		19,436
Other liabilities		3,273
Total identifiable liabilities		1,184,160
Net assets acquired including identifiable intangible assets		109,897
Resulting goodwill	$	60,099

The following table provides a reconciliation of goodwill:

(In thousands)	December 31, 2011
Goodwill at December 31, 2010	$	311,765
Reductions:
Options exercised from previous acquisitions		(171)
Additions:
Goodwill from Centra acquisition		60,099
Goodwill at December 31, 2011	$	371,693

The following table discloses the impact of Centra since the acquisition on July 8, 2011 through the end of the year of 2011. The table also presents certain unaudited pro forma information for the results of operations for the year ended December 31, 2011 and 2010, as if the Centra merger had occurred on January 1, 2010. These results combine the historical results of Centra into United's consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of Centra's provision for credit losses for 2011 and 2010 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2010. Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts.

(In thousands)	Centra actual since acquisition through December 31,		Proforma Year Ended     December 31
	2011		2011		2010
Total Revenues (1)	$	32,506	$	345,126	$	360,417
Net Income		13,769		70,944		81,963

(1) Represents net interest income plus other income

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Derivative Financial Instruments (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2010
Derivative Financial Instruments (Textual) [Abstract]
Net deferred gains, net of tax, related to cash flow hedge included in accumulated other comprehensive income	$ 4,999,000

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Investment Securities (Details 3) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Fair Value	$ 62,795	$ 81,730
Unrealized Loss	68,124	83,615
Investment Grade [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,020
Split Rated [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,630
TRUP CDOs and Single Issue Trust Preferred Securities [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	114,815
Fair Value	49,325
Unrealized Loss	65,490
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Senior - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	11,432
Fair Value	6,109
Unrealized Loss	5,323
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Senior - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	9,498
Fair Value	6,974
Unrealized Loss	2,524
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Mezzanine - Bank (now in senior position) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	13,402
Fair Value	6,030
Unrealized Loss	7,372
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Mezzanine - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	57,630
Fair Value	18,801
Unrealized Loss	38,829
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Mezzanine - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	6,500
Fair Value	3,115
Unrealized Loss	3,385
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,699
Fair Value	1,340
Unrealized Loss	4,359
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	10,654
Fair Value	6,956
Unrealized Loss	3,698
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	9,498
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Senior - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Senior - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	9,498
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Mezzanine - Bank (now in senior position) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Mezzanine - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Mezzanine - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Investment Grade [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	14,533
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Senior - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,000
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Senior - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Mezzanine - Bank (now in senior position) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	4,513
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Mezzanine - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Mezzanine - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Split Rated [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,020
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	90,784
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Senior - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	6,432
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Senior - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	0
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Mezzanine - Bank (now in senior position) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	8,889
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Mezzanine - Bank [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	57,630
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Mezzanine - Insurance [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	6,500
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	5,699
TRUP CDOs and Single Issue Trust Preferred Securities [Member] | Below Investment Grade [Member] | Single issue trust preferreds [Member]
Summary of unrealized loss positions of available for sale TRUP CDO's and trust preferred securities
Amortized Cost	$ 5,634

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Variable Interest Entities (Details) (Trust Preferred Securities [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Trust Preferred Securities [Member]
Summary of quantitative information about companies involvement in unconsolidated (VIEs)
Aggregate Assets	$ 206,258	$ 186,023
Aggregate Liabilities	199,593	179,536
Risk Of Loss	$ 6,665	$ 6,487

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Employee Benefit Plans [Abstract]

Net Periodic Pension Cost

(Dollars in thousands)	Year Ended December 31,
	2011		2010		2009
Service cost		$    2,272		$    2,127		$    2,337
Interest cost		4,555		4,291		4,129
Expected return on plan assets		(8,343)		(7,138)		(5,328)
Amortization of transition asset		0		(131)		(175)
Recognized net actuarial loss		2,427		2,317		3,506
Amortization of prior service cost		1		1		1
Net periodic pension cost		$      912		$    1,467		$    4,470
Weighted-Average Assumptions:
Discount rate		5.75%		6.25%		6.25%
Expected return on assets		8.00%		8.00%		8.00%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%		4.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%		3.25%

Reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets and the accumulated benefit obligation

(Dollars in thousands)	December 31,
Change in Projected Benefit Obligation	2011		2010
Projected Benefit Obligation at the Beginning of the Year		$    79,556		$    70,136
Service Cost		2,272		2,127
Interest Cost		4,555		4,291
Actuarial (Gain) Loss		11,288		5,142
Benefits Paid		(2,509)		(2,140)
Projected Benefit at the End of the Year		$    95,162		$    79,556
Accumulated Benefit Obligation at the End of the Year		$    86,661		$    72,577
Change in Plan Assets
Fair Value of Plan Assets at the Beginning of the Year		$  105,504		$    87,507
Actual Return on Plan Assets		(1,612)		11,037
Benefits Paid		(2,509)		(2,140)
Employer Contributions		0		9,100
Fair value of plan assets at end of year		$  101,383		$  105,504
Net Amount Recognized
Funded Status		$      6,221		$    25,949
Unrecognized Transition Asset		0		0
Unrecognized Prior Service Cost		4		5
Unrecognized Net Loss		50,590		31,773
Net Amount Recognized		$    56,815		$    57,727
Weighted-Average Assumptions at the End of the Year
Discount Rate		5.15%		5.75%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%

Asset allocation for the defined benefit pension plan as of the measurement date, by asset category

Plan Assets	Target Allocation 2011		Allowable Allocation Range		Percentage of Plan Assets at
					December 31, 2011		December 31, 2010
Equity Securities		70%		50-80%		61%		59%
Debt Securities		25%		20-40%		32%		34%
Other		5%		3-10%		7%		7%
Total						100%		100%

Expected benefit payments

Year	Amount
(In thousands)
2012		$    2,757
2013		3,068
2014		3,419
2015		3,762
2016		4,194
2017 through 2021		26,209

Balances of the plan assets, by fair value hierarchy level

			Fair Value Measurements at December 31, 2011 Using
(In thousands) Description	Balance as of December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and Cash equivalents		$ 6,526		$ 6,526		$ 0		$ 0
Fixed Income Securities:
Mortgage backed securities		289		0		289		0
Collateralized mortgage obligations		232		0		232		0
Municipal obligations		879		0		879		0
Corporate bonds		3,391		3,103		288		0
Fixed Income Mutual Funds:
Fixed income-general		12,065		12,065		0		0
Domestic		10,442		10,442		0		0
Alternative		4,787		4,787		0		0
Equity Securities:
Preferred stock		198		198		0		0
Common stock		23,686		23,686		0		0
Equity Mutual Funds:
Global equity		3,816		3,816		0		0
Domestic equity large cap		4,592		4,592		0		0
Domestic equity small cap		12,117		12,117		0		0
International emerging equity		6,312		6,312		0		0
International equity developed		6,685		6,685		0		0
Alternative equity		4,604		4,604		0		0
Other Assets:
Partnerships		762		0		762		0
Total		$ 101,383		$ 98,933		$ 2,450		$ 0

			Fair Value Measurements at December 31, 2010 Using
(In thousands) Description	Balance as of December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and Cash equivalents		$ 6,497		$ 6,497		$ 0		$ 0
Fixed Income Securities:
Mortgage backed securities		458		0		458		0
Collateralized mortgage obligations		413		0		413		0
Municipal obligations		815		0		815		0
Corporate bonds		4,257		3,913		344		0
Fixed Income Mutual Funds:
Fixed income - general		7,412		7,412		0		0
Domestic		16,174		16,174		0		0
Alternative		6,598		6,598		0		0
Equity Securities:
Preferred stock		185		185		0		0
Common stock		22,763		22,763		0		0
Equity Mutual Funds:
Global equity		3,879		3,879		0		0
Domestic equity large cap		4,641		4,641		0		0
Domestic equity small cap		11,018		11,018		0		0
International emerging equity		7,578		7,578		0		0
International equity developed		7,700		7,700		0		0
Alternative equity		4,223		4,223		0		0
Other Assets:
Partnerships		893		0		893		0
Total		$ 105,504		$ 102,581		$ 2,923		$ 0

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Quarterly Financial Data Unaudited

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

QUARTERLY FINANCIAL DATA

NOTE V--QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly financial data for 2011 and 2010 is summarized below (dollars in thousands, except for per share data):

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2011
Interest income		$ 73,857		$ 72,435		$ 84,701		$ 85,529
Interest expense		14,494		13,814		13,949		13,537
Net interest income		59,363		58,621		70,752		71,992
Provision for credit losses		4,436		4,800		3,637		4,268
Mortgage banking income		234		131		205		382
Securities losses, net		(1,559)		(3,466)		(7,477)		(6,336)
Other noninterest income		15,976		16,669		18,250		17,828
Noninterest expense		43,469		41,677		48,873		50,029
Income taxes		8,224		8,026		9,204		9,312
Net income (1)		17,885		17,452		20,016		20,257
Per share data:
Average shares outstanding (000s):
Basic		43,629		43,646		49,628		50,207
Diluted		43,700		43,676		49,636		50,236
Net income per share:
Basic		$0.41		$0.40		$0.40		$0.40
Diluted		$0.41		$0.40		$0.40		$0.40
Dividends per share		$0.30		$0.30		$0.30		$0.31
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2010
Interest income		$84,096		$82,189		$79,889		$77,208
Interest expense		23,617		22,025		20,907		18,647
Net interest income		60,479		60,164		58,982		58,561
Provision for credit losses		6,868		6,400		6,123		(5,618)
Mortgage banking income		112		129		118		303
Securities losses, net		(378)		(300)		(1,732)		(5,399)
Other noninterest income		15,839		17,755		17,304		18,452
Noninterest expense		43,751		45,188		43,898		49,375
Income taxes		8,011		8,241		7,335		8,870
Net income (1)		17,422		17,919		17,316		19,290
Per share data:
Average shares outstanding (000s):
Basic		43,455		43,540		43,588		43,607
Diluted		43,534		43,641		43,646		43,677
Net income per share:
Basic		$0.40		$0.41		$0.40		$0.44
Diluted		$0.40		$0.41		$0.40		$0.44
Dividends per share		$0.30		$0.30		$0.30		$0.30

⁽¹⁾ For further information, see the related discussion "Quarterly Results" included in Management's Discussion and Analysis.

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Variable Interest Entities

12 Months Ended

Dec. 31, 2011

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

NOTE U-- VARIABLE INTEREST ENTITIES

Variable interest entities (VIEs) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United's business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities.

United currently sponsors ten statutory business trusts that were created for the purpose of raising funds that qualify for Tier I regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity.

The trusts utilized in these transactions are variable interest entities (VIEs) as the third-party equity holders lack a controlling financial interest in the trusts through their inability to make decisions that have a significant effect on the operations and success of the entities. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United's equity interest does not absorb the majority of the trusts' expected losses or receive a majority of their expected residual returns. Information related to United's statutory trusts is presented in Note K, Notes to Consolidated Financial Statements.

The following table summarizes quantitative information about United's significant involvement in unconsolidated VIEs:

As of December 31, 2011

As of December 31, 2010

(In thousands)

Aggregate Assets

Aggregate Liabilities

Risk Of Loss (1)

Aggregate Assets

Aggregate Liabilities

Risk Of Loss (1)

Trust preferred securities

$206,258

$199,593

$6,665

$186,023

$179,536

$6,487

(1) Represents investment in VIEs.

United, through its banking subsidiaries, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United's limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary.

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Income Taxes (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate
Tax on income before taxes at statutory federal rate									$ 38,632	$ 36,542	$ 27,387
Tax on income before taxes at statutory federal rate, rate									35.00%	35.00%	35.00%
State income taxes net of federal tax benefits									336	631	230
State income taxes net of federal tax benefits, rate									0.30%	0.60%	0.30%
Income tax before adjustments									38,968	37,173	27,617
Income tax before adjustments, rate									35.30%	35.60%	35.30%
Increase (decrease) resulting from:
Tax-exempt interest income									(4,226)	(3,711)	(3,885)
Tax-exempt interest income, rate									(3.80%)	(3.60%)	(5.00%)
Tax reserve adjustment									777	(718)	(4,685)
Tax reserve adjustment, rate									0.70%	(0.70%)	(6.00%)
Reversal of net operating loss valuation allowance									0	0	(7,978)
Reversal of net operating loss valuation allowance, rate									0.00%	0.00%	(10.20%)
Other items-net									(753)	(287)	(118)
Other items-net, rate									(0.70%)	(0.30%)	(0.10%)
Total income taxes	$ 9,312	$ 9,204	$ 8,026	$ 8,224	$ 8,870	$ 7,335	$ 8,241	$ 8,011	$ 34,766	$ 32,457	$ 10,951
Total income taxes, rate									31.50%	31.00%	14.00%

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Mergers and Acquisitions (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Jul. 08, 2011	Dec. 31, 2010
Schedule of acquired reconciliation of goodwill
Beginning balance	$ 371,693		$ 311,765
Reductions:
Options exercised from previous acquisitions	(171)
Additions:
Goodwill from Centra acquisition	60,099	60,099
Ending balance	$ 371,693		$ 311,765

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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Stock Based Compensation [Abstract]

Summary of option activity

	Year ended December 31, 2011
					Weighted Average
(Dollars in thousands, except per share data)			Aggregate		Remaining
			Intrinsic		Contractual		Exercise
	Shares		Value		Term (Yrs.)		Price
Outstanding at January 1, 2011		1,597,032						$  28.91
Granted		311,300						28.64
Exercised		40,447						13.41
Forfeited or expired		185,867						26.04
Outstanding at December 31, 2011		1,682,018		$  2,455		5.0		$  29.55
Exercisable at December 31, 2011		1,074,418		$     669		3.1		$  31.84

Status of United's nonvested awards

	Shares		Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2011		311,800	$  6.25
Granted		311,300	7.91
Vested		0	0.00
Forfeited or expired		15,500	6.62
Nonvested at December 31, 2011		607,600	$  7.09

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Nature of Operations

Nature of Operations: United Bankshares, Inc. is a multi-bank holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Wheeling MSA and the Weirton MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United's Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries.

Operating Segments

Operating Segments: United's business activities are confined to one reportable segment which is community banking. As a community banking entity, United offers a full range of products and services through various delivery channels.

Basis of Presentation

Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. A description of the significant accounting policies is presented below.

Cash and Cash Equivalents

Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents.

Securities

Securities: Management determines the appropriate classification of securities at the time of purchase. Debt securities that United has the positive intent and the ability to hold to maturity are carried at amortized cost. Securities to be held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. Unrealized gains and losses on securities classified as available for sale are carried as a separate component of Accumulated Other Comprehensive Income (Loss), net of deferred income taxes.

Gains or losses on sales of securities recognized by the specific identification method are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale and held-to-maturity securities on a quarterly basis for possible impairment. United determines whether a decline in fair value below the amortized cost basis of a security is other-than-temporary. This determination requires significant judgment. In making this judgment, United's review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the length of time the fair value has been below cost, the expectation for that security's performance, the creditworthiness of the issuer, recent changes in external credit ratings, and the assessment of collection of the security's contractual amounts from the issuer or issuers. If United intends to sell, or more likely than not will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The credit loss is defined as the difference between the present value of cash flows expected to be collected (discounted at the contractual rate) and the amortized cost basis. The amount recognized in earnings is equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and not more likely than not will be required to sell the impaired debt security prior to recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized within noninterest income of the Consolidated Statements of Income, and 2) the amount related to all other factors, which is recognized in other comprehensive income within shareholders' equity of the Consolidated Balance Sheets.

For equity securities, United evaluates the near-term prospects of the investment in relation to the severity and duration of any impairment and United's ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. Equity securities that are deemed to be other-than-temporarily impaired are written down to the fair value with the write-down recognized within noninterest income of the Consolidated Statements of Income.

Certain security investments that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable.

Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase

Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate.

Loans

Loans: Loans are reported at the principal amount outstanding, net of unearned income. Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees accreted and included in interest income were $6,264,000, $4,690,000 and $6,306,000 for the years of 2011, 2010 and 2009, respectively. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection.

Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United's existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United's method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt.

A loan is categorized as restructured if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as restructured will generally retain such classification until the loan is paid in full. However, a restructured one-to-four-family residential mortgage loan that yields a market rate and demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally one year, is removed from the restructured classification. Interest income on restructured loans is accrued at the reduced rate and the loan is returned to performing status once the borrower demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally six months. The portfolio of restructured loans is monitored monthly.

Loans Acquired Through Transfer

Loans Acquired Through Transfer: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the "accretable yield," is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the "nonaccretable difference," are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received).

Loans Held for Sale

Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market and carried at the lower of cost or fair value determined on an aggregate basis. Generally, United's current practice is to sell all fixed-rate, one-to-four family conforming residential real estate loans while holding adjustable–rate loans. However, United will sell certain adjustable-rate, one-to-four family conforming residential real estate loans based on prevailing interest rate conditions and interest rate risk management needs. Gains and losses on sales of loans held for sale are included in mortgage banking income.

Allowance for Credit Losses

Allowance for Credit Losses: United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses.

The allowance for loan losses is management's estimate of the probable credit losses inherent in the loan portfolio. Management's evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses.

In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan's risk by considering the borrowers' ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan's effective interest rate, or as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management's internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors. Allocations for loans, other than commercial loans, are developed by applying historical loss experience adjusted for current environmental conditions and risk factors to loan pools grouped by similar risk characteristics. The environmental factors considered for each of the loan portfolios includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower's financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. While allocations are made to specific loans and pools of loans, the allowance is available for all loan losses. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. Management believes that the allowance for credit losses is adequate to provide for probable losses on existing loans and loan-related commitments based on information currently available.

Asset Securitization

Assets Securitization: United previously sold residential mortgage loans in a securitization transaction and retained an interest-only strip, and lower-rated subordinated classes of asset-backed securities, all of which are subordinated interests in the securitized assets. United recognized the excess of all cash flows attributable to the subordinated interests using the effective yield method. However, because the carrying value of United's subordinated interest has been zero since June 30, 2005, the difference between the cash flows associated with these underlying mortgages and amounts owed to third party investors has been recognized in interest income as cash is received by United over the remaining life of the loans. For the years ended December 31, 2011, 2010 and 2009, United received cash of $110,000, $862,000 and $1,054,000, respectively, on the retained interest in the securitization and recognized income of the same amounts for the respective periods. However, the securitization trust (the Trust) is subject to an adverse judgment arising from a class action suit. An order granting supplemental damages and entry of final judgment was entered March 5, 2010. Subsequent to the order, the Trust entered into a settlement with all members of the Settlement Class wherein the Trust agreed not to appeal the case and the plaintiffs agreed to accept reduced and limited damages in settlement and dismissal of their claims with prejudice. The settlement will be strictly paid from the residual cash flows from the Trust and not the Company. Because the future payments and prepayments of loans in the Trust cannot be predicted, United cannot currently determine the amounts, if any, of residual cash flows that will be received.

Bank Premises and Equipment

Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements.

Other Real Estate Owned

Other Real Estate Owned: At December 31, 2011 and 2010, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $51,760,000 and $44,770,000, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred.

Advertising Costs

Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $4,172,000, $4,226,000 and $3,338,000 for the years of 2011, 2010, and 2009, respectively.

Income Taxes

Income Taxes: Deferred income taxes (included in other assets) are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements at the statutory tax rate.

For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

Intangible Assets

Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to seven year period. Management reviews intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. United incurred amortization expense of $2,429,000, $1,884,000 and $2,561,000 in 2011, 2010, and 2009, respectively, related to all intangible assets.

Goodwill is not amortized, but is tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2011 and 2010, total goodwill approximated $371,693,000 and $311,765,000, respectively.

Derivative Financial Instruments

Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification. The Derivatives and Hedging topic requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders' equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings.

At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. Prior to January 1, 2006, United used the shortcut method for interest rate swaps that met the criteria as defined under the Derivatives and Hedging topic. Effective January 1, 2006, United adopted an internal policy accounting for all new derivative instruments entered thereafter whereby the shortcut method would no longer be used.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value.

Stock Options

Stock Options: United has stock option plans for certain employees that were accounted for under the intrinsic value method prior to January 1, 2006. Because the exercise price at the date of the grant was equal to the market value of the stock, no compensation expense was recognized.

Since January 1, 2006, United has followed the fair value method of accounting for stock-based employee compensation. In accordance with this method, compensation expense is measured based on the grant-date fair value of the stock option award and recognized over the period during which the employee is required to provide services.

For the year of 2011 and 2010, 311,300 and 321,800 options were granted, respectively. No options were granted for the year of 2009. Stock compensation expense was $1,133,000 in 2011, $1,050,000 in 2010 and $484,000 in 2009.

Treasury Stock

Treasury Stock: United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method.

Trust Assets and Income

Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis.

Earnings Per Common Share

Earnings Per Common Share: Basic earnings per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding for the respective period. For diluted earnings per common share, the weighted-average number of shares of common stock outstanding for the respective period is increased by the number of shares of common stock that would be issued assuming the exercise of common stock options which have an exercise price below market price. The dilutive effect of stock options approximated 33,931 shares in 2011, 77,218 shares in 2010 and 46,458 shares in 2009. There are no other common stock equivalents. Other than common stock, United has no other outstanding securities that may participate in dividends with common shareholders.

The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:

	Year Ended December 31
(Dollars in thousands, except per share)	2011		2010		2009
Basic
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Earnings per basic common share	$	1.62	$	1.65	$	1.55
Diluted
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Equivalents from stock options		33,931		77,218		46,458
Average diluted shares outstanding		46,837,363		43,625,183		43,456,889
Earnings per diluted common share	$	1.61	$	1.65	$	1.55

Fair Value Measurements

Fair Value Measurements: United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

The Fair Value Measurements and Disclosures topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United's market assumptions.

The three levels of the fair value hierarchy based on these two types of inputs are as follows:

Level 1	-	Valuation is based on quoted prices in active markets for identical assets and liabilities.
Level 2	-	Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
Level 3	-	Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Earnings Per Share

	Year Ended December 31
(Dollars in thousands, except per share)	2011		2010		2009
Basic
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Earnings per basic common share	$	1.62	$	1.65	$	1.55
Diluted
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Equivalents from stock options		33,931		77,218		46,458
Average diluted shares outstanding		46,837,363		43,625,183		43,456,889
Earnings per diluted common share	$	1.61	$	1.65	$	1.55

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations: United Bankshares, Inc. is a multi-bank holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Wheeling MSA and the Weirton MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United's Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries.

Operating Segments: United's business activities are confined to one reportable segment which is community banking. As a community banking entity, United offers a full range of products and services through various delivery channels.

Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. A description of the significant accounting policies is presented below.

Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents.

Securities: Management determines the appropriate classification of securities at the time of purchase. Debt securities that United has the positive intent and the ability to hold to maturity are carried at amortized cost. Securities to be held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. Unrealized gains and losses on securities classified as available for sale are carried as a separate component of Accumulated Other Comprehensive Income (Loss), net of deferred income taxes.

Gains or losses on sales of securities recognized by the specific identification method are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale and held-to-maturity securities on a quarterly basis for possible impairment. United determines whether a decline in fair value below the amortized cost basis of a security is other-than-temporary. This determination requires significant judgment. In making this judgment, United's review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the length of time the fair value has been below cost, the expectation for that security's performance, the creditworthiness of the issuer, recent changes in external credit ratings, and the assessment of collection of the security's contractual amounts from the issuer or issuers. If United intends to sell, or more likely than not will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The credit loss is defined as the difference between the present value of cash flows expected to be collected (discounted at the contractual rate) and the amortized cost basis. The amount recognized in earnings is equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and not more likely than not will be required to sell the impaired debt security prior to recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized within noninterest income of the Consolidated Statements of Income, and 2) the amount related to all other factors, which is recognized in other comprehensive income within shareholders' equity of the Consolidated Balance Sheets.

For equity securities, United evaluates the near-term prospects of the investment in relation to the severity and duration of any impairment and United's ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. Equity securities that are deemed to be other-than-temporarily impaired are written down to the fair value with the write-down recognized within noninterest income of the Consolidated Statements of Income.

Certain security investments that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable.

Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate.

Loans: Loans are reported at the principal amount outstanding, net of unearned income. Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees accreted and included in interest income were $6,264,000, $4,690,000 and $6,306,000 for the years of 2011, 2010 and 2009, respectively. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection.

Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United's existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United's method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt.

A loan is categorized as restructured if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as restructured will generally retain such classification until the loan is paid in full. However, a restructured one-to-four-family residential mortgage loan that yields a market rate and demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally one year, is removed from the restructured classification. Interest income on restructured loans is accrued at the reduced rate and the loan is returned to performing status once the borrower demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally six months. The portfolio of restructured loans is monitored monthly.

Loans Acquired Through Transfer: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the "accretable yield," is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the "nonaccretable difference," are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received).

Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market and carried at the lower of cost or fair value determined on an aggregate basis. Generally, United's current practice is to sell all fixed-rate, one-to-four family conforming residential real estate loans while holding adjustable–rate loans. However, United will sell certain adjustable-rate, one-to-four family conforming residential real estate loans based on prevailing interest rate conditions and interest rate risk management needs. Gains and losses on sales of loans held for sale are included in mortgage banking income.

Allowance for Credit Losses: United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses.

The allowance for loan losses is management's estimate of the probable credit losses inherent in the loan portfolio. Management's evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses.

In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan's risk by considering the borrowers' ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan's effective interest rate, or as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management's internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors. Allocations for loans, other than commercial loans, are developed by applying historical loss experience adjusted for current environmental conditions and risk factors to loan pools grouped by similar risk characteristics. The environmental factors considered for each of the loan portfolios includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower's financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. While allocations are made to specific loans and pools of loans, the allowance is available for all loan losses. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. Management believes that the allowance for credit losses is adequate to provide for probable losses on existing loans and loan-related commitments based on information currently available.

Assets Securitization: United previously sold residential mortgage loans in a securitization transaction and retained an interest-only strip, and lower-rated subordinated classes of asset-backed securities, all of which are subordinated interests in the securitized assets. United recognized the excess of all cash flows attributable to the subordinated interests using the effective yield method. However, because the carrying value of United's subordinated interest has been zero since June 30, 2005, the difference between the cash flows associated with these underlying mortgages and amounts owed to third party investors has been recognized in interest income as cash is received by United over the remaining life of the loans. For the years ended December 31, 2011, 2010 and 2009, United received cash of $110,000, $862,000 and $1,054,000, respectively, on the retained interest in the securitization and recognized income of the same amounts for the respective periods. However, the securitization trust (the Trust) is subject to an adverse judgment arising from a class action suit. An order granting supplemental damages and entry of final judgment was entered March 5, 2010. Subsequent to the order, the Trust entered into a settlement with all members of the Settlement Class wherein the Trust agreed not to appeal the case and the plaintiffs agreed to accept reduced and limited damages in settlement and dismissal of their claims with prejudice. The settlement will be strictly paid from the residual cash flows from the Trust and not the Company. Because the future payments and prepayments of loans in the Trust cannot be predicted, United cannot currently determine the amounts, if any, of residual cash flows that will be received.

Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements.

Other Real Estate Owned: At December 31, 2011 and 2010, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $51,760,000 and $44,770,000, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred.

Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $4,172,000, $4,226,000 and $3,338,000 for the years of 2011, 2010, and 2009, respectively.

Income Taxes: Deferred income taxes (included in other assets) are provided for temporary differences between the tax basis of an asset or liability and its reported amount in the financial statements at the statutory tax rate.

For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to seven year period. Management reviews intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. United incurred amortization expense of $2,429,000, $1,884,000 and $2,561,000 in 2011, 2010, and 2009, respectively, related to all intangible assets.

Goodwill is not amortized, but is tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2011 and 2010, total goodwill approximated $371,693,000 and $311,765,000, respectively.

Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification. The Derivatives and Hedging topic requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders' equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings.

At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. Prior to January 1, 2006, United used the shortcut method for interest rate swaps that met the criteria as defined under the Derivatives and Hedging topic. Effective January 1, 2006, United adopted an internal policy accounting for all new derivative instruments entered thereafter whereby the shortcut method would no longer be used.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value.

Stock Options: United has stock option plans for certain employees that were accounted for under the intrinsic value method prior to January 1, 2006. Because the exercise price at the date of the grant was equal to the market value of the stock, no compensation expense was recognized.

Since January 1, 2006, United has followed the fair value method of accounting for stock-based employee compensation. In accordance with this method, compensation expense is measured based on the grant-date fair value of the stock option award and recognized over the period during which the employee is required to provide services.

For the year of 2011 and 2010, 311,300 and 321,800 options were granted, respectively. No options were granted for the year of 2009. Stock compensation expense was $1,133,000 in 2011, $1,050,000 in 2010 and $484,000 in 2009.

Treasury Stock: United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method. Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis.

Earnings Per Common Share: Basic earnings per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding for the respective period. For diluted earnings per common share, the weighted-average number of shares of common stock outstanding for the respective period is increased by the number of shares of common stock that would be issued assuming the exercise of common stock options which have an exercise price below market price. The dilutive effect of stock options approximated 33,931 shares in 2011, 77,218 shares in 2010 and 46,458 shares in 2009. There are no other common stock equivalents. Other than common stock, United has no other outstanding securities that may participate in dividends with common shareholders.

The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:

	Year Ended December 31
(Dollars in thousands, except per share)	2011		2010		2009
Basic
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Earnings per basic common share	$	1.62	$	1.65	$	1.55
Diluted
Net Income	$	75,610	$	71,947	$	67,298
Average common shares outstanding		46,803,432		43,547,965		43,410,431
Equivalents from stock options		33,931		77,218		46,458
Average diluted shares outstanding		46,837,363		43,625,183		43,456,889
Earnings per diluted common share	$	1.61	$	1.65	$	1.55

Fair Value Measurements: United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

The Fair Value Measurements and Disclosures topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United's market assumptions.

The three levels of the fair value hierarchy based on these two types of inputs are as follows:

Level 1	-	Valuation is based on quoted prices in active markets for identical assets and liabilities.
Level 2	-	Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
Level 3	-	Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.

Other Recent Accounting Pronouncements: In June 2011, the FASB issued ASU 2011-05, "Presentation of Comprehensive Income", which revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220 and requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments of ASU 2011-05 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The adoption of ASU 2011-05 is not expected to have a material impact on United's financial condition or results of operations.

In May 2011, the FASB issued ASU 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs", to substantially converge the guidance in U.S. GAAP and IFRS on fair value measurements and disclosures. The amended guidance changes several aspects of the fair value measurement guidance ASC 820, "Fair Value Measurement", and includes several new fair value disclosure requirements. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-04 is not expected to have a material impact on United's financial condition or results of operations.

In April 2011, the FASB issued ASU 2011-03, "Consideration of Effective Control on Repurchase Agreements", which deals with the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. ASU 2011-03 changes the rules for determining when these transactions should be accounted for as financings, as opposed to sales. The guidance in ASU 2011-03 is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The adoption of ASU 2011-03 is not expected to have a material impact on United's financial condition or results of operation.

In April 2011, the FASB issued ASU 2011-02, "A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring", which clarifies when creditors should classify loan modifications as troubled debt restructurings. The guidance is effective for interim and annual periods beginning on or after June 15, 2011, and applies retrospectively to restructurings occurring on or after the beginning of the year. The guidance on measuring the impairment of a receivable restructured in a troubled debt restructuring is effective on a prospective basis. A provision in ASU 2011-02 also ends the FASB's deferral of the additional disclosures about troubled debt restructurings as required by ASU 2010-20. The adoption of ASU 2011-02 did not have a material impact on United's financial condition or results of operations.

In July 2010, the FASB issued ASU No. 2010-20, "Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses," which requires significant new disclosures about the allowance for credit losses and the credit quality of financing receivables. The requirements are intended to enhance transparency regarding credit losses and the credit quality of loan and lease receivables. Under this statement, allowance for credit losses and fair value are to be disclosed by portfolio segment, while credit quality information, impaired financing receivables and nonaccrual status are to be presented by class of financing receivable. Disclosure of the nature and extent, the financial impact and segment information of troubled debt restructurings will also be required. The disclosures are to be presented at the level of disaggregation that management uses when assessing and monitoring the portfolio's risk and performance. ASU 2010-20 became effective for United's financial statements as of December 31, 2010, as it relates to disclosures required as of the end of a reporting period. United has included the required disclosures at December 31, 2010 in Note E to the consolidated financial statements. Disclosures that relate to activity during a reporting period were required for United's financial statements that include periods beginning on or after January 1, 2011. ASU 2011-01, "Receivables (ASC topic 310) – Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20," temporarily deferred the effective date for disclosures related to troubled debt restructurings to coincide with the effective date of a proposed accounting standards update related to troubled debt restructurings, which became effective for periods ending after June 15, 2011. As ASU 2010-20 amends only the disclosure requirements for loans and leases and the allowance for credit losses, the adoption had no impact on United's financial condition or results of operations.

In April 2010, the FASB issued ASU No. 2010-18, "Receivables (ASC topic 310): Effect of a Loan Modification When the Loan Is Part of a Pool That is Accounted for as a Single Asset". This ASU clarifies that modifications of loans that are accounted for within a pool under ASC topic 310 do not result in the removal of those loans from the pool even if the modification of those loans would otherwise be considered a troubled debt restructuring. An entity will continue to be required to consider whether the pool of assets in which the loan is included is impaired if expected cash flows for the pool change. No additional disclosures are required with this ASU. The amendments in this ASU are effective for modifications of loans accounted for within pools under ASC topic 310 occurring in the first interim or annual period ending on or after July 15, 2010. The amendments are to be applied prospectively and early application is permitted. Upon initial adoption of the guidance in this ASU, an entity may make a onetime election to terminate accounting for loans as a pool under ASC topic 310. This election may be applied on a pool-by-pool basis and does not preclude an entity from applying pool accounting to subsequent acquisitions of loans with credit deterioration. The adoption of ASU 2010-18 did not have a material impact on United's consolidated financial statements.

In March 2010, the FASB issued ASU 2010-11, "Derivatives and Hedging (ASC topic 815): Scope Exception Related to Embedded Credit Derivatives", to address questions raised in practice about the intended breadth of the embedded credit derivative scope exception in ASC topic 815. The amended guidance clarifies that the scope exception does not apply to contracts that contain an embedded credit derivative related to the transfer of credit risk that is not only in the form of subordination of one financial instrument to another. ASU 2010-11 was effective for each reporting entity at the beginning of its first fiscal quarter beginning after June 15, 2010. United adopted ASU 2010-11 on July 1, 2010 as required. The adoption did not have a material impact on United's consolidated financial statements.

In February 2010, the FASB issued ASU 2010-08, "Technical Corrections to Various Topics." ASU 2010-08 clarifies guidance on embedded derivatives and hedging. ASU 2010-08 is effective for interim and annual periods beginning after December 15, 2009. United adopted ASU 2010-08 on January 1, 2010 as required. The adoption did not have a material impact on United's consolidated financial statements.

In February 2010, the FASB issued ASU 2010-09, "Subsequent Events (ASC topic 855): Amendments to Certain Recognition and Disclosure Requirements." This guidance removes the requirement for a SEC filer to disclose a date through which subsequent events have been evaluated in both issued and revised financial statements. Revised financial statements include financial statements revised as a result of either correction of an error or retrospective application of GAAP. ASU 2010-09 is intended to remove potential conflicts with the SEC's literature and all of the amendments are effective upon issuance, except for the use of the issued date for conduit debt obligors, which will be effective for interim or annual periods ending after June 15, 2010. United adopted ASU 2010-09 during the second quarter of 2010. The adoption did not have a material impact on United's consolidated financial statements.

In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-01, "Equity (ASC topic 505): Accounting for Distributions to Shareholders With Components of Stock and Cash – a consensus of the FASB Emerging Issues Task Force." ASU 2010-01 clarifies that the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in EPS prospectively and is not a stock dividend. ASU 2010-01 is effective for interim and annual periods ending on or after December 15, 2009 and should be applied on a retrospective basis. United adopted ASU 2010-01 as required. The adoption did not have a material impact on United's consolidated financial statements.

In January 2010, the FASB issued ASU 2010-02, "Consolidation (ASC topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope Clarification." ASU 2010-02 amends ASC subtopic 810-10 to address implementation issues related to changes in ownership provisions, including clarifying the scope of the decrease in ownership and additional disclosures. ASU 2010-02 is effective beginning in the period that an entity adopts Statement 160. If an entity has previously adopted Statement 160, ASU 2010-02 is effective beginning in the first interim or annual reporting period ending on or after December 15, 2009, and should be applied retrospectively to the first period Statement 160 was adopted. United adopted ASU 2010-02 on January 1, 2010 as required. The adoption did not have a material impact on United's consolidated financial statements.

In January 2010, the FASB issued ASU 2010-04, "Accounting for Various Topics – Technical Corrections to SEC Paragraphs." ASU 2010-04 makes technical corrections to existing SEC guidance, including the following topics: accounting for subsequent investments, termination of an interest rate swap, issuance of financial statements—subsequent events, use of residential method to value acquired assets other than goodwill, adjustments in assets and liabilities for holding gains and losses, and selections of discount rate used for measuring defined benefit obligation. United adopted ASU 2010-04 during the first quarter of 2010. The adoption did not have a material impact on United's consolidated financial statements.

In January 2010, the FASB issued ASU 2010-05, "Compensation – Stock Compensation (ASC topic 718): Escrowed Share Arrangements and the Presumption of Compensation." ASU 2010-05 updates existing guidance to address the SEC staff's views on overcoming the presumption that for certain shareholders escrowed share arrangements represent compensation. United adopted ASU 2010-05 during the first quarter of 2010. The adoption did not have a material impact on United's consolidated financial statements.

In January 2010, the FASB issued ASU 2010-06, "Fair Value Measurements and Disclosures (ASC topic 820): Improving Disclosures About Fair Value Measurements." ASU 2010-06 amends ASC subtopic 820-10 to clarify existing disclosures, require new disclosures, and include conforming amendments to guidance on employers' disclosures about postretirement benefit plan assets. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. United adopted the provisions of ASU 2010-06 when required and are included in Note T to the December 31, 2011 consolidated financial statements. The adoption of ASU 2010-06 did not have a material impact on United's consolidated financial statements.

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Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

Mergers and Acquisitions [Abstract]

Schedule of fair value of accounted acquired loan portfolio

(In thousands)	July 8, 2011
Contractually required principal and interest at acquisition	$	1,377,211
Contractual cash flows not expected to be collected		(33,879)
Expected cash flows at acquisition		1,343,332
Interest component of expected cash flows		(321,297)
Basis in acquired loans at acquisition – estimated fair value	$	1,022,035

Schedule of acquired identifiable assets and liabilities assumed

(In thousands)
Purchase price:
Value of common shares issued (6,548,473 shares)	$	161,420
Cash for stock options and fractional shares		8,576
Total purchase price		169,996
Identifiable assets:
Cash and cash equivalents		57,661
Investment securities		128,078
Loans held for sale		2,062
Loans		1,022,035
Premises and equipment		20,126
Core deposit intangibles		12,439
Other assets		51,656
Total identifiable assets	$	1,294,057
Identifiable liabilities:
Deposits	$	1,132,885
Short-term borrowings		28,566
Long-term borrowings		19,436
Other liabilities		3,273
Total identifiable liabilities		1,184,160
Net assets acquired including identifiable intangible assets		109,897
Resulting goodwill	$	60,099

Schedule of acquired reconciliation of goodwill

(In thousands)	December 31, 2011
Goodwill at December 31, 2010	$	311,765
Reductions:
Options exercised from previous acquisitions		(171)
Additions:
Goodwill from Centra acquisition		60,099
Goodwill at December 31, 2011	$	371,693

Schedule of business acquisition pro forma information

(In thousands)	Centra actual since acquisition through December 31,		Proforma Year Ended     December 31
	2011		2011		2010
Total Revenues (1)	$	32,506	$	345,126	$	360,417
Net Income		13,769		70,944		81,963

(1) Represents net interest income plus other income

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Allowance for Credit Losses (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2011 days	Dec. 31, 2009
Allowance for Credit Losses (Textual) [Abstract]
Specific loss allocations are calculated for loans in excess		$ 250,000
Reserve for lending-related commitments	2,006,000	1,853,000
Number of days for collecting principal or interest on consumer loans		90
Minimum collection period for home equity loan or high loan to value loan		180 days
Retail credits amount deemed unrecoverable charged off period		60 days
Retail credits charged off period after discovery of the fraud		90 days
Funds recovered from insurance carrier	15,000,000
Amount of fraudulent loans previously charged off			$ 17,550,000
Closed End Retail Loans [Member]
Allowance for Credit Losses (Textual) [Abstract]
Number of days delinquent from contractual due date		120
Open End Loans [Member]
Allowance for Credit Losses (Textual) [Abstract]
Number of days delinquent from contractual due date		180

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Derivative Financial Instruments (Details 1) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Schedule of fair value derivative financial instruments
Derivatives not designated as hedging instruments	$ 3,817	$ 4,360
Total asset derivatives	3,817	4,360
Derivatives designated as hedging instruments	1,233	1,581
Derivatives not designated as hedging instruments	3,817	4,360
Total liability derivatives	5,050	5,941
Interest rate contracts [Member] | Other Assets [Member]
Schedule of fair value derivative financial instruments
Derivatives not designated as hedging instruments	3,817	4,360
Interest rate contracts [Member] | Other Liabilities [Member]
Schedule of fair value derivative financial instruments
Derivatives designated as hedging instruments	1,233	1,581
Derivatives not designated as hedging instruments	$ 3,817	$ 4,360

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Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings [Abstract]

Short-term borrowings and the related weighted-average interest rates

	2011				2010
			Weighted-				Weighted-
(Dollars in thousands)			Average				Average
	Amount		Rate		Amount		Rate
Federal funds purchased	$	7,120		0.20%	$	8,542		0.20%
Securities sold under agreements to repurchase		247,646		0.07%		183,097		0.04%
TT&L note option		0		0.00%		1,575		0.00%
Total	$	254,766			$	193,214

Funds purchased and securities sold under agreements to repurchase and weighted-average interest rates

(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
At December 31:
2011	$	7,120	$	247,646
2010		8,542		183,097
2009		7,835		211,659

(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
Weighted-average interest rate at year-end:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.2%		0.0%
Maximum amount outstanding at any month's end:
2011		$     20,440		$  274,546
2010		25,325		305,658
2009		207,680		367,887
Average amount outstanding during the year:
2011		$    13,377		$ 242,371
2010		15,871		269,142
2009		89,109		329,905
Weighted-average interest rate during the year:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.4%		0.0%

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Summary of Significant Accounting Policies (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011 regions	Dec. 31, 2010	Dec. 31, 2009
Summary of significant accounting policies (Textual) [Abstract]
Number of metropolitan statistical areas	5
Loan fees amortized and included in interest income	$ 6,264,000	$ 4,690,000	$ 6,306,000
Minimum days, related to accrual of interest on discontinued commercial and consumers loans	90 days
Maximum days, related to accrual of interest on discontinued commercial and consumers loans	120 days
Sustained period of repayment performance in restructured loans	6 months
Carrying value of subordinated interests	0
Cash received from retained interest in asset securitization	110,000	862,000	1,054,000
Real estate acquired in foreclosure or other settlement of loans	51,760,000	44,770,000
Advertising expense	4,172,000	4,226,000	3,338,000
Amortization expense on intangible assets	2,429,000	1,884,000	2,561,000
Total goodwill	371,693,000	311,765,000
Stock options granted, shares	311,300	321,800	0
Stock based compensation expense	$ 1,133,000	$ 1,050,000	$ 484,000
Equivalents from stock options	33,931	77,218	46,458
Furniture Fixtures and Equipment [Member]
Summary of significant accounting policies (Textual) [Abstract]
Bank premises and equipment, minimum useful life	3
Bank premises and equipment, maximum useful life	15
Buildings and improvements [Member]
Summary of significant accounting policies (Textual) [Abstract]
Bank premises and equipment, minimum useful life	5
Bank premises and equipment, maximum useful life	40
Core deposit intangible assets [Member]
Summary of significant accounting policies (Textual) [Abstract]
Amortized intangible assets, minimum useful life	1
Amortized intangible assets, maximum useful life	7

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Loans (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Activity for accretable yield
Accretable yield at the beginning of the period	$ 0
Additions	4,144
Accretion (including cash recoveries)	(1,673)
Net reclassifications to accretable from non-accretable	0
Disposals (including maturities, foreclosures, and charge-offs)	(148)
Accretable yield at the ending of the period	$ 2,323

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Assets
Cash and due from banks	$ 128,627	$ 115,352
Interest-bearing deposits with other banks	506,367	345,319
Federal funds sold	1,009	718
Total cash and cash equivalents	636,003	461,389
Securities available for sale at estimated fair value (amortized cost-$752,085 at December 31, 2011 and $717,797 at December 31, 2010)	696,518	653,276
Securities held to maturity (estimated fair value-$56,181 at December 31, 2011 and $62,315 at December 31, 2010)	59,289	67,036
Other investment securities	68,412	74,403
Loans held for sale	3,902	6,869
Loans	6,240,213	5,263,351
Less: Unearned income	(3,503)	(3,025)
Loans net of unearned income	6,236,710	5,260,326
Less: Allowance for loan losses	(73,874)	(73,033)
Net loans	6,162,836	5,187,293
Bank premises and equipment	76,442	55,378
Goodwill	371,693	311,765
Accrued interest receivable	26,461	23,564
Other assets	349,914	314,746
TOTAL ASSETS	8,451,470	7,155,719
Deposits:
Noninterest-bearing	1,619,162	1,203,255
Interest-bearing	5,199,848	4,510,279
Total deposits	6,819,010	5,713,534
Borrowings:
Federal funds purchased	7,120	8,542
Securities sold under agreements to repurchase	247,646	183,097
Federal Home Loan Bank borrowings	141,809	202,181
Other short-term borrowings	0	1,575
Other long-term borrowings	203,557	184,277
Allowance for lending-related commitments	1,853	2,006
Accrued expenses and other liabilities	61,631	67,495
TOTAL LIABILITIES	7,482,626	6,362,707
Shareholders' Equity
Preferred stock, $1.00 par value; Authorized-50,000,000 shares; none issued
Common stock, $2.50 par value; Authorized-100,000,000 shares; issued-50,867,630 and 44,319,157 at December 31, 2011 and 2010, respectively, including 654,682 and 697,522 shares in treasury at December 31, 2011 and 2010, respectively	127,169	110,798
Surplus	238,761	93,431
Retained earnings	692,043	673,260
Accumulated other comprehensive loss	(66,758)	(60,656)
Treasury stock, at cost	(22,371)	(23,821)
TOTAL SHAREHOLDERS' EQUITY	968,844	793,012
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 8,451,470	$ 7,155,719

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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments [Abstract]

Schedule of derivative instruments

	Derivative Hedging Instruments
	December 31, 2011						December 31, 2010
(Dollars in thousands)	Notional Amount		Average Receive Rate		Average Pay Rate		Notional Amount		Average Receive Rate		Average Pay Rate
Fair Value Hedges:
Pay Fixed Swap (Hedging Commercial Loans)	$	13,045		0.00%		6.27%	$	13,381		0.00%		6.27%
Total Derivatives Used in Fair Value Hedges	$	13,045					$	13,381
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges	$	13,045					$	13,381

Schedule of fair value derivative financial instruments

	Asset Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives not designated as hedging instruments
Interest rate contracts		Other assets	$	3,817		Other assets	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total asset derivatives			$	3,817			$	4,360
	Liability Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts		Other liabilities	$	1,233		Other liabilities	$	1,581
Total derivatives designated as hedging instruments			$	1,233			$	1,581
Derivatives not designated as hedging instruments
Interest rate contracts		Other liabilities	$	3,817		Other liabilities	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total liability derivatives			$	5,050			$	5,941

Schedule of derivative financial instruments on Statement of Income

		Year Ended
(In thousands)	Income Statement     Location	December 31, 2011		December 31, 2010		December 31, 2009
Derivatives in fair value hedging relationships
Interest rate contracts	Interest income/(expense)	$	81	$	86	$	103
Total derivatives in fair value hedging relationships		$	81	$	86	$	103
Derivatives not designated as hedging instruments
Interest rate contracts (1)	Other income	$	1,782	$	3,654	$	3,504
Interest rate contracts (2)	Other expense	$	(1,782)	$	(3,654)	$	(3,504)
Total derivatives not designated as hedging instruments		$	0	$	0	$	0
Total derivatives		$	81	$	86	$	103

(1) Represents net gains from derivative assets not designated as hedging instruments.

(2) Represents net losses from derivative liabilities not designated as hedging instruments.

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Long-Term Borrowings (Details 2) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Debentures and related weighted average interest rates
Debentures amount	$ 203,557	$ 184,277
Century Trust [Member]
Debentures and related weighted average interest rates
Debentures amount	8,800	8,800
Weighted-average rate	10.88%	10.88%
Sequoia Trust I [Member]
Debentures and related weighted average interest rates
Debentures amount	7,220	7,432
Weighted-average rate	10.18%	10.18%
United Statutory Trust III [Member]
Debentures and related weighted average interest rates
Debentures amount	20,619	20,619
Weighted-average rate	3.41%	3.15%
United Statutory Trust IV [Member]
Debentures and related weighted average interest rates
Debentures amount	25,774	25,774
Weighted-average rate	3.28%	3.14%
United Statutory Trust V [Member]
Debentures and related weighted average interest rates
Debentures amount	51,547	51,547
Weighted-average rate	6.67%	6.67%
United Statutory Trust VI [Member]
Debentures and related weighted average interest rates
Debentures amount	30,928	30,928
Weighted-average rate	6.60%	6.60%
Premier Statutory Trust II [Member]
Debentures and related weighted average interest rates
Debentures amount	6,186	6,186
Weighted-average rate	3.50%	3.39%
Premier Statutory Trust III [Member]
Debentures and related weighted average interest rates
Debentures amount	8,248	8,248
Weighted-average rate	2.29%	2.04%
Premier Statutory Trust IV [Member]
Debentures and related weighted average interest rates
Debentures amount	14,433	14,433
Weighted-average rate	2.12%	1.85%
Premier Statutory Trust V [Member]
Debentures and related weighted average interest rates
Debentures amount	10,310	10,310
Weighted-average rate	6.62%	6.62%
Centra Statutory Trust I [Member]
Debentures and related weighted average interest rates
Debentures amount	9,746	0
Weighted-average rate	2.85%	0.00%
Centra Statutory Trust II [Member]
Debentures and related weighted average interest rates
Debentures amount	$ 9,746	$ 0
Weighted-average rate	2.05%	0.00%

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Derivative Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Schedule of derivative instruments
Notional Amount, Pay Fixed Swap Fair Value Hedges (Hedging Commercial Loans)	$ 13,045	$ 13,381
Total Derivatives Used in Fair Value Hedges	13,045	13,381
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges	$ 13,045	$ 13,381
Average Receive Rate	0.00%	0.00%
Average Pay Rate	6.27%	6.27%

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Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash dividends, per share	$ 1.21	$ 1.20	$ 1.17
Shares, Exercised	40,447	164,341
Surplus
Shares, Exercised	40,447	164,341	79,323
Retained Earnings
Cash dividends, per share	$ 1.21	$ 1.20	$ 1.17
Treasury Stock
Purchase of treasury stock, shares	676	8,910	74,703
Distribution of treasury stock for deferred compensation plan, shares	3,069	28,466	30,902
Shares, Exercised	40,447	164,341	79,323

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Long-Term Borrowings (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
FHLB advances and related weighted average interest rates
FHLB advances	$ 141,809	$ 202,181
FHLB advances, Weighted-Average Contractual Rate	4.17%	4.06%
FHLB advances, Weighted-Average Effective Rate	4.17%	4.06%

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Investment Securities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	$ 752,085	$ 717,797
Gross Unrealized Gains	13,290	19,321
Gross Unrealized Losses	68,857	83,842
Securities available for sale	696,518	653,276
Cumulative OTTI in AOCI	49,401	48,856
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	303,484	103,851
Gross Unrealized Gains	75	14
Gross Unrealized Losses	12	0
Securities available for sale	303,547	103,865
Cumulative OTTI in AOCI	0	0
State and political subdivisions [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	94,794	81,801
Gross Unrealized Gains	4,092	2,711
Gross Unrealized Losses	38	199
Securities available for sale	98,848	84,313
Cumulative OTTI in AOCI	0	0
Residential mortgage-backed securities, Agency [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	185,543	308,601
Gross Unrealized Gains	8,036	15,132
Gross Unrealized Losses	175	0
Securities available for sale	193,404	323,733
Cumulative OTTI in AOCI	0	0
Residential mortgage-backed securities, Non Agency [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	39,526	77,524
Gross Unrealized Gains	607	880
Gross Unrealized Losses	2,592	4,648
Securities available for sale	37,541	73,756
Cumulative OTTI in AOCI	2,234	3,835
Trust preferred collateralized debt obligations [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	104,161	124,632
Gross Unrealized Gains	0	0
Gross Unrealized Losses	61,792	74,724
Securities available for sale	42,369	49,908
Cumulative OTTI in AOCI	47,167	45,021
Single issue trust preferred securities [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	15,242	15,594
Gross Unrealized Gains	304	287
Gross Unrealized Losses	3,786	4,155
Securities available for sale	11,760	11,726
Cumulative OTTI in AOCI	0	0
Other corporate securities [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	4,994
Gross Unrealized Gains	96
Gross Unrealized Losses	0
Securities available for sale	5,090
Cumulative OTTI in AOCI	0
Marketable equity securities [Member]
Summary of amortized cost and fair values of available for sale securities
Amortized Cost	4,341	5,794
Gross Unrealized Gains	80	297
Gross Unrealized Losses	462	116
Securities available for sale	3,959	5,975
Cumulative OTTI in AOCI	$ 0	$ 0

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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Current expense:
Federal									$ 23,341	$ 24,904	$ 17,222
State									518	971	354
Deferred expense (benefit):
Federal and State									10,907	6,582	(6,625)
Total income taxes	$ 9,312	$ 9,204	$ 8,026	$ 8,224	$ 8,870	$ 7,335	$ 8,241	$ 8,011	$ 34,766	$ 32,457	$ 10,951

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Credit Quality (Tables)

12 Months Ended

Dec. 31, 2011

Credit Quality [Abstract]

Schedule of Troubled Debt Restructurings, Segregated by Class of Loans

Troubled Debt Restructurings For the Year Ended December 31, 2011
(In thousands)	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Commercial real estate:
Owner-occupied		0	$	0	$	0
Nonowner-occupied		2		2,075		2,064
Other commercial		0		0		0
Residential real estate		2		1,979		1,528
Construction & land development		0		0		0
Consumer:
Bankcard		0		0		0
Other consumer		0		0		0
Total		4	$	4,054	$	3,592

Troubled Debt Restructuring by Class of Loan, Charge-Offs

	Year Ended December 31, 2011
(In thousands)	Number of Contracts		Recorded Investment
Troubled Debt Restructurings
Commercial real estate:
Owner-occupied		0	$	0
Nonowner-occupied		0		0
Other commercial		0		0
Residential real estate		2		0
Construction & land development		0		0
Consumer:
Bankcard		0		0
Other consumer		0		0
Total		2	$	0

Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans

Age Analysis of Past Due Loans As of December 31, 2011
(In thousands)	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current		Total Financing Receivables		Recorded Investment >90 Days & Accruing
Commercial real estate:
Owner-occupied	$	4,625	$	4,707	$	9,332	$	734,170	$	743,502	$	1,597
Nonowner-occupied		16,694		13,285		29,979		1,523,280		1,553,259		2,233
Other commercial		7,131		14,153		21,284		1,190,921		1,212,205		761
Residential real estate		52,654		26,617		79,271		1,818,387		1,897,658		8,833
Construction & land development		13,809		17,820		31,629		518,248		549,877		1,840
Consumer:
Bankcard		222		176		398		11,121		11,519		176
Other consumer		5,739		841		6,580		265,613		272,193		739
Total	$	100,874	$	77,599	$	178,473	$	6,061,740	$	6,240,213	$	16,179

Age Analysis of Past Due Loans As of December 31, 2010
(In thousands)	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current		Total Financing Receivables		Recorded Investment >90 Days & Accruing
Commercial real estate:
Owner-occupied	$	7,525	$	11,570	$	19,095	$	555,814	$	574,909	$	1,481
Nonowner-occupied		12,827		5,014		17,841		1,206,640		1,224,481		204
Other commercial		14,687		8,942		23,629		1,014,673		1,038,302		841
Residential real estate		49,758		20,383		70,141		1,630,239		1,700,380		3,814
Construction & land development		6,803		20,387		27,190		443,744		470,934		254
Consumer:
Bankcard		409		124		533		11,492		12,025		124
Other consumer		4,660		811		5,471		236,849		242,320		517
Total	$	96,669	$	67,231	$	163,900	$	5,099,451	$	5,263,351	$	7,235

Schedule of Nonaccrual Loans, Segregated by Class of Loans

Loans on Nonaccrual Status
(In thousands)	December 31, 2011		December 31, 2010
Commercial real estate:
Owner-occupied	$	3,110	$	10,089
Nonowner-occupied		11,052		4,810
Other commercial		13,392		8,101
Residential real estate		17,784		16,569
Construction & land development		15,980		20,133
Consumer:
Bankcard		0		0
Other consumer		102		294
Total	$	61,420	$	59,996

Schedule of Credit Quality Indicators Information, by Class of Loans

Credit Quality Indicators

Corporate Credit Exposure
As of December 31, 2011
	Commercial Real Estate
(In thousands)	Owner- occupied		Nonowner- occupied		Other Commercial		Construction & Land Development
Grade:
Pass	$	679,651	$	1,407,006	$	1,073,347	$	462,517
Special mention		38,150		67,035		78,158		41,093
Substandard		25,701		79,218		57,436		45,267
Doubtful		0		0		3,264		1,000
Total	$	743,502	$	1,553,259	$	1,212,205	$	549,877

As of December 31, 2010
	Commercial Real Estate
(In thousands)	Owner- occupied		Nonowner- occupied		Other Commercial		Construction & Land Development
Grade:
Pass	$	502,228	$	1,133,186	$	897,196	$	366,358
Special mention		27,156		59,159		80,015		47,183
Substandard		45,525		32,136		61,083		51,282
Doubtful		0		0		8		6,111
Total	$	574,909	$	1,224,481	$	1,038,302	$	470,934

Credit Quality Indicators

Consumer Credit Exposure
As of December 31, 2011
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,790,296	$	11,079	$	265,995
Special mention		56,722		304		5,366
Substandard		50,640		136		832
Doubtful		0		0		0
Total	$	1,897,658	$	11,519	$	272,193

As of December 31, 2010
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,605,589	$	11,492	$	236,888
Special mention		47,538		409		4,621
Substandard		47,008		124		811
Doubtful		245		0		0
Total	$	1,700,380	$	12,025	$	242,320

Schedule of Impaired Loans Information by Class of Loans

The following table set forth United's impaired loans information, by class of loans:

Impaired Loans For the Year Ended December 31, 2011
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	3,540	$	4,934	$	0	$	11,132	$	109
Nonowner-occupied		30,382		32,573		0		18,005		1,191
Other commercial		7,831		9,405		0		11,265		312
Residential real estate		18,750		20,613		0		16,527		594
Construction & land development		23,654		33,172		0		33,622		509
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6
With an allowance recorded:
Commercial real estate:						``
Owner-occupied	$	1,638	$	1,638	$	269	$	864	$	58
Nonowner-occupied		2,086		2,413		596		4,186		128
Other commercial		20,453		22,630		5,888		12,772		787
Residential real estate		8,868		10,867		1,925		16,356		425
Construction & land development		10,714		12,210		2,480		8,578		299
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		0		0
Total:
Commercial real estate:
Owner-occupied	$	5,178	$	6,572	$	269	$	11,996	$	167
Nonowner-occupied		32,468		34,986		596		22,191		1,319
Other commercial		28,284		32,035		5,888		24,037		1,099
Residential real estate		27,618		31,480		1,925		32,883		1,019
Construction & land development		34,368		45,382		2,480		42,200		808
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	4,229	$	323
Nonowner-occupied		3,365		3,579		0		5,444		239
Other commercial		4,512		4,718		0		5,480		376
Residential real estate		6,650		7,971		0		6,742		301
Construction & land development		19,275		22,506		0		14,743		569
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		47		0
With an allowance recorded:
Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	4,462	$	0
Nonowner-occupied		2,924		3,124		918		1,881		80
Other commercial		3,923		4,304		2,147		2,961		244
Residential real estate		9,195		10,694		1,920		5,228		488
Construction & land development		8,360		8,785		3,408		13,876		358

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		273		1
Total:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	8,691	$	323
Nonowner-occupied		6,289		6,703		918		7,325		319
Other commercial		8,435		9,022		2,147		8,441		620
Residential real estate		15,845		18,665		1,920		11,970		789
Construction & land development		27,635		31,291		3,408		28,619		927
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		320		1

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Investment Securities (Details 6) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Summary of maturities of securities available for sale by amortized cost and estimated fair value
Due in one year or less, Amortized Cost	$ 259,162
Due after one year through five years, Amortized Cost	128,279
Due after five years through ten years, Amortized Cost	91,031
Due after ten years, Amortized Cost	269,272
Marketable equity securities, Amortized Cost	4,341
Amortized cost, total	752,085
Due in one year or less, Estimated Fair Value	259,267
Due after one year through five years, Estimated Fair Value	130,898
Due after five years through ten years, Estimated Fair Value	96,345
Due after ten years, Estimated Fair Value	206,049
Marketable equity securities, Estimated Fair Value	3,959
Total available for sale securities	$ 696,518

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Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2011

Commitments and Contingent Liabilities [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE O—COMMITMENTS AND CONTINGENT LIABILITIES

United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements.

United's maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management's credit evaluation of the counterparty.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management's credit evaluation of the counterparty. United had approximately $1,667,859,000 and $1,562,371,000 of loan commitments outstanding as of December 31, 2011 and 2010, respectively, substantially all of which contractually expire within one year.

Commercial and standby letters of credit are agreements used by United's customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. United has issued commercial letters of credit of $290,000 and $1,469,000 as of December 31, 2011 and 2010, respectively. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $130,034,000 and $117,705,000 as of December 31, 2011 and 2010, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial.

In April, 2011, United Bankshares, Inc. and United Bank, Inc. of West Virginia were named as defendants in two putative class actions. In the first putative class action, the plaintiffs seek to represent a national class of United Bank, Inc. of West Virginia customers allegedly harmed by United Bank's overdraft practices relating to debit card transactions. In the second putative class action, the plaintiff seeks to represent a class of West Virginia residents allegedly harmed by United Bank's overdraft practices relating to debit card transactions.

These lawsuits are substantially similar to class action lawsuits being filed against financial institutions nationwide. With respect to the second putative class action, in September of 2011, the West Virginia state court ruled on a motion to dismiss filed by United Bankshares, Inc. and United Bank, Inc. of West Virginia. Although the West Virginia state court denied the motion as to United Bank, Inc. of West Virginia, the motion was granted, without prejudice, as to United Bankshares, Inc. Otherwise, at this stage of the proceedings, it is too early to determine if these matters would be reasonably expected to have a material adverse effect on United's financial condition. An estimate as to possible loss cannot be provided at this time because such estimate cannot be made with certainty. United believes there are meritorious defenses to the claims asserted in both proceedings.

In addition, United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United's financial position.

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Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2011

Allowance for Credit Losses [Abstract]

Progression of allowance for credit losses including allowance for credit losses and reserve for lending-related commitments

	Year Ended December 31
(In thousands)	2011		2010		2009
Balance at beginning of period	$	75,039	$	70,010	$	63,603
Provision for credit losses		16,988		13,773		46,065
		92,027		83,783		109,668
Loans charged off		19,605		25,762		41,077
Less recoveries		3,305		17,018		1,419
Net charge-offs		16,300		8,744		39,658
Balance at end of period	$	75,727	$	75,039	$	70,010

Schedule of Allowance for Loan Losses and Carrying Amount of Loans

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Allowance for Loan Losses:
Beginning balance	$	3,116	$	12,456	$	21,918	$	11,653	$	18,738	$	2,161	$	2,991	$	73,033
Charge-offs		1,230		897		2,765		7,069		6,290		1,354		0		19,605
Recoveries		2		639		1,924		248		136		356		0		3,305
Provision		1,782		(551)		(274)		9,048		6,567		988		(419)		17,141
Ending balance	$	3,670	$	11,647	$	20,803	$	13,880	$	19,151	$	2,151	$	2,572	$	73,874
Ending Balance: individually evaluated for impairment	$	269	$	596	$	5,888	$	1,925	$	2,480	$	0	$	0	$	11,158
Ending Balance: collectively evaluated for impairment	$	3,401	$	11,051	$	14,915	$	11,955	$	16,671	$	2,151	$	2,572	$	62,716
Ending Balance: loans acquired with deteriorated credit quality	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Financing receivables:
Ending balance	$	743,502	$	1,553,259	$	1,212,205	$	1,897,658	$	549,877	$	283,712	$	0	$	6,240,213
Ending Balance: individually evaluated for impairment	$	2,321	$	29,794	$	25,532	$	18,288	$	20,835	$	0	$	0	$	96,770
Ending Balance: collectively evaluated for impairment	$	738,596	$	1,514,173	$	1,184,565	$	1,877,287	$	508,921	$	280,947	$	0	$	6,104,489
Ending Balance: loans acquired with deteriorated credit quality	$	2,585	$	9,292	$	2,108	$	2,083	$	20,121	$	2,765	$	0	$	38,954

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Long-Term Borrowings (Details Textual) (USD $)	12 Months Ended															12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 United Statutory Trust III [Member]	Dec. 31, 2011 United Statutory Trust IV [Member]	Dec. 31, 2011 United Statutory Trust V [Member]	Dec. 31, 2011 United Statutory Trust VI [Member]	Dec. 31, 2011 Premier Statutory Trust II [Member]	Dec. 31, 2011 Premier Statutory Trust III [Member]	Dec. 31, 2011 Premier Statutory Trust IV [Member]	Dec. 31, 2011 Premier Statutory Trust V [Member]	Dec. 31, 2011 Centra Statutory Trust I [Member]	Dec. 31, 2011 Centra Statutory Trust II [Member]	Dec. 31, 2011 Centra Financial Holdings Inc [Member]	Jul. 08, 2011 Centra Financial Holdings Inc [Member]	Dec. 31, 2011 Long-term Borrowings [Member]	Dec. 31, 2010 Long-term Borrowings [Member]	Dec. 31, 2009 Long-term Borrowings [Member]
Long-Term Borrowings (Textual) [Abstract]
Interest rate above LIBOR rate				2.85%	2.85%			3.10%	1.74%	1.55%		2.29%	1.65%
Interest rate, Fixed						6.67%	6.60%				6.62%
Carrying value of loans pledged as collateral for FHLB advances	$ 2,628,099,000
Unused borrowing amount	1,979,987,000
FHLB advances	141,809,000	202,181,000
Number of statutory business trusts	12													2
Outstanding balances of debentures	203,557,000	184,277,000													20,000,000
Maximum time to defer payment of interest on subordinate debt	5 years
Interest on long-term borrowings	16,553,000	29,366,000	36,266,000
Interest paid																$ 16,330,000	$ 29,990,000	$ 37,094,000

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Fair Values of Financial Instruments (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Schedule of financial assets and liabilities measured at fair value
Total available for sale securities	$ 696,518,000
Derivative financial assets	3,817,000	4,360,000
Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	692,559,000	647,301,000
Available for sale equity securities	3,959,000	5,975,000
Total available for sale securities	696,518,000	653,276,000
Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	792,000	854,000
Available for sale equity securities	3,639,000	5,975,000
Total available for sale securities	4,431,000	6,829,000
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	649,398,000	596,539,000
Available for sale equity securities	320,000	0
Total available for sale securities	649,718,000	596,539,000
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	42,369,000	49,908,000
Available for sale equity securities	0	0
Total available for sale securities	42,369,000	49,908,000
Financial services industry [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	2,243,000	1,942,000
Financial services industry [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	1,923,000	1,942,000
Financial services industry [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	320,000	0
Financial services industry [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	0	0
Equity mutual funds [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	860,000	3,054,000
Equity mutual funds [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	860,000	3,054,000
Equity mutual funds [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	0	0
Equity mutual funds [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	0	0
Other equity securities [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	856,000	979,000
Other equity securities [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	856,000	979,000
Other equity securities [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	0	0
Other equity securities [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale equity securities	0	0
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	303,547,000	103,865,000
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	303,547,000	103,865,000
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
State and political subdivisions [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	98,848,000	84,313,000
State and political subdivisions [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
State and political subdivisions [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	98,848,000	84,313,000
State and political subdivisions [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Agency [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	193,404,000	323,733,000
Agency [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Agency [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	193,404,000	323,733,000
Agency [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Non-agency [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	37,541,000	73,756,000
Non-agency [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	364,000	408,000
Non-agency [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	37,177,000	73,348,000
Non-agency [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Trust preferred collateralized debt obligations [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	42,369,000	49,908,000
Trust preferred collateralized debt obligations [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Trust preferred collateralized debt obligations [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Trust preferred collateralized debt obligations [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	42,369,000	49,908,000
Single issue trust preferred [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	11,760,000	11,726,000
Single issue trust preferred [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	428,000	446,000
Single issue trust preferred [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	11,332,000	11,280,000
Single issue trust preferred [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0	0
Other corporate securities [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	5,090,000
Other corporate securities [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0
Other corporate securities [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	5,090,000
Other corporate securities [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Available for sale debt securities	0
Interest rate contracts [Member] | Fair Value Measurements Recurring [Member]
Schedule of financial assets and liabilities measured at fair value
Derivative financial assets	3,817,000	4,360,000
Derivative financial liabilities	5,050,000	5,941,000
Interest rate contracts [Member] | Fair Value Measurements Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Schedule of financial assets and liabilities measured at fair value
Derivative financial assets	0	0
Derivative financial liabilities	0	0
Interest rate contracts [Member] | Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Schedule of financial assets and liabilities measured at fair value
Derivative financial assets	3,817,000	4,360,000
Derivative financial liabilities	5,050,000	5,941,000
Interest rate contracts [Member] | Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Schedule of financial assets and liabilities measured at fair value
Derivative financial assets	0	0
Derivative financial liabilities	$ 0	$ 0

XML

Comprehensive Income

12 Months Ended

Dec. 31, 2011

Comprehensive Income [Abstract]

COMPREHENSIVE INCOME

NOTE Q—COMPREHENSIVE INCOME

The changes in accumulated other comprehensive income are as follows:

	For the Years Ended December 31
(In thousands)	2011		2010		2009
Net Income	$	75,610	$	71,947	$	67,298
Available for sale ("AFS") securities:
AFS securities with OTTI charges during the period		(33,580)		(40,805)		(24,887)
Related income tax effect		11,753		14,282		8,710
Less : OTTI charges recognized in net income		20,414		8,523		5,701
Related income tax effect		(7,145)		(2,983)		(1,995)
Reclassification of previous noncredit OTTI to credit OTTI		12,622		2,611		0
Related income tax effect		(4,418)		(914)		0
Net unrealized losses on AFS securities with OTTI		(354)		(19,286)		(12,471)
Net change in unrealized gains on AFS securities arising during the period		10,917		33,266		19,725
Related income tax effect		(3,821)		(11,643)		(6,904)
Net reclassification adjustment for gains included in net income		(1,418)		(351)		(231)
Related income tax expense		496		123		81
		6,174		21,395		12,671
Net effect of AFS securities on other comprehensive income		5,820		2,109		200
Held to maturity ("HTM") securities:
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio		0		130		817
Related income tax expense		0		(45)		(286)
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity		8		8		69
Related income tax expense		(3)		(3)		(24)
Net effect of HTM securities on other comprehensive income		5		90		576
Cash flow hedge derivatives:
Unrealized gain on cash flow hedge		0		5,640		3,037
Related income tax expense		0		(1,974)		(1,063)
Termination of cash flow hedge		0		2,051		0
Related income tax expense		0		(718)		0
Net effect of cash flow hedge derivatives on other comprehensive income		0		4,999		1,974
Pension plan:
Change in pension asset		(20,591)		(1,204)		4,491
Related income tax expense (benefit)		7,206		421		(1,572)
Amortization of transition asset		0		(131)		(175)
Related income tax expense		0		52		65
Amortization of prior service cost		1		1		1
Related income tax benefit		0		0		0
Recognized net actuarial loss		2,427		2,317		3,506
Related income tax benefit		(970)		(927)		(1,298)
Net effect of change in pension plan asset on other comprehensive income		(11,927)		529		5,018
Total change in other comprehensive income, net of tax		(6,102)		7,727		7,768
Total Comprehensive Income	$	69,508	$	79,674	$	75,066

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Investment Securities (Details 9) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Summary of maturities of debt securities held to maturity by amortized cost and estimated fair value
Due in one year or less, Amortized Cost	$ 1,011
Due after one year through five years, Amortized Cost	8,548
Due after five years through ten years, Amortized Cost	10,370
Due after ten years, Amortized Cost	39,360
Amortized Cost, Total	59,289
Due in one year or less, Estimated Fair Value	1,019
Due after one year through five years, Estimated Fair Value	9,684
Due after five years through ten years, Estimated Fair Value	12,115
Due after ten years, Estimated Fair Value	33,363
Estimated Fair Value, Total	$ 56,181

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Employee Benefit Plans (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Employee Benefit Plans (Textual) [Abstract]
Unrecognized prior service costs, before tax		$ 4,000
Unrecognized prior service costs, net of tax		3,000
Unrecognized actuarial losses, before tax		50,590,000
Unrecognized actuarial losses, net of tax		32,884,000
Amortization of transition asset, before tax, expected for fiscal year ended December 31, 2012		1,000
Amortization of transition asset, net of tax, expected for fiscal year ended December 31, 2012		1,000
Amortization of actuarial losses, before tax, expected for fiscal year ended December 31, 2012		4,124,000
Amortization of actuarial losses, net of tax, expected for fiscal year ended December 31, 2012		2,680,000
Amount of United common stock held in the pension plan		2,992,000	3,090,000
Percentage of equity securities include united common stock		3.00%	3.00%
Maximum percentage limit of securities in portfolio by any company		10
Maximum percentage limit of securities in portfolio in any industry		15.00%
Maximum percentage limit of plan assets in portfolio in foreign securities		15.00%
Contribution made by employer	9,100,000	0	9,100,000
Maximum percentage limit of common stock to invest in portfolio for any industry		5.00%
Minimum number of days required to be eligible for the participation in the plan		90 days
Minimum percentage allowed as of contribution to respective accounts by participants		1
Maximum percentage allowed as of contribution to respective accounts by participants		100.00%
Percentage of salary deferred under condition one of contribution by company					100.00%	100.00%
First percentage of salary deferred under condition one of contribution by company					3.00%	2.00%
Percentage of salary deferred under condition two of contribution by company					25.00%	25.00%
Second percentage of salary deferred under condition two of contribution by company					1.00%	2.00%
Vesting percentage of employee deferrals					100.00%
Cost related to Savings and Stock Investment plan		1,332,000	1,212,000	1,180,000
Employer contribution in shares of common stock		873,685	829,295
Approximate fair value of plan assets		101,383,000	105,504,000	87,507,000
Dividend paid on United common stock		$ 1,022,000	$ 991,000	$ 895,000

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Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
OPERATING ACTIVITIES
Net income	$ 75,610,000	$ 71,947,000	$ 67,298,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	17,141,000	13,773,000	46,065,000
Depreciation, amortization and accretion	7,340,000	6,788,000	6,823,000
Loss on sales of bank premises, OREO and equipment	1,072,000	1,835,000	1,594,000
Loss on securities transactions	18,838,000	7,809,000	14,705,000
Loans originated for sale	(66,990,000)	(49,181,000)	(74,089,000)
Proceeds from sales of loans	72,971,000	48,258,000	70,281,000
Gain on sales of loans	(952,000)	(662,000)	(608,000)
Stock-based compensation	1,133,000	1,050,000	484,000
Deferred income tax expense (benefit)	10,907,000	6,582,000	(6,625,000)
Contribution to pension plan	0	(9,100,000)	(11,000,000)
Amortization of net periodic pension costs	912,000	1,467,000	4,470,000
Changes in:
Interest receivable	(2,897,000)	3,594,000	4,658,000
Other assets	(1,866,000)	(39,000)	(63,037,000)
Accrued expenses and other liabilities	(14,652,000)	(3,297,000)	(7,362,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES	118,567,000	100,824,000	53,657,000
INVESTING ACTIVITIES
Proceeds from maturities and calls of held to maturity securities	7,635,000	6,480,000	31,353,000
Proceeds from sales of securities held to maturity	0	2,979,000	0
Proceeds from sales of securities available for sale	24,763,000	57,294,000	5,500,000
Proceeds from maturities and calls of securities available for sale	1,462,173,000	1,331,904,000	507,287,000
Purchases of securities available for sale	(1,417,978,000)	(1,236,221,000)	(233,160,000)
Redemption of bank-owned life insurance policies	822,000	0	0
Purchases of bank premises and equipment	(7,994,000)	(3,262,000)	(4,947,000)
Acquisition of Centra Financial Holdings, Inc., net of cash acquired	49,085,000	0	0
Proceeds from sales and redemptions of other investment securities	10,819,000	4,816,000	21,000
Purchases of other investment securities	(338,000)	(173,000)	(204,000)
Net change in loans	29,350,000	468,106,000	239,311,000
NET CASH PROVIDED BY INVESTING ACTIVITIES	158,337,000	631,923,000	545,161,000
FINANCING ACTIVITIES
Cash dividends paid	(54,344,000)	(52,257,000)	(50,383,000)
Excess tax benefits from stock-based compensation arrangements	3,114,000	459,000	273,000
Acquisition of treasury stock	(18,000)	(11,000)	(1,180,000)
Proceeds from exercise of stock options	542,000	2,492,000	724,000
Proceeds from sales of treasury stock from deferred compensation plan	74,000	520,000	536,000
Repayment of long-term Federal Home Loan Bank borrowings	(60,372,000)	(385,032,000)	(80,325,000)
Changes in:
Time deposits	(274,652,000)	(591,732,000)	(162,714,000)
Other deposits	250,380,000	334,166,000	485,860,000
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings	32,986,000	(29,730,000)	(555,376,000)
NET CASH USED IN FINANCING ACTIVITIES	(102,290,000)	(721,125,000)	(362,585,000)
INCREASE IN CASH AND CASH EQUIVALENTS	174,614,000	11,622,000	236,233,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	461,389,000	449,767,000	213,534,000
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 636,003,000	$ 461,389,000	$ 449,767,000

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Marketable equity securities, amortized cost	$ 752,085	$ 717,797
Securities held to maturity	$ 56,181	$ 62,315
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	50,867,630	44,319,157
Common stock, shares in treasury	654,682	697,522

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Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings [Abstract]

SHORT-TERM BORROWINGS

NOTE J—SHORT-TERM BORROWINGS

At December 31, 2011 and 2010, short-term borrowings and the related weighted-average interest rates were as follows:

	2011				2010
			Weighted-				Weighted-
(Dollars in thousands)			Average				Average
	Amount		Rate		Amount		Rate
Federal funds purchased	$	7,120		0.20%	$	8,542		0.20%
Securities sold under agreements to repurchase		247,646		0.07%		183,097		0.04%
TT&L note option		0		0.00%		1,575		0.00%
Total	$	254,766			$	193,214

Federal funds purchased and securities sold under agreements to repurchase have been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $274,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions.

The following table shows the distribution of United's federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years.

(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
At December 31:
2011	$	7,120	$	247,646
2010		8,542		183,097
2009		7,835		211,659

(Dollars in thousands)	Federal Funds     Purchased		Securities Sold   Under Agreements   To Repurchase
Weighted-average interest rate at year-end:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.2%		0.0%
Maximum amount outstanding at any month's end:
2011		$     20,440		$  274,546
2010		25,325		305,658
2009		207,680		367,887
Average amount outstanding during the year:
2011		$    13,377		$ 242,371
2010		15,871		269,142
2009		89,109		329,905
Weighted-average interest rate during the year:
2011		0.2%		0.1%
2010		0.2%		0.0%
2009		0.4%		0.0%

At December 31, 2011, repurchase agreements included $246,723,000 in overnight accounts. The remaining balance principally consists of agreements having maturities less than one year. The rates offered on these funds vary according to movements in the federal funds and short-term investment market rates.

United has a $10,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2011, United had no outstanding balance under this credit.

United Bank (VA) participates in the Treasury Investment Program (TT&L), which is essentially the U.S. Treasury's savings account for companies depositing employment and other tax payments. The bank holds the funds in an open-ended, interest-bearing note until the Treasury withdraws or "calls" the funds. A maximum note balance is established that must be collateralized at all times. All tax deposits or portions of the tax deposits up to the maximum balance are generally available as a source of short-term investment funding. As of December 31, 2011, United Bank (VA) had no outstanding balance and had additional funding available of $5,000,000.

Interest paid on short-term borrowings approximated $471,000, $2,000 and $767,000 in 2011, 2010 and 2009, respectively.

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Income Taxes (Details Textual) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2009	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income taxes (Textual) [Abstract]
Federal income tax expense applicable to sales and calls of securities		$ 552,000	$ 702,000	$ 110,000
Income taxes paid		34,531,000	22,699,000	22,152,000
Business franchise taxes		4,466,000	4,107,000	4,252,000
Net operating loss carryforwards		58,000,000
Expiration period		2025 to 2028
Estimate of unrecognized tax benefits, reasonable possible		United cannot reasonably estimate the amount of tax benefits it may recognize over the next 12 months.
Income tax benefit related to operating loss carryforwards couples with positive adjustment to income tax expense due to settlement of previously uncertain tax positions	11,507,000
Accrued interest related to uncertain tax positions		717,000	182,000
Liability of unrecognized tax benefits		$ 0	$ 0	$ 0

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Short-Term Borrowings (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Short Term Borrowings (Textual) [Abstract]
Unused lines of credit	$ 274,000,000
Repurchase agreement included in overnight accounts	246,723,000
Renewal period of line of credit	360 days
Outstanding balance	0	1,575,000
Additional funding available	5,000,000
Interest on short-term borrowings	166,000	167,000	645,000
Unrelated Financial Institution [Member]
Short Term Borrowings (Textual) [Abstract]
Unused lines of credit	10,000,000
Short-term Borrowings [Member]
Short Term Borrowings (Textual) [Abstract]
Interest paid	$ 471,000	$ 2,000	$ 767,000

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Short-Term Borrowings (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Short-term borrowings and related weighted-average interest rates
Short-term borrowings	$ 254,766	$ 193,214
Federal funds purchased [Member]
Short-term borrowings and related weighted-average interest rates
Short-term borrowings	7,120	8,542	7,835
Weighted-Average Rate	0.20%	0.20%
Securities sold under agreements to repurchase [Member]
Short-term borrowings and related weighted-average interest rates
Short-term borrowings	247,646	183,097	211,659
Weighted-Average Rate	0.07%	0.04%
TT&L note option [Member]
Short-term borrowings and related weighted-average interest rates
Short-term borrowings	$ 0	$ 1,575
Weighted-Average Rate	0.00%	0.00%

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Regulatory Matters (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Regulatory Matters (Textual) [Abstract]
Average reserve balances to be maintained by subsidiary banks	$ 470,240,000	$ 397,423,000
Average reserve balances required by subsidiary banks	48,719,000	31,435,000
Retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends	25,711,000
Maximum loan to parent company by subsidiaries as percentage it's of capital and surplus	10.00%
Maximum amount of loan to parent company by subsidiaries	$ 77,648,000

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United Bankshares, Inc. (Parent Company Only) Financial Information (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income
Net interest income	$ 71,992	$ 70,752	$ 58,621	$ 59,363	$ 58,561	$ 58,982	$ 60,164	$ 60,479	$ 260,728	$ 238,186	$ 245,471
Expense
Income before income taxes									110,376	104,404	78,249
Income tax benefit	9,312	9,204	8,026	8,224	8,870	7,335	8,241	8,011	34,766	32,457	10,951
Equity in undistributed net income of subsidiaries:
Net income	20,257	20,016	17,452	17,885	19,290	17,316	17,919	17,422	75,610	71,947	67,298
United Bankshares
Income
Dividends from banking subsidiaries									68,323	63,138	52,715
Net interest income									417	288	315
Management fees:
Bank subsidiaries									13,000	11,077	9,396
Nonbank subsidiaries									27	27	27
Other income									414	450	165
Total Income									82,181	74,980	62,618
Expense
Operating expenses									20,431	18,402	16,127
Income before income taxes									61,750	56,578	46,491
Income tax benefit									(2,025)	(2,022)	(1,886)
Income Before Equity in Undistributed Net Income of Subsidiaries									63,775	58,600	48,377
Equity in undistributed net income of subsidiaries:
Bank subsidiaries									11,710	13,223	19,287
Nonbank subsidiaries									125	124	(366)
Net income									$ 75,610	$ 71,947	$ 67,298

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2011	Jan. 31, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Entity Registrant Name	UNITED BANKSHARES INC/WV
Entity Central Index Key	0000729986
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 960,832,558
Entity Common Stock, Shares Outstanding		50,212,948

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Fair Values of Financial Instruments (Details 2) (Fair Value Measurements Nonrecurring [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Financial assets measured at fair value on a nonrecurring basis
Impaired Loans	$ 32,438	$ 25,722
YTD Losses, Impaired Loans	1,598	7,545
OREO	51,760	44,770
YTD Losses, OREO	1,840	3,364
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets measured at fair value on a nonrecurring basis
Impaired Loans	0	0
OREO	0	0
Significant Other Observable Inputs (Level 2) [Member]
Financial assets measured at fair value on a nonrecurring basis
Impaired Loans	23,240	9,741
OREO	45,249	42,705
Significant Unobservable Inputs (Level 3) [Member]
Financial assets measured at fair value on a nonrecurring basis
Impaired Loans	9,198	15,981
OREO	$ 6,511	$ 2,065

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Long-Term Borrowings

12 Months Ended

Dec. 31, 2011

Long-Term Borrowings [Abstract]

LONG-TERM BORROWINGS

NOTE K—LONG-TERM BORROWINGS

United's subsidiary banks are members of the Federal Home Loan Bank (FHLB). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2011, the total carrying value of loans pledged as collateral for FHLB advances approximated $2,628,099,000. United had an unused borrowing amount as of December 31, 2011 of approximately $1,979,987,000 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties.

At December 31, 2011 and 2010, FHLB advances and the related weighted-average interest rates were as follows:

	2011						2010
(Dollars in thousands)	Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate		Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate
FHLB advances		$  141,809		4.17%		4.17%		$ 202,181		4.06%		4.06%

No overnight funds were included in the $141,809,000 and $202,181,000 above at December 31, 2011 and 2010, respectively. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end 2011 and 2010 to manage interest rate risk on its long-term debt. Additional information is provided in Note P, Notes to Consolidated Financial Statements.

At December 31, 2011, United had a total of twelve statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (Capital Securities) with the proceeds invested in junior subordinated debt securities (Debentures) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United's payment under the Debentures is the sole source of revenue for the trusts. At December 31, 2011 and 2010, the outstanding balance of the Debentures was $203,557,000 and $184,277,000, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled "Other long-term borrowings." The Capital Securities are not included as a component of shareholders' equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust's obligations under the Capital Securities.

Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative.

As part of the acquisition of Centra on July 8, 2011, United assumed all the obligations of Centra and its subsidiaries. Centra had two statutory business trusts that were formed for the purpose of issuing or participating in Capital Securities with the proceeds invested in Debentures of Centra. At merger, the outstanding balance of Centra's Debentures was $20 million.

The Trust Preferred Securities currently qualify as Tier 1 regulatory capital of United for regulatory purposes.

Information related to United's statutory trusts is presented in the table below:

Description	Issuance Date	Amount of Capital Securities Issued	Interest Rate	Maturity Date
(Dollars in thousands)
Century Trust	March 23, 2000	$  8,800	10.875% Fixed		March 8, 2030
Sequoia Trust I	March 28, 2001	$  7,000	10.18% Fixed		June 8, 2031
United Statutory Trust III	December 17, 2003	$ 20,000	3-month LIBOR + 2.85%		December 17, 2033
United Statutory Trust IV	December 19, 2003	$ 25,000	3-month LIBOR + 2.85%		January 23, 2034
United Statutory Trust V	July 12, 2007	$ 50,000	6.67% Fixed, until October 2012		October 1, 2037
United Statutory Trust VI	September 20, 2007	$ 30,000	6.60% Fixed, until October 2012		December 15, 2037
Premier Statutory Trust II	September 25, 2003	$  6,000	3-month LIBOR + 3.10%		October 8, 2033
Premier Statutory Trust III	May 16, 2005	$  8,000	3-month LIBOR + 1.74%		June 15, 2035
Premier Statutory Trust IV	June 20, 2006	$ 14,000	3-month LIBOR + 1.55%		September 23, 2036
Premier Statutory Trust V	December 14, 2006	$ 10,000	6.62% Fixed, until March 2012		March 1, 2037
Centra Statutory Trust I	September 20, 2004	$ 10,000	3-month LIBOR + 2.29%		September 20, 2034
Centra Statutory Trust II	June 15, 2006	$ 10,000	3-month LIBOR + 1.65%		July 7, 2036

At December 31, 2011 and 2010, the Debentures and their related weighted-average interest rates were as follows:

	2011				2010
(Dollars in thousands)	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
Century Trust	$	8,800		10.88%	$	8,800		10.88%
Sequoia Trust I		7,220		10.18%		7,432		10.18%
United Statutory Trust III		20,619		3.41%		20,619		3.15%
United Statutory Trust IV		25,774		3.28%		25,774		3.14%
United Statutory Trust V		51,547		6.67%		51,547		6.67%
United Statutory Trust VI		30,928		6.60%		30,928		6.60%
Premier Statutory Trust II		6,186		3.50%		6,186		3.39%
Premier Statutory Trust III		8,248		2.29%		8,248		2.04%
Premier Statutory Trust IV		14,433		2.12%		14,433		1.85%
Premier Statutory Trust V		10,310		6.62%		10,310		6.62%
Centra Statutory Trust I		9,746		2.85%		0		0.00%
Centra Statutory Trust II		9,746		2.05%		0		0.00%
Total	$	203,557			$	184,277

At December 31, 2011, the scheduled maturities of long-term borrowings were as follows:

Year	Amount
(In thousands)
2012	$	54,887
2013		29,095
2014		26,499
2015		4,658
2016 and thereafter		230,227
Total	$	345,366

Interest paid on long-term borrowings approximated $16,330,000, $29,990,000 and $37,094,000 in 2011, 2010 and 2009, respectively.

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Credit Quality (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011 days	Dec. 31, 2010
Credit Quality (Textual) [Abstract]
Minimum days for discontinue of accrual interest on commercial and consumer loan	90
Maximum days for discontinue of accrual interest on commercial and consumer loan	120
Troubled debt restructuring	$ 3,592,000	$ 437,000
Aggregate balance of TDR	38,954,000
Loans on nonaccrual status	61,420,000	59,996,000
Loans past due 90 days or more and still accruing interest	16,179,000	7,235,000
Restructured loans modified by reduction in interest	2,064,000
Modification of reaming restructured loan	1,528,000
Minimum number of days require special mention	90 days
Maximum number of days require special mention	30 days
Number of days when TDR's considered past due	89 days
Troubled Debt Restructuring [Member]
Credit Quality (Textual) [Abstract]
Aggregate balance of TDR	3,592,000
Loans on nonaccrual status	1,528,000
Loans past due 90 days or more and still accruing interest		$ 437,000

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Deposits (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Subsidiaries [Member]
Deposits (Textual) [Abstract]
Deposits	$ 117,678,000	$ 141,923,000
Deposits [Member]
Deposits (Textual) [Abstract]
Interest paid	$ 39,853,000	$ 58,779,000	$ 88,576,000

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Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Interest income
Interest and fees on loans	$ 288,213	$ 282,834	$ 310,077
Interest on federal funds sold and other short-term investments	1,255	1,267	309
Interest and dividends on securities:
Taxable	23,069	34,564	46,834
Tax-exempt	3,985	4,717	8,625
Total interest income	316,522	323,382	365,845
Interest expense
Interest on deposits	39,075	55,663	83,463
Interest on short-term borrowings	166	167	645
Interest on long-term borrowings	16,553	29,366	36,266
Total interest expense	55,794	85,196	120,374
Net interest income	260,728	238,186	245,471
Provision for loan losses	17,141	13,773	46,065
Net interest income after provision for loan losses	243,587	224,413	199,406
Other income
Fees from trust and brokerage services	13,343	13,637	13,065
Fees from deposit services	41,015	39,220	40,289
Bankcard fees and merchant discounts	3,667	4,786	4,155
Other service charges, commissions, and fees	1,849	1,918	1,906
Income from bank-owned life insurance	5,286	4,673	3,416
Income from mortgage banking	952	662	608
Other income	3,563	5,116	5,236
Total other-than-temporary impairment losses	(20,958)	(40,756)	(34,206)
Portion of loss recognized in other comprehensive income	544	30,941	19,186
Net other-than-temporary impairment losses	(20,414)	(9,815)	(15,020)
Net gains on sales/calls of investment securities	1,576	2,006	315
Net investment securities losses	(18,838)	(7,809)	(14,705)
Total other income	50,837	62,203	53,970
Other expense
Employee compensation	64,611	60,564	58,901
Employee benefits	17,358	16,749	19,192
Net occupancy expense	18,596	17,246	17,018
Other real estate owned (OREO) expense	7,008	11,131	5,487
Equipment expense	7,976	6,014	6,204
Data processing expense	11,637	10,820	10,880
Bankcard processing expense	1,051	3,284	3,198
FDIC insurance expense	8,468	9,684	9,177
Other expense	47,343	46,720	45,070
Total other expense	184,048	182,212	175,127
Income before income taxes	110,376	104,404	78,249
Income taxes	34,766	32,457	10,951
Net income	$ 75,610	$ 71,947	$ 67,298
Earnings per common share:
Basic	$ 1.62	$ 1.65	$ 1.55
Diluted	$ 1.61	$ 1.65	$ 1.55
Dividends per common share	$ 1.21	$ 1.20	$ 1.17
Average outstanding shares:
Basic	46,803,432	43,547,965	43,410,431
Diluted	46,837,363	43,625,183	43,456,889

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Credit Quality

12 Months Ended

Dec. 31, 2011

Credit Quality [Abstract]

CREDIT QUALITY

NOTE E—CREDIT QUALITY

Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan.

For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for loan losses. United's method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note.

A loan is categorized as a troubled debt restructuring (TDR) if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. As of December 31, 2011, United had TDRs of $3,592,000 as compared to $437,000 as of December 31, 2010. Of the $3,592,000 aggregate balance of TDRs at December 31, 2011, $1,528,000 was on nonaccrual status and included in the "Loans on Nonaccrual Status" on the following page. The TDR amount of $437,000 at December 31, 2010 was past due 90 days or more and is included in the "90 Days or more Past Due" and the "Recorded Investment >90 Days & Accruing" categories in the following "Age Analysis of Past Due Loans" table. As of December 31, 2011, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs.

A loan acquired and accounted for under ASC topic 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality" is reported as an accruing loan and a performing asset.

The following table sets forth United's troubled debt restructurings that have been restructured during the year ended December 31, 2011, segregated by class of loans:

Troubled Debt Restructurings For the Year Ended December 31, 2011
(In thousands)	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Commercial real estate:
Owner-occupied		0	$	0	$	0
Nonowner-occupied		2		2,075		2,064
Other commercial		0		0		0
Residential real estate		2		1,979		1,528
Construction & land development		0		0		0
Consumer:
Bankcard		0		0		0
Other consumer		0		0		0
Total		4	$	4,054	$	3,592

At December 31, 2011, United had restructured loans in the amount of $2,064,000 that were modified by a reduction in the interest rate and $1,528,000 that were modified by a combination of a reduction in the interest rate and the principal. The loans were evaluated individually for allocation within United's allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United.

 The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2011. These loans were restructured during the last twelve months and subsequently defaulted, resulting in a principal charge-off during the respective time periods. Loans modified in a troubled debt restructuring that defaulted with a recorded investment of zero were fully paid down through the sale of foreclosed real estate property prior to period end.

	Year Ended December 31, 2011
(In thousands)	Number of Contracts		Recorded Investment
Troubled Debt Restructurings
Commercial real estate:
Owner-occupied		0	$	0
Nonowner-occupied		0		0
Other commercial		0		0
Residential real estate		2		0
Construction & land development		0		0
Consumer:
Bankcard		0		0
Other consumer		0		0
Total		2	$	0

The following table sets forth United's age analysis of its past due loans, segregated by class of loans:

Age Analysis of Past Due Loans As of December 31, 2011
(In thousands)	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current		Total Financing Receivables		Recorded Investment >90 Days & Accruing
Commercial real estate:
Owner-occupied	$	4,625	$	4,707	$	9,332	$	734,170	$	743,502	$	1,597
Nonowner-occupied		16,694		13,285		29,979		1,523,280		1,553,259		2,233
Other commercial		7,131		14,153		21,284		1,190,921		1,212,205		761
Residential real estate		52,654		26,617		79,271		1,818,387		1,897,658		8,833
Construction & land development		13,809		17,820		31,629		518,248		549,877		1,840
Consumer:
Bankcard		222		176		398		11,121		11,519		176
Other consumer		5,739		841		6,580		265,613		272,193		739
Total	$	100,874	$	77,599	$	178,473	$	6,061,740	$	6,240,213	$	16,179

Age Analysis of Past Due Loans As of December 31, 2010
(In thousands)	30-89 Days Past Due		90 Days or more Past Due		Total Past Due		Current		Total Financing Receivables		Recorded Investment >90 Days & Accruing
Commercial real estate:
Owner-occupied	$	7,525	$	11,570	$	19,095	$	555,814	$	574,909	$	1,481
Nonowner-occupied		12,827		5,014		17,841		1,206,640		1,224,481		204
Other commercial		14,687		8,942		23,629		1,014,673		1,038,302		841
Residential real estate		49,758		20,383		70,141		1,630,239		1,700,380		3,814
Construction & land development		6,803		20,387		27,190		443,744		470,934		254
Consumer:
Bankcard		409		124		533		11,492		12,025		124
Other consumer		4,660		811		5,471		236,849		242,320		517
Total	$	96,669	$	67,231	$	163,900	$	5,099,451	$	5,263,351	$	7,235

The following table sets forth United's nonaccrual loans, segregated by class of loans:

Loans on Nonaccrual Status
(In thousands)	December 31, 2011		December 31, 2010
Commercial real estate:
Owner-occupied	$	3,110	$	10,089
Nonowner-occupied		11,052		4,810
Other commercial		13,392		8,101
Residential real estate		17,784		16,569
Construction & land development		15,980		20,133
Consumer:
Bankcard		0		0
Other consumer		102		294
Total	$	61,420	$	59,996

United assigns credit quality indicators of pass, special mention, substandard and doubtful to its loans. For United's loans with a corporate credit exposure, United internally assigns a grade based on the creditworthiness of the borrower. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan's delinquency status. United updates these grades on a quarterly basis.

For loans with a corporate credit exposure, special mention loans have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company's credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30-89 days are considered special mention.

A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard.

A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Loans classified as doubtful are also considered impaired.

The following tables set forth United's credit quality indicators information, by class of loans

Credit Quality Indicators

Corporate Credit Exposure
As of December 31, 2011
	Commercial Real Estate
(In thousands)	Owner- occupied		Nonowner- occupied		Other Commercial		Construction & Land Development
Grade:
Pass	$	679,651	$	1,407,006	$	1,073,347	$	462,517
Special mention		38,150		67,035		78,158		41,093
Substandard		25,701		79,218		57,436		45,267
Doubtful		0		0		3,264		1,000
Total	$	743,502	$	1,553,259	$	1,212,205	$	549,877

As of December 31, 2010
	Commercial Real Estate
(In thousands)	Owner- occupied		Nonowner- occupied		Other Commercial		Construction & Land Development
Grade:
Pass	$	502,228	$	1,133,186	$	897,196	$	366,358
Special mention		27,156		59,159		80,015		47,183
Substandard		45,525		32,136		61,083		51,282
Doubtful		0		0		8		6,111
Total	$	574,909	$	1,224,481	$	1,038,302	$	470,934

Credit Quality Indicators

Consumer Credit Exposure
As of December 31, 2011
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,790,296	$	11,079	$	265,995
Special mention		56,722		304		5,366
Substandard		50,640		136		832
Doubtful		0		0		0
Total	$	1,897,658	$	11,519	$	272,193

As of December 31, 2010
(In thousands)	Residential Real Estate		Bankcard		Other Consumer
Grade:
Pass	$	1,605,589	$	11,492	$	236,888
Special mention		47,538		409		4,621
Substandard		47,008		124		811
Doubtful		245		0		0
Total	$	1,700,380	$	12,025	$	242,320

Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, United does not consider loans for impairment unless a sustained period of delinquency (i.e. 90-plus days) is noted or there are subsequent events that impact repayment probability (i.e. negative financial trends, bankruptcy filings, eminent foreclosure proceedings, etc.). Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. Consistent with United's existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible.

The following table set forth United's impaired loans information, by class of loans:

Impaired Loans For the Year Ended December 31, 2011
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	3,540	$	4,934	$	0	$	11,132	$	109
Nonowner-occupied		30,382		32,573		0		18,005		1,191
Other commercial		7,831		9,405		0		11,265		312
Residential real estate		18,750		20,613		0		16,527		594
Construction & land development		23,654		33,172		0		33,622		509
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6
With an allowance recorded:
Commercial real estate:						``
Owner-occupied	$	1,638	$	1,638	$	269	$	864	$	58
Nonowner-occupied		2,086		2,413		596		4,186		128
Other commercial		20,453		22,630		5,888		12,772		787
Residential real estate		8,868		10,867		1,925		16,356		425
Construction & land development		10,714		12,210		2,480		8,578		299
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		0		0
Total:
Commercial real estate:
Owner-occupied	$	5,178	$	6,572	$	269	$	11,996	$	167
Nonowner-occupied		32,468		34,986		596		22,191		1,319
Other commercial		28,284		32,035		5,888		24,037		1,099
Residential real estate		27,618		31,480		1,925		32,883		1,019
Construction & land development		34,368		45,382		2,480		42,200		808
Consumer:
Bankcard		0		0		0		0		0
Other consumer		120		144		0		141		6

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	4,229	$	323
Nonowner-occupied		3,365		3,579		0		5,444		239
Other commercial		4,512		4,718		0		5,480		376
Residential real estate		6,650		7,971		0		6,742		301
Construction & land development		19,275		22,506		0		14,743		569
Consumer:
Bankcard		0		0		0		0		0
Other consumer		0		0		0		47		0
With an allowance recorded:
Commercial real estate:
Owner-occupied	$	0	$	0	$	0	$	4,462	$	0
Nonowner-occupied		2,924		3,124		918		1,881		80
Other commercial		3,923		4,304		2,147		2,961		244
Residential real estate		9,195		10,694		1,920		5,228		488
Construction & land development		8,360		8,785		3,408		13,876		358

For the Year Ended December 31, 2010
(In thousands)	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		273		1
Total:
Commercial real estate:
Owner-occupied	$	10,837	$	11,970	$	0	$	8,691	$	323
Nonowner-occupied		6,289		6,703		918		7,325		319
Other commercial		8,435		9,022		2,147		8,441		620
Residential real estate		15,845		18,665		1,920		11,970		789
Construction & land development		27,635		31,291		3,408		28,619		927
Consumer:
Bankcard		0		0		0		0		0
Other consumer		1,320		1,320		200		320		1

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Loans

12 Months Ended

Dec. 31, 2011

Loans [Abstract]

LOANS

NOTE D—LOANS

Major classes of loans are as follows:

	December 31
(In thousands)	2011		2010
Commercial, financial, and agricultural
Owner-occupied	$	743,502	$	574,909
Nonowner-occupied		1,553,259		1,224,481
Other commercial		1,212,205		1,038,302
Total commercial, financial & agricultural		3,508,966		2,837,692
Residential real estate		1,897,658		1,700,380
Construction & land development		549,877		470,934
Consumer:
Bankcard		11,519		12,025
Other Consumer		272,193		242,320
Less: Unearned interest		(3,503)		(3,025)
Total Loans, net of unearned interest	$	6,236,710	$	5,260,326

The table above does not include loans held for sale of $3,902,000 and $6,869,000 at December 31, 2011 and December 31, 2010, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market.

The outstanding balances in the table above do include acquired impaired loans from the Centra merger with a recorded investment of $38,954,000, or less than 1% of total gross loans, at December 31, 2011. The contractual principal in these acquired impaired loans was $65,051,000 at December 31, 2011. There were no acquired impaired loans at December 31, 2010. The balances above do not include future accretable net interest (i.e. the difference between the undiscounted expected cash flows and the recorded investment in the loan) on the acquired impaired loans.

Activity for the accretable yield for the year of 2011 follows.

(In thousands)
Accretable yield at the beginning of the period	$	0
Additions		4,144
Accretion (including cash recoveries)		(1,673)
Net reclassifications to accretable from non-accretable		0
Disposals (including maturities, foreclosures, and charge-offs)		(148)
Accretable yield at the ending of the period	$	2,323

At December 31, 2011 and 2010, loans-in-process of $17,064,000 and $5,126,000 and overdrafts from deposit accounts of $10,435,000 and $6,817,000, respectively, are included within the appropriate loan classifications above.

United's subsidiary banks have made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. Such related party loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than normal risk of collectibility. The aggregate dollar amount of these loans was $189,763,000 and $92,902,000 at December 31, 2011 and 2010, respeacquired in the Centra merger and other changes due to the change in composition of United's board ctively. During 2011, $213,899,000 of new loans were made, repayments totaled $162,072,000, related party loans of $82,332,000 were members and executive officers approximated $37,298,000.

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Derivative Financial Instruments

12 Months Ended

Dec. 31, 2011

Derivative Financial Instruments [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

NOTE P--DERIVATIVE FINANCIAL INSTRUMENTS

United uses derivative instruments to help aid against adverse prices or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. As of December 31, 2011, United has only fair value hedges. United's cash flow hedge matured in December of 2010.

For the years ended December 31, 2011 and 2010, the derivative portfolio also included derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. Gains and losses on other derivative financial instruments are included in noninterest income and noninterest expense, respectively.

The following table sets forth certain information regarding interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges at December 31, 2011 and 2010.

	Derivative Hedging Instruments
	December 31, 2011						December 31, 2010
(Dollars in thousands)	Notional Amount		Average Receive Rate		Average Pay Rate		Notional Amount		Average Receive Rate		Average Pay Rate
Fair Value Hedges:
Pay Fixed Swap (Hedging Commercial Loans)	$	13,045		0.00%		6.27%	$	13,381		0.00%		6.27%
Total Derivatives Used in Fair Value Hedges	$	13,045					$	13,381
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges	$	13,045					$	13,381

The following tables summarize the fair value of United's derivative financial instruments:

	Asset Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives not designated as hedging instruments
Interest rate contracts		Other assets	$	3,817		Other assets	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total asset derivatives			$	3,817			$	4,360

	Liability Derivatives
	December 31, 2011				December 31, 2010
(In thousands)	Balance Sheet Location		Fair Value		Balance Sheet Location		Fair Value
Derivatives designated as hedging instruments
Interest rate contracts		Other liabilities	$	1,233		Other liabilities	$	1,581
Total derivatives designated as hedging instruments			$	1,233			$	1,581
Derivatives not designated as hedging instruments
Interest rate contracts		Other liabilities	$	3,817		Other liabilities	$	4,360
Total derivatives not designated as hedging instruments			$	3,817			$	4,360
Total liability derivatives			$	5,050			$	5,941

Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United's exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company's agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management.

The effect of United's derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009 are presented as follows:

		Year Ended
(In thousands)	Income Statement     Location	December 31, 2011		December 31, 2010		December 31, 2009
Derivatives in fair value hedging relationships
Interest rate contracts	Interest income/(expense)	$	81	$	86	$	103
Total derivatives in fair value hedging relationships		$	81	$	86	$	103
Derivatives not designated as hedging instruments
Interest rate contracts (1)	Other income	$	1,782	$	3,654	$	3,504
Interest rate contracts (2)	Other expense	$	(1,782)	$	(3,654)	$	(3,504)
Total derivatives not designated as hedging instruments		$	0	$	0	$	0
Total derivatives		$	81	$	86	$	103

(1) Represents net gains from derivative assets not designated as hedging instruments.

(2) Represents net losses from derivative liabilities not designated as hedging instruments.

For the years ended December 31, 2011 and 2010, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were not significant to United's Consolidated Statements of Income. For the year ended December 31, 2010, $4,999,000 in net deferred gains, net of tax, related to the matured cash flow hedge were recorded in accumulated other comprehensive income. Because the cash flow hedge matured, there were no net deferred gains or losses remaining in accumulated other comprehensive income at December 31, 2011 and 2010.

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Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

INCOME TAXES

NOTE L--INCOME TAXES

The income tax provisions included in the consolidated statements of income are summarized as follows:

(In thousands)	Year Ended December 31
	2011		2010		2009
Current expense:
Federal	$	23,341	$	24,904	$	17,222
State		518		971		354
Deferred expense (benefit):
Federal and State		10,907		6,582		(6,625)
Total income taxes	$	34,766	$	32,457	$	10,951

The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes.

	Year Ended December 31
(Dollars in thousands)	2011				2010				2009
	Amount		%		Amount		%		Amount		%
Tax on income before taxes at statutory federal rate		$ 38,632		35.0%		$ 36,542		35.0%		$ 27,387		35.0%
Plus: State income taxes net of federal tax benefits		336		0.3		631		0.6		230		0.3
		38,968		35.3		37,173		35.6		27,617		35.3
Increase (decrease) resulting from:
Tax-exempt interest income		(4,226)		(3.8)		(3,711)		(3.6)		(3,885)		(5.0)
Tax reserve adjustment		777		0.7		(718)		(0.7)		(4,685)		(6.0)
Reversal of net operating loss valuation allowance		0		0		0		0		(7,978)		(10.2)
Other items-net		(753)		(0.7)		(287)		(0.3)		(118)		(0.1)
Income taxes		$ 34,766		31.5%		$ 32,457		31.0%		$ 10,951		14.0%

For years ended 2011, 2010 and 2009, United incurred federal income tax expense applicable to the sales and calls of securities of $552,000, $702,000 and $110,000, respectively. Income taxes paid approximated $34,531,000, $22,699,000 and $22,152,000 in 2011, 2010 and 2009, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Taxes not on income, which consists mainly of business franchise taxes, were $4,466,000, $4,107,000 and $4,252,000 for the years ended December 31, 2011, 2010 and 2009, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income.

Significant components of United's deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2011 and 2010 are as follows:

(In thousands)	2011		2010
Deferred tax assets:
Allowance for credit losses	$	41,979	$	28,587
Other accrued liabilities		30		134
Unrecognized components of net periodic pension costs		19,480		12,591
Unrealized loss on securities available for sale		19,492		22,628
Net operating loss		3,113		4,563
Total deferred tax assets		84,094		68,503
Deferred tax liabilities:
Purchase accounting intangibles		9,230		6,146
Deferred mortgage points		1,039		1,417
Accrued benefits payable		12,587		16,648
Premises and equipment		1,351		742
Other		1,723		485
Total deferred tax liabilities		25,930		25,438
Net deferred tax assets	$	58,164	$	43,065

At December 31, 2011, United had state net operating loss carryforwards of approximately $58 million that are subject to limitation imposed by tax laws and, if not used, will expire from 2025 to 2028.

In accordance with ASC topic 740, "Income Taxes," United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.

Below is a reconciliation of the total amounts of unrecognized tax benefits:

	December 31
(In thousands)	2011		2010
Unrecognized tax benefits at beginning of year		$    971		$ 1,118
Increase (Decrease) in unrecognized tax benefits as a result of tax positions settled during the current period		1,953		144
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(355)		(291)
Unrecognized tax benefits at end of year		$ 2,569		$   971

The entire amount of unrecognized tax benefits, if recognized, would impact United's effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits it may recognize over the next 12 months.

United is currently open to audit under the statute of limitations by the Internal Revenue Service and State Taxing authorities for the years ended December 31, 2008 through 2010. Late in the first quarter of 2009, the State of West Virginia finalized its tax exam for the years ended December 31, 2005 through 2007. In accordance with ASC topic 740, at the close of the examination, United recognized a benefit associated with net operating loss carryforwards, coupled with a positive adjustment to income tax expense due to settlement of previously uncertain tax positions. The income tax benefit recorded in the first quarter of 2009 related to these two events was $11,507,000.

As of December 31, 2011 and 2010, the total amount of accrued interest related to uncertain tax positions was $717,000 and $182,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results or operations for the years of 2011, 2010 and 2009.

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Bank Premises and Equipment and Leases (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Bank premises and equipment
Bank premises and equipment, Gross	$ 174,981	$ 134,596
Less allowance for depreciation and amortization	98,539	79,218
Net bank premises and equipment	76,442	55,378
Land [Member]
Bank premises and equipment
Bank premises and equipment, Gross	24,084	17,819
Buildings and improvements [Member]
Bank premises and equipment
Bank premises and equipment, Gross	79,723	67,396
Leasehold improvements [Member]
Bank premises and equipment
Bank premises and equipment, Gross	22,579	17,802
Furniture, fixtures and equipment [Member]
Bank premises and equipment
Bank premises and equipment, Gross	$ 48,595	$ 31,579

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Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangibles [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE H—GOODWILL AND OTHER INTANGIBLES

The following is a summary of intangible assets subject to amortization and those not subject to amortization:

	As of December 31, 2011
(In thousands)	Gross Carrying     Amount		Accumulated     Amortization		Net Carrying     Amount
Amortized intangible assets:
Core deposit intangible assets		$  43,434		$ (30,484)		$     12,950
Goodwill not subject to amortization						$ 371,693
	As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Core deposit intangible assets		$  30,995		$ (28,055)		$     2,940
Goodwill not subject to amortization						$ 311,765

During the year of 2011, United acquired Centra adding preliminary amounts of $60,099,000 to goodwill and $12,439,000 to core deposit intangible assets.

The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2011:

Year	Amount
(In thousands)
2012	$	2,843
2013		1,969
2014		1,478
2015		1,149
2016 and thereafter		5,511

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Investment Securities (Details 1) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	$ 217,958	$ 12,930
Unrealized Losses, Less than 12 months	733	227
Fair Value, 12 months or longer	62,795	81,730
Unrealized Losses, 12 months or longer	68,124	83,615
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	196,988	0
Unrealized Losses, Less than 12 months	12	0
Fair Value, 12 months or longer	0	0
Unrealized Losses, 12 months or longer	0	0
State and political subdivisions [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	3,760	7,373
Unrealized Losses, Less than 12 months	25	160
Fair Value, 12 months or longer	968	624
Unrealized Losses, 12 months or longer	13	39
Residential mortgage-backed securities, Agency [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	14,789	91
Unrealized Losses, Less than 12 months	175	0
Fair Value, 12 months or longer	0	0
Unrealized Losses, 12 months or longer	0	0
Residential mortgage-backed securities, Non Agency [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	0	5,127
Unrealized Losses, Less than 12 months	0	15
Fair Value, 12 months or longer	12,369	23,716
Unrealized Losses, 12 months or longer	2,592	4,633
Trust preferred collateralized debt obligations [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	0	0
Unrealized Losses, Less than 12 months	0	0
Fair Value, 12 months or longer	42,369	49,908
Unrealized Losses, 12 months or longer	61,792	74,724
Single issue trust preferred securities [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	412	0
Unrealized Losses, Less than 12 months	88	0
Fair Value, 12 months or longer	6,956	7,093
Unrealized Losses, 12 months or longer	3,698	4,155
Marketable equity securities [Member]
Summary of securities available for sale in an unrealized loss position
Fair Value, Less than 12 months	2,009	339
Unrealized Losses, Less than 12 months	433	52
Fair Value, 12 months or longer	133	389
Unrealized Losses, 12 months or longer	$ 29	$ 64

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Stock Based Compensation (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2009
Summary of the status of United's nonvested awards
Shares, Nonvested Beginning Balance	311,800
Shares, Granted	311,300	0
Shares, Vested	0
Shares, Forfeited or expired	15,500
Shares, Nonvested Ending Balance	607,600
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning Balance	$ 6.25
Weighted-Average Grant Date Fair Value Per Share, Granted	$ 7.91
Weighted-Average Grant Date Fair Value Per Share, Vested	$ 0.00
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired	$ 6.62
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending Balance	$ 7.09

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Allowance for Credit Losses

12 Months Ended

Dec. 31, 2011

Allowance for Credit Losses [Abstract]

ALLOWANCE FOR CREDIT LOSSES

NOTE F—ALLOWANCE FOR CREDIT LOSSES

The allowance for loan losses is management's estimate of the probable credit losses inherent in the loan portfolio. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for risk-rated loan pools and delinquency for homogeneous loan pools. The outstanding principal balance within each pool is multiplied by historical loss data and certain qualitative factors to derive the general loss allocation per pool. Specific loss allocations are calculated for loans in excess of $250 thousand in accordance with ASC topic 310. Risk characteristics of owner-occupied commercial real estate loans and other commercial loans are similar in that they are normally dependent upon the borrower's internal cash flow from operations to service debt. Nonowner-occupied commercial real estate loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. During the year of 2011, there were no material changes to the accounting policy or methodology related to the allowance for loan losses.

Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. For commercial loans, when a loan or a portion of a loan is identified to contain a loss, a charge-off recommendation is directed to management to charge-off all or a portion of that loan. Generally, any unsecured commercial loan more than six months delinquent in payment of interest must be charged-off in full. If secured, the charge-off is generally made to reduce the loan balance to a level equal to the liquidation value of the collateral when payment of principal and interest is six months delinquent. Any commercial loan, secured or unsecured, on which a principal or interest payment has not been made within 90 days, is reviewed monthly for appropriate action.

For consumer loans, closed-end retail loans that are past due 120 cumulative days delinquent from the contractual due date and open-end loans 180 cumulative days delinquent from the contractual due date are charged-off. Any consumer loan on which a principal or interest payment has not been made within 90 days is reviewed monthly for appropriate action. For a one-to-four family open-end or closed-end residential real estate loan, home equity loan, or high-loan-to-value loan that has reached 180 or more days past due, management evaluates the collateral position and charge-offs any amount that exceeds the value of the collateral. On retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged off within 60 days of the receipt of the notification. On retail credits effected by fraud, a loan is charged-off within 90 days of the discovery of the fraud. In the event of the borrower's death and if repayment within the required timeframe is uncertain, the loan is generally charged-off as soon as the amount of the loss is determined.

United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $1,853,000 and $2,006,000 at December 31, 2011 and December 31, 2010, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses.

A progression of the allowance for credit losses, which includes the allowance for credit losses and the reserve for lending-related commitments, for the periods presented is summarized as follows:

	Year Ended December 31
(In thousands)	2011		2010		2009
Balance at beginning of period	$	75,039	$	70,010	$	63,603
Provision for credit losses		16,988		13,773		46,065
		92,027		83,783		109,668
Loans charged off		19,605		25,762		41,077
Less recoveries		3,305		17,018		1,419
Net charge-offs		16,300		8,744		39,658
Balance at end of period	$	75,727	$	75,039	$	70,010

During the fourth quarter of 2010, United recovered funds from its insurance carrier in the amount of $15.00 million related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans in the amount of $17.55 million previously charged-off in 2009.

A progression of the allowance for loan losses, by portfolio segment, for the year ended December 31, 2011 is summarized as follows:

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Allowance for Loan Losses:
Beginning balance	$	3,116	$	12,456	$	21,918	$	11,653	$	18,738	$	2,161	$	2,991	$	73,033
Charge-offs		1,230		897		2,765		7,069		6,290		1,354		0		19,605
Recoveries		2		639		1,924		248		136		356		0		3,305
Provision		1,782		(551)		(274)		9,048		6,567		988		(419)		17,141
Ending balance	$	3,670	$	11,647	$	20,803	$	13,880	$	19,151	$	2,151	$	2,572	$	73,874
Ending Balance: individually evaluated for impairment	$	269	$	596	$	5,888	$	1,925	$	2,480	$	0	$	0	$	11,158
Ending Balance: collectively evaluated for impairment	$	3,401	$	11,051	$	14,915	$	11,955	$	16,671	$	2,151	$	2,572	$	62,716
Ending Balance: loans acquired with deteriorated credit quality	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2011
(In thousands)	Commercial Real Estate				Other Commercial		Residential Real Estate		Construction & Land Development		Consumer		Allowance for Estimated Imprecision		Total
	Owner- occupied		Nonowner- occupied
Financing receivables:
Ending balance	$	743,502	$	1,553,259	$	1,212,205	$	1,897,658	$	549,877	$	283,712	$	0	$	6,240,213
Ending Balance: individually evaluated for impairment	$	2,321	$	29,794	$	25,532	$	18,288	$	20,835	$	0	$	0	$	96,770
Ending Balance: collectively evaluated for impairment	$	738,596	$	1,514,173	$	1,184,565	$	1,877,287	$	508,921	$	280,947	$	0	$	6,104,489
Ending Balance: loans acquired with deteriorated credit quality	$	2,585	$	9,292	$	2,108	$	2,083	$	20,121	$	2,765	$	0	$	38,954

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Bank Premises and Equipment and Leases

12 Months Ended

Dec. 31, 2011

Bank Premises and Equipment and Leases [Abstract]

BANK PREMISES AND EQUIPMENT AND LEASES

NOTE G—BANK PREMISES AND EQUIPMENT AND LEASES

Bank premises and equipment are summarized as follows:

	December 31
(In thousands)	2011		2010
Land	$	24,084	$	17,819
Buildings and improvements		79,723		67,396
Leasehold improvements		22,579		17,802
Furniture, fixtures and equipment		48,595		31,579
		174,981		134,596
Less allowance for depreciation and amortization		98,539		79,218
Net bank premises and equipment	$	76,442	$	55,378

Depreciation expense was $6,966,000, $5,231,000, and $5,849,000 for years ending December 31, 2011, 2010 and 2009, respectively, while amortization expense was $103,000 in each of these respective periods.

United and certain banking subsidiaries have entered into various noncancelable-operating leases. These noncancelable operating leases are subject to renewal options under various terms and some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense for noncancelable operating leases approximated $8,740,000, $8,056,000 and $8,178,000 for the years ended December 31, 2011, 2010 and 2009, respectively. United Bank (WV) leases one of its offices from a company that is beneficially owned by a former United director who resigned from the Board in January of 2011. United Bank (WV) also leases two additional offices from a former United director who retired from the Board in May of 2008. Rent expense incurred on these facilities was $1,044,000, $1,029,000, and $1,024,000 for the years ended December 31, 2011, 2010, and 2009, respectively.

Future minimum lease payments, by year and in the aggregate, under noncancelable operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2011, consisted of the following:

Year	Amount
(In thousands)
2012	$	7,981
2013		6,395
2014		5,451
2015		4,033
2016		3,061
Thereafter		8,750
Total minimum lease payments	$	35,671

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Deposits

12 Months Ended

Dec. 31, 2011

Deposits [Abstract]

DEPOSITS

NOTE I—DEPOSITS

The book value of deposits consisted of the following:

(Dollars in thousands)	December 31
	2011		2010
Demand deposits	$	878,838	$	657,395
Interest-bearing checking		284,670		290,153
Regular savings		473,819		388,332
Money market accounts		2,890,445		2,234,252
Time deposits under $100,000		1,213,964		1,153,337
Time deposits over $100,000		1,077,274		990,065
Total deposits	$	6,819,010	$	5,713,534

Interest paid on deposits approximated $39,853,000, $58,779,000 and $88,576,000 in 2011, 2010 and 2009, respectively.

United's subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $117,678,000 and $141,923,000 at December 31, 2011 and 2010, respectively.

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Investment Securities (Details 5) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Roll Forward of anticipated credit losses on securities
Balance of cumulative credit losses at December 31, 2010	$ 35,324
Additions for credit losses on securities for which OTTI was not previously recognized	2,172
Additions for additional credit losses on securities for which OTTI was previously recognized	18,242
Balance of cumulative credit losses at December 31, 2011	$ 55,738

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United Bankshares, Inc. (Parent Company Only) Financial Information (Details 2) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating Activities
Net income	$ 20,257,000	$ 20,016,000	$ 17,452,000	$ 17,885,000	$ 19,290,000	$ 17,316,000	$ 17,919,000	$ 17,422,000	$ 75,610,000	$ 71,947,000	$ 67,298,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of net periodic pension costs									(912,000)	(1,467,000)	(4,470,000)
Stock-based compensation									1,133,000	1,050,000	484,000
Net (gain) loss on securities transactions									(18,838,000)	(7,809,000)	(14,705,000)
Net Cash Provided by Operating Activities									118,567,000	100,824,000	53,657,000
Investing Activities
Net Cash (Used in) Provided by Investing Activities									158,337,000	631,923,000	545,161,000
Financing Activities
Cash dividends paid									(54,344,000)	(52,257,000)	(50,383,000)
Acquisition of treasury stock									(18,000)	(11,000)	(1,180,000)
Proceeds from sale of treasury stock from deferred compensation plan									74,000	520,000	536,000
Excess tax benefits from stock-based compensation arrangements									3,114,000	459,000	273,000
Proceeds from exercise of stock options									542,000	2,492,000	724,000
Net Cash Used in Financing Activities									(102,290,000)	(721,125,000)	(362,585,000)
Increase/(Decrease) in cash and cash equivalents									174,614,000	11,622,000	236,233,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR				461,389,000				449,767,000	461,389,000	449,767,000	213,534,000
CASH AND CASH EQUIVALENTS AT END OF YEAR	636,003,000				461,389,000				636,003,000	461,389,000	449,767,000
United Bankshares
Operating Activities
Net income									75,610,000	71,947,000	67,298,000
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries									(11,835,000)	(13,348,000)	(18,920,000)
Amortization of net periodic pension costs									76,000	117,000	257,000
Stock-based compensation									1,133,000	1,050,000	484,000
Net (gain) loss on securities transactions									(12,000)	(54,000)	179,000
Net change in other assets and liabilities									(6,895,000)	(1,940,000)	(1,376,000)
Net Cash Provided by Operating Activities									58,077,000	57,772,000	47,922,000
Investing Activities
Net proceeds from (purchases of) sales of securities									4,854,000	(240,000)	243,000
Net cash paid in acquisition of subsidiary									8,576,000	0	0
Change in other investment securities									1,376,000	37,000	52,000
Net Cash (Used in) Provided by Investing Activities									(2,346,000)	(203,000)	295,000
Financing Activities
Cash dividends paid									(54,344,000)	(52,257,000)	(50,383,000)
Acquisition of treasury stock									(18,000)	(11,000)	(1,180,000)
Proceeds from sale of treasury stock from deferred compensation plan									74,000	520,000	536,000
Excess tax benefits from stock-based compensation arrangements									3,114,000	459,000	273,000
Proceeds from exercise of stock options									542,000	2,492,000	724,000
Net Cash Used in Financing Activities									(50,632,000)	(48,797,000)	(50,030,000)
Increase/(Decrease) in cash and cash equivalents									5,099,000	8,772,000	(1,813,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR				26,397,000				17,625,000	26,397,000	17,625,000	19,438,000
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 31,496,000				$ 26,397,000				$ 31,496,000	$ 26,397,000	$ 17,625,000

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Bank Premises and Equipment and Leases (Details 1) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Future minimum lease payments
2012	$ 7,981
2013	6,395
2014	5,451
2015	4,033
2016	3,061
Thereafter	8,750
Total minimum lease payments	$ 35,671

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Investment Securities (Details 7) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	$ 59,289,000	$ 67,036,000
Gross Unrealized Gains	3,004,000	2,481,000
Gross Unrealized Losses	6,112,000	7,202,000
Estimated Fair Value	56,181,000	62,315,000
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	11,062,000	11,200,000
Gross Unrealized Gains	2,785,000	2,069,000
Gross Unrealized Losses	0	0
Estimated Fair Value	13,847,000	13,269,000
State and political subdivisions [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	12,794,000	20,288,000
Gross Unrealized Gains	207,000	399,000
Gross Unrealized Losses	1,000	109,000
Estimated Fair Value	13,000,000	20,578,000
Residential mortgage-backed securities, Agency [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	77,000	92,000
Gross Unrealized Gains	12,000	13,000
Gross Unrealized Losses	0	0
Estimated Fair Value	89,000	105,000
Residential mortgage-backed securities, Non Agency [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	0	2,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	0	2,000
Single issue trust preferred securities [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	32,116,000	32,122,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	6,111,000	7,093,000
Estimated Fair Value	26,005,000	25,029,000
Other corporate securities [Member]
Summary of amortized cost and estimated fair values of securities held to maturity
Amortized Cost	3,240,000	3,332,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 3,240,000	$ 3,332,000

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Income Taxes (Details 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of the total amounts of unrecognized tax benefits
Unrecognized tax benefits at beginning of year	$ 971	$ 1,118
Increase (Decrease) in unrecognized tax benefits as a result of tax positions settled during the current period	1,953	144
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	355	291
Unrecognized tax benefits at end of year	$ 2,569	$ 971

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Investment Securities (Details 4) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Senior - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	$ 11,432
Credit Related OTTI	793
Senior - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	9,498
Credit Related OTTI	0
Mezzanine - Bank (now in senior position) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	13,402
Credit Related OTTI	5,428
Mezzanine - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	57,629
Credit Related OTTI	21,387
Mezzanine - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	6,500
Credit Related OTTI	0
Mezzanine - Bank & Insurance (combination) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
Amortized Cost	5,699
Credit Related OTTI	$ 2,336
Maximum [Member] | Senior - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	90.90%
% of original collateral defaulted	13.30%
% of original collateral deferring	14.20%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	6.50%
Maximum [Member] | Senior - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	94.90%
% of original collateral defaulted	0.00%
% of original collateral deferring	9.30%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	6.60%
Maximum [Member] | Mezzanine - Bank (now in senior position) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	78.40%
% of original collateral defaulted	9.10%
% of original collateral deferring	4.40%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	16.40%
Maximum [Member] | Mezzanine - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	91.00%
% of original collateral defaulted	20.60%
% of original collateral deferring	24.80%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	10.70%
Maximum [Member] | Mezzanine - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	83.20%
% of original collateral defaulted	2.20%
% of original collateral deferring	11.60%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	9.20%
Maximum [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	80.40%
% of original collateral defaulted	18.80%
% of original collateral deferring	26.20%
Projected Prepayment Rate	0.50%
Lifetime additional projected loss from performing collateral	9.90%
Minimum [Member] | Senior - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	80.90%
% of original collateral defaulted	12.90%
% of original collateral deferring	6.30%
Projected Prepayment Rate	0.50%
Lifetime additional projected loss from performing collateral	4.70%
Minimum [Member] | Senior - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	83.20%
% of original collateral defaulted	0.00%
% of original collateral deferring	3.50%
Projected Prepayment Rate	1.00%
Lifetime additional projected loss from performing collateral	6.30%
Minimum [Member] | Mezzanine - Bank (now in senior position) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	69.70%
% of original collateral defaulted	2.70%
% of original collateral deferring	1.90%
Projected Prepayment Rate	0.50%
Lifetime additional projected loss from performing collateral	7.80%
Minimum [Member] | Mezzanine - Bank [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	55.10%
% of original collateral defaulted	7.50%
% of original collateral deferring	6.90%
Projected Prepayment Rate	0.30%
Lifetime additional projected loss from performing collateral	7.10%
Minimum [Member] | Mezzanine - Insurance [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	81.10%
% of original collateral defaulted	0.00%
% of original collateral deferring	9.30%
Projected Prepayment Rate	0.00%
Lifetime additional projected loss from performing collateral	6.30%
Minimum [Member] | Mezzanine - Bank & Insurance (combination) [Member]
Assumptions utilized in other than temporary impairment analysis of TRUP CDO's
% of issuers currently performing	67.60%
% of original collateral defaulted	14.20%
% of original collateral deferring	13.70%
Projected Prepayment Rate	0.30%
Lifetime additional projected loss from performing collateral	6.80%

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Short-Term Borrowings (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Funds purchased and securities sold under agreements to repurchase and weighted-average interest rates
Short-term borrowings	$ 254,766	$ 193,214
Federal funds purchased [Member]
Funds purchased and securities sold under agreements to repurchase and weighted-average interest rates
Short-term borrowings	7,120	8,542	7,835
Weighted-average interest rate at year-end	0.20%	0.20%	0.20%
Maximum amount outstanding at any month's end	20,440	25,325	207,680
Average amount outstanding during the year	13,377	15,871	89,109
Weighted-average interest rate during the year	0.20%	0.20%	0.40%
Securities sold under agreements to repurchase [Member]
Funds purchased and securities sold under agreements to repurchase and weighted-average interest rates
Short-term borrowings	247,646	183,097	211,659
Weighted-average interest rate at year-end	0.10%	0.00%	0.00%
Maximum amount outstanding at any month's end	274,546	305,658	367,887
Average amount outstanding during the year	$ 242,371	$ 269,142	$ 329,905
Weighted-average interest rate during the year	0.10%	0.00%	0.00%

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Variable Interest Entities (Details Textual)	12 Months Ended
	Dec. 31, 2011
Variable Interest Entities (Textual) [Abstract]
Percentage of equity shares of each trust owned by the company	100.00%

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Loans (Tables)

12 Months Ended

Dec. 31, 2011

Loans [Abstract]

Classes of loans

	December 31
(In thousands)	2011		2010
Commercial, financial, and agricultural
Owner-occupied	$	743,502	$	574,909
Nonowner-occupied		1,553,259		1,224,481
Other commercial		1,212,205		1,038,302
Total commercial, financial & agricultural		3,508,966		2,837,692
Residential real estate		1,897,658		1,700,380
Construction & land development		549,877		470,934
Consumer:
Bankcard		11,519		12,025
Other Consumer		272,193		242,320
Less: Unearned interest		(3,503)		(3,025)
Total Loans, net of unearned interest	$	6,236,710	$	5,260,326

Activity for accretable yield

(In thousands)
Accretable yield at the beginning of the period	$	0
Additions		4,144
Accretion (including cash recoveries)		(1,673)
Net reclassifications to accretable from non-accretable		0
Disposals (including maturities, foreclosures, and charge-offs)		(148)
Accretable yield at the ending of the period	$	2,323

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Quarterly Financial Data Unaudited (Tables)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly financial data

Quarterly financial data for 2011 and 2010 is summarized below (dollars in thousands, except for per share data):

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2011
Interest income		$ 73,857		$ 72,435		$ 84,701		$ 85,529
Interest expense		14,494		13,814		13,949		13,537
Net interest income		59,363		58,621		70,752		71,992
Provision for credit losses		4,436		4,800		3,637		4,268
Mortgage banking income		234		131		205		382
Securities losses, net		(1,559)		(3,466)		(7,477)		(6,336)
Other noninterest income		15,976		16,669		18,250		17,828
Noninterest expense		43,469		41,677		48,873		50,029
Income taxes		8,224		8,026		9,204		9,312
Net income (1)		17,885		17,452		20,016		20,257
Per share data:
Average shares outstanding (000s):
Basic		43,629		43,646		49,628		50,207
Diluted		43,700		43,676		49,636		50,236
Net income per share:
Basic		$0.41		$0.40		$0.40		$0.40
Diluted		$0.41		$0.40		$0.40		$0.40
Dividends per share		$0.30		$0.30		$0.30		$0.31
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2010
Interest income		$84,096		$82,189		$79,889		$77,208
Interest expense		23,617		22,025		20,907		18,647
Net interest income		60,479		60,164		58,982		58,561
Provision for credit losses		6,868		6,400		6,123		(5,618)
Mortgage banking income		112		129		118		303
Securities losses, net		(378)		(300)		(1,732)		(5,399)
Other noninterest income		15,839		17,755		17,304		18,452
Noninterest expense		43,751		45,188		43,898		49,375
Income taxes		8,011		8,241		7,335		8,870
Net income (1)		17,422		17,919		17,316		19,290
Per share data:
Average shares outstanding (000s):
Basic		43,455		43,540		43,588		43,607
Diluted		43,534		43,641		43,646		43,677
Net income per share:
Basic		$0.40		$0.41		$0.40		$0.44
Diluted		$0.40		$0.41		$0.40		$0.44
Dividends per share		$0.30		$0.30		$0.30		$0.30

⁽¹⁾ For further information, see the related discussion "Quarterly Results" included in Management's Discussion and Analysis.

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Stock Based Compensation

12 Months Ended

Dec. 31, 2011

Stock Based Compensation [Abstract]

STOCK BASED COMPENSATION

NOTE N--STOCK BASED COMPENSATION

On May 16, 2011, United's shareholders approved the 2011 Long-Term Incentive Plan (2011 LTI Plan). The 2011 LTI Plan became effective as of July 1, 2011. An award granted under the 2011 LTI Plan may consist of any non-qualified stock options or incentive stock options, stock appreciation rights, restricted stock, or restricted stock units. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2011 LTI Plan is 1,500,000. Any and all shares may be issued in respect of any of the types of awards, provided that (1) the aggregate number of shares that may be issued in respect of restricted stock awards, and restricted stock units awards which are settled in shares is 350,000, and (2) the aggregate number of shares that may be issued pursuant to stock options is 1,150,000. The shares to be offered under the 2011 LTI Plan may be authorized and unissued shares or treasury shares. With respect to awards that are intended to satisfy the requirements for performance-based compensation under Code Section 162(m), the maximum number of options and stock appreciation rights, in the aggregate, which may be awarded pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 100,000, and the maximum number of shares of restricted stock and/or shares subject to a restricted stock units award that may be granted pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 50,000 shares. A participant may be any key employee of United or its affiliates or a non-employee member of United's Board of Directors. Subject to certain change in control provisions, stock options, SARs, restricted stock and restricted stock units will vest in 25% increments over the first four anniversaries of the awards unless the Committee specifies otherwise in the award agreement. No award will vest sooner than 1/3 per year over the first three anniversaries of the award. A Form S-8 was filed on September 2, 2011 with the Securities and Exchange Commission to register all the shares which were available for the 2011 LTI Plan.

The 2011 LTI Plan replaces the 2006 Stock Option Plan which expired during the second quarter of 2011. A total of 887,650 shares were granted under the 2006 Stock Option Plan resulting in the recognition of compensation expense of $1,133,000 and $1,050,000 in the years of 2011 and 2010, respectively, which was included in employee compensation in the Consolidated Statement of Income. A Form S-8 was filed on October 25, 2006 with the Securities and Exchange Commission to register all the shares available for the 2006 Stock Option Plan.

United currently has options outstanding from various option plans other than the 2006 Stock Option Plan (the Prior Plans); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years.

The fair value of the options for 2011 was estimated at the date of grant using a binomial lattice option pricing model with the following weighted-average assumptions: risk-free interest rates of 2.53%; dividend yield of 3.00%; volatility factors of the expected market price of United's common stock of 0.3523; and a weighted-average expected option life of 6.15 years, respectively. The estimated fair value of the options at the date of grant was $7.91 for the options granted during 2011. ASC topic 718, "Compensation – Stock Compensation" defines a lattice model as a model that produces an estimated fair value based on the assumed changes in prices of a financial instrument over successive periods of time. A binomial lattice model assumes at least two price movements are possible in each period of time.

A summary of option activity under the Plans as of December 31, 2011, and the changes during the year of 2011 are presented below:

	Year ended December 31, 2011
					Weighted Average
(Dollars in thousands, except per share data)			Aggregate		Remaining
			Intrinsic		Contractual		Exercise
	Shares		Value		Term (Yrs.)		Price
Outstanding at January 1, 2011		1,597,032						$  28.91
Granted		311,300						28.64
Exercised		40,447						13.41
Forfeited or expired		185,867						26.04
Outstanding at December 31, 2011		1,682,018		$  2,455		5.0		$  29.55
Exercisable at December 31, 2011		1,074,418		$     669		3.1		$  31.84

The following table summarizes the status of United's nonvested awards for the year ended December 31, 2011:

	Shares		Weighted-Average Grant Date Fair Value Per Share
Nonvested at January 1, 2011		311,800	$  6.25
Granted		311,300	7.91
Vested		0	0.00
Forfeited or expired		15,500	6.62
Nonvested at December 31, 2011		607,600	$  7.09

As of December 31, 2011, the total unrecognized compensation cost related to nonvested awards was $2,254,000 with a weighted-average expense recognition period of 1.6 years. The total fair value of awards vested during the year ended December 31, 2011, was zero.

Cash received from options exercised under the Plans for the years ended December 31, 2011, 2010 and 2009 was $542,000, $2,492,000, and $724,000, respectively. During 2011 and 2010, 40,447 and 164,341 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises were issued from available treasury stock for 2011 and 2010. The weighted-average grant-date fair value of options granted in the year of 2011 and 2010 was $7.91 and $6.25, respectively. No options were granted in the year of 2009. The total intrinsic value of options exercised under the Plans during the years ended December 31, 2011, 2010, and 2009 was $518,000, $1,856,000, and $800,000, respectively.

The Statement of Cash Flows topic of the FASB Accounting Standards Codification requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow, rather than as an operating cash flow as required under previous standards. This requirement reduces net operating cash flows and increase net financing cash flows in periods after adoption. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows from financing activities of $3,114,000, $459,000 and $273,000 from excess tax benefits related to share-based compensation for the year of 2011, 2010 and 2009, respectively.

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Derivative Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Derivative Instruments, Gain (Loss) Recognized in Income, Net [Abstract]
Derivatives in fair value hedging relationships	$ 81	$ 86	$ 103
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative instruments not designated as hedging instruments, net	0	0	0
Total derivatives	81	86	103
Interest Income Expense [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) Recognized in Income, Net [Abstract]
Derivatives in fair value hedging relationships	81	86	103
Other Income [Member] | Interest rate contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative instruments not designated as hedging instruments, gain	1,782	3,654	3,504
Other Expense [Member] | Interest rate contracts [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract]
Derivative instruments not designated as hedging instruments, loss	$ (1,782)	$ (3,654)	$ (3,504)

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Regulatory Matters

12 Months Ended

Dec. 31, 2010

Regulatory Matters [Abstract]

REGULATORY MATTERS

NOTE S—REGULATORY MATTERS

The subsidiary banks are required to maintain average reserve balances with their respective Federal Reserve Bank. The average amount of those reserve balances maintained and required for the year ended December 31, 2011, were approximately $470,240,000 and $48,719,000, respectively. The average amount of those reserve balances maintained and required for the year ended December 31, 2010, was approximately $397,423,000 and $31,435,000, respectively.

The primary source of funds for the dividends paid by United Bankshares, Inc. to its shareholders is dividends received from its subsidiary banks. Dividends paid by United's subsidiary banks are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year's net income, as defined, plus the retained net profits of the two preceding years.

During 2012, the retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends without regulatory approval, are approximately $25,711,000, plus net income for the interim period through the date of declaration.

Under Federal Reserve regulation, the banking subsidiaries are also limited as to the amount they may loan to affiliates, including the parent company. Loans from the banking subsidiaries to the parent company are limited to 10% of the banking subsidiaries' capital and surplus, as defined, or $77,648,000 at December 31, 2011, and must be secured by qualifying collateral.

United's subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United's subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks' assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. United's subsidiary banks' capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require United to maintain minimum amounts and ratios of total and Tier I capital, as defined in the regulations, to risk-weighted assets, as defined, and of Tier I capital, as defined, to average assets, as defined. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on United's financial statements. As of December 31, 2011, United exceeds all capital adequacy requirements to which it is subject.

At December 31, 2011, the most recent notification from its regulators, United and its subsidiary banks were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United's well-capitalized status.

United's and its subsidiary banks', United Bank (WV), United Bank (VA), and Centra Bank, capital amounts (in thousands of dollars) and ratios are presented in the following table.

(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2011:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 925,285		13.8%		$ 535,102		³8.0%		$ 668,877		³10.0%
United Bank (WV)		382,785		13.6%		225,283		³8.0%		281,604		³10.0%
United Bank (VA)		395,524		13.8%		229,065		³8.0%		286,332		³10.0%
Centra Bank		118,070		11.6%		81,415		³8.0%		101,769		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		840,758		12.6%		267,551		³4.0%		401,326		³6.0%
United Bank (WV)		347,561		12.3%		112,642		³4.0%		168,962		³6.0%
United Bank (VA)		359,705		12.6%		114,533		³4.0%		171,799		³6.0%
Centra Bank		117,521		11.6%		40,708		³4.0%		61,061		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		840,758		10.2%		328,965		³4.0%		411,206		³5.0%
United Bank (WV)		347,561		9.5%		145,883		³4.0%		182,354		³5.0%
United Bank (VA)		359,705		10.4%		138,485		³4.0%		173,107		³5.0%
Centra Bank		117,521		9.3%		50,477		³4.0%		63,097		³5.0%

(Dollars in thousands)	Actual				For Capital Adequacy Purposes				To Be Well- Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of December 31, 2010:
Total Capital (to Risk- Weighted Assets):
United Bankshares		$ 790,235		13.7%		$ 463,089		³8.0%		$ 578,861		³10.0%
United Bank (WV)		371,786		13.5%		220,711		³8.0%		275,888		³10.0%
United Bank (VA)		395,588		13.2%		240,178		³8.0%		300,222		³10.0%
Tier I Capital (to Risk- Weighted Assets):
United Bankshares		708,963		12.3%		231,544		³4.0%		347,317		³6.0%
United Bank (WV)		337,257		12.2%		110,355		³4.0%		165,533		³6.0%
United Bank (VA)		358,489		11.9%		120,089		³4.0%		180,133		³6.0%
Tier I Capital (to Average Assets):
United Bankshares		708,963		9.9%		285,925		³4.0%		357,407		³5.0%
United Bank (WV)		337,257		9.1%		148,421		³4.0%		185,526		³5.0%
United Bank (VA)		358,489		10.3%		138,877		³4.0%		173,596		³5.0%

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Long-Term Borrowings (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2011
Century Trust [Member]
Tier one regulatory capital
Issuance Date	March 23, 2000
Amount of Capital Securities Issued	$ 8,800
Interest Rate	10.875% Fixed
Maturity Date	Mar. 08, 2030
Sequoia Trust I [Member]
Tier one regulatory capital
Issuance Date	March 28, 2001
Amount of Capital Securities Issued	7,000
Interest Rate	10.18% Fixed
Maturity Date	Jun. 08, 2031
United Statutory Trust III [Member]
Tier one regulatory capital
Issuance Date	December 17, 2003
Amount of Capital Securities Issued	20,000
Interest Rate	3-month LIBOR + 2.85%
Maturity Date	Dec. 17, 2033
United Statutory Trust IV [Member]
Tier one regulatory capital
Issuance Date	December 19, 2003
Amount of Capital Securities Issued	25,000
Interest Rate	3-month LIBOR + 2.85%
Maturity Date	Jan. 23, 2034
United Statutory Trust V [Member]
Tier one regulatory capital
Issuance Date	July 12, 2007
Amount of Capital Securities Issued	50,000
Interest Rate	6.67% Fixed, until October 2012
Maturity Date	Oct. 01, 2037
United Statutory Trust VI [Member]
Tier one regulatory capital
Issuance Date	September 20, 2007
Amount of Capital Securities Issued	30,000
Interest Rate	6.60% Fixed, until October 2012
Maturity Date	Dec. 15, 2037
Premier Statutory Trust II [Member]
Tier one regulatory capital
Issuance Date	September 25, 2003
Amount of Capital Securities Issued	6,000
Interest Rate	3-month LIBOR + 3.10%
Maturity Date	Oct. 08, 2033
Premier Statutory Trust III [Member]
Tier one regulatory capital
Issuance Date	May 16, 2005
Amount of Capital Securities Issued	8,000
Interest Rate	3-month LIBOR + 1.74%
Maturity Date	Jun. 15, 2035
Premier Statutory Trust IV [Member]
Tier one regulatory capital
Issuance Date	June 20, 2006
Amount of Capital Securities Issued	14,000
Interest Rate	3-month LIBOR + 1.55%
Maturity Date	Sep. 23, 2036
Premier Statutory Trust V [Member]
Tier one regulatory capital
Issuance Date	December 14, 2006
Amount of Capital Securities Issued	10,000
Interest Rate	6.62% Fixed, until March 2012
Maturity Date	Mar. 01, 2037
Centra Statutory Trust I [Member]
Tier one regulatory capital
Issuance Date	September 20, 2004
Amount of Capital Securities Issued	10,000
Interest Rate	3-month LIBOR + 2.29%
Maturity Date	Sep. 20, 2034
Centra Statutory Trust II [Member]
Tier one regulatory capital
Issuance Date	June 15, 2006
Amount of Capital Securities Issued	$ 10,000
Interest Rate	3-month LIBOR + 1.65%
Maturity Date	Jul. 07, 2036

XML

Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Fair Values of Financial Instruments [Abstract]

Schedule of financial assets and liabilities measured at fair value

			Fair Value at December 31, 2011 Using
Description	Balance as of December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$ 303,547		$ 0		$ 303,547		$ 0
State and political subdivisions		98,848		0		98,848		0
Residential mortgage-backed securities
Agency		193,404		0		193,404		0
Non-agency		37,541		364		37,177		0
Trust preferred collateralized debt obligations		42,369		0		0		42,369
Single issue trust preferred securities		11,760		428		11,332		0
Other corporate securities		5,090		0		5,090		0
Total available for sale debt securities		692,559		792		649,398		42,369
Available for sale equity securities:
Financial services industry		2,243		1,923		320		0
Equity mutual funds (1)		860		860		0		0
Other equity securities		856		856		0		0
Total available for sale equity securities		3,959		3,639		320		0
Total available for sale securities		696,518		4,431		649,718		42,369
Derivative financial assets:
Interest rate contracts		3,817		0		3,817		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,050		0		5,050		0

⁽¹⁾ The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

			Fair Value at December 31, 2010 Using
Description	Balance as of December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$ 103,865		$ 0		$ 103,865		$ 0
State and political subdivisions		84,313		0		84,313		0
Residential mortgage-backed securities
Agency		323,733		0		323,733		0
Non-agency		73,756		408		73,348		0
Trust preferred collateralized debt obligations		49,908		0		0		49,908
Single issue trust preferred securities		11,726		446		11,280		0
Total available for sale debt securities		647,301		854		596,539		49,908
Available for sale equity securities:
Financial services industry		1,942		1,942		0		0
Equity mutual funds (1)		3,054		3,054		0		0
Other equity securities		979		979		0		0
Total available for sale equity securities		5,975		5,975		0		0
Total available for sale securities		653,276		6,829		596,539		49,908
Derivative financial assets:
Interest rate contracts		4,360		0		4,360		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,941		0		5,941		0

⁽¹⁾ The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

Schedule of additional information about financial assets and liabilities measured at fair value utilized level 3

	Available-for-sale Securities
(In thousands)	Trust preferred collateralized debt obligations
	2011			2010
Balance, beginning of year		$ 49,908			$ 59,294
Total gains or losses (realized/unrealized):
Included in earnings (or changes in net assets)		(17,252	)		(7,322	)
Included in other comprehensive income		9,713			(2,064	)
Purchases, issuances, and settlements		0			0
Transfers in and/or out of Level 3		0			0
Balance, ending of year		$ 42,369			$ 49,908
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date		0			0

Financial assets measured at fair value on a nonrecurring basis

(In thousands) Description	Balance as of December 31, 2011		Carrying value at December 31, 2011						YTD Losses
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Impaired Loans		$ 32,438		0		$ 23,240		$ 9,198		$1,598
OREO		51,760		0		45,249		6,511		1,840

(In thousands) Description	Balance as of December 31, 2010		Carrying value at December 31, 2010						YTD Losses
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Impaired Loans	$	25,722		0	$	9,741	$	15,981	$	7,545
OREO		44,770		0		42,705		2,065		3,364

Summary of estimated fair values of financial instruments

	December 31, 2011				December 31, 2010
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	636,003	$	636,003	$	461,389	$	461,389
Securities available for sale		696,518		696,518		653,276		653,276
Securities held to maturity		59,289		56,181		67,036		62,315
Other securities		68,412		65,399		74,403		73,901
Loans held for sale		3,902		3,902		6,869		6,869
Loans		6,236,710		6,152,791		5,260,326		5,178,765
Derivative financial assets		3,817		3,817		4,360		4,360
Deposits		6,819,010		6,850,251		5,713,534		5,742,452
Short-term borrowings		254,766		254,766		193,214		193,214
Long-term borrowings		345,366		354,496		386,458		393,994
Derivative financial liabilities		5,050		5,050		5,941		5,941

XML

Employee Benefit Plans (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Sep. 30, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Change in Projected Benefit Obligation
Projected Benefit Obligation at the Beginning of the Year		$ 79,556	$ 70,136
Service Cost		2,272	2,127	2,337
Interest Cost		4,555	4,291	4,129
Actuarial (Gain) Loss		11,288	5,142
Benefits Paid		(2,509)	(2,140)
Projected Benefit at the End of the Year		95,162	79,556	70,136
Accumulated Benefit Obligation at the End of the Year		86,661	72,577
Change in Plan Assets
Fair Value of Plan Assets at the Beginning of the Year		105,504	87,507
Actual Return on Plan Assets		(1,612)	11,037
Benefits Paid		(2,509)	(2,140)
Employer Contributions	9,100	0	9,100
Fair value of plan assets at end of year		101,383	105,504	87,507
Net Amount Recognized
Funded Status		6,221	25,949
Unrecognized Transition Asset		0	0
Unrecognized Prior Service Cost		4	5
Unrecognized Net Loss		50,590	31,773
Net Amount Recognized		56,815	57,727
Net Amount Recognized		$ 56,815	$ 57,727
Weighted-Average Assumptions at the End of the Year
Discount rate		5.15%	5.75%
Rate of compensation increase		2.75%	2.75%	3.25%
Prior to age 45 [Member]
Weighted-Average Assumptions at the End of the Year
Rate of compensation increase		3.75%	3.75%	4.75%

XML

Long-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Borrowings [Abstract]

FHLB advances and related weighted average interest rates

	2011						2010
(Dollars in thousands)	Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate		Amount		Weighted- Average Contractual Rate		Weighted- Average Effective Rate
FHLB advances		$  141,809		4.17%		4.17%		$ 202,181		4.06%		4.06%

Tier one regulatory capital

Description	Issuance Date	Amount of Capital Securities Issued	Interest Rate	Maturity Date
(Dollars in thousands)
Century Trust	March 23, 2000	$  8,800	10.875% Fixed		March 8, 2030
Sequoia Trust I	March 28, 2001	$  7,000	10.18% Fixed		June 8, 2031
United Statutory Trust III	December 17, 2003	$ 20,000	3-month LIBOR + 2.85%		December 17, 2033
United Statutory Trust IV	December 19, 2003	$ 25,000	3-month LIBOR + 2.85%		January 23, 2034
United Statutory Trust V	July 12, 2007	$ 50,000	6.67% Fixed, until October 2012		October 1, 2037
United Statutory Trust VI	September 20, 2007	$ 30,000	6.60% Fixed, until October 2012		December 15, 2037
Premier Statutory Trust II	September 25, 2003	$  6,000	3-month LIBOR + 3.10%		October 8, 2033
Premier Statutory Trust III	May 16, 2005	$  8,000	3-month LIBOR + 1.74%		June 15, 2035
Premier Statutory Trust IV	June 20, 2006	$ 14,000	3-month LIBOR + 1.55%		September 23, 2036
Premier Statutory Trust V	December 14, 2006	$ 10,000	6.62% Fixed, until March 2012		March 1, 2037
Centra Statutory Trust I	September 20, 2004	$ 10,000	3-month LIBOR + 2.29%		September 20, 2034
Centra Statutory Trust II	June 15, 2006	$ 10,000	3-month LIBOR + 1.65%		July 7, 2036

Debentures and related weighted average interest rates

	2011				2010
(Dollars in thousands)	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
Century Trust	$	8,800		10.88%	$	8,800		10.88%
Sequoia Trust I		7,220		10.18%		7,432		10.18%
United Statutory Trust III		20,619		3.41%		20,619		3.15%
United Statutory Trust IV		25,774		3.28%		25,774		3.14%
United Statutory Trust V		51,547		6.67%		51,547		6.67%
United Statutory Trust VI		30,928		6.60%		30,928		6.60%
Premier Statutory Trust II		6,186		3.50%		6,186		3.39%
Premier Statutory Trust III		8,248		2.29%		8,248		2.04%
Premier Statutory Trust IV		14,433		2.12%		14,433		1.85%
Premier Statutory Trust V		10,310		6.62%		10,310		6.62%
Centra Statutory Trust I		9,746		2.85%		0		0.00%
Centra Statutory Trust II		9,746		2.05%		0		0.00%
Total	$	203,557			$	184,277

Schedule of maturities for all long-term borrowings

Year	Amount
(In thousands)
2012	$	54,887
2013		29,095
2014		26,499
2015		4,658
2016 and thereafter		230,227
Total	$	345,366

XML

Employee Benefit Plans (Details 3) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Fair values of pension plan assets by asset category
Asset at fair value	$ 101,383	$ 105,504	$ 87,507
Cash and Cash Equivalents [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,526	6,497
Mortgage-backed securities [Member]
Fair values of pension plan assets by asset category
Asset at fair value	289	458
Collateralized mortgage obligations [Member]
Fair values of pension plan assets by asset category
Asset at fair value	232	413
Municipal obligation [Member]
Fair values of pension plan assets by asset category
Asset at fair value	879	815
Corporate bonds [Member]
Fair values of pension plan assets by asset category
Asset at fair value	3,391	4,257
Fixed Income Funds General [Member]
Fair values of pension plan assets by asset category
Asset at fair value	12,065	7,412
Fixed Income Funds Domestic [Member]
Fair values of pension plan assets by asset category
Asset at fair value	10,442	16,174
Fixed Income Funds Alternative [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,787	6,598
Preferred stock [Member]
Fair values of pension plan assets by asset category
Asset at fair value	198	185
Common Stock
Fair values of pension plan assets by asset category
Asset at fair value	23,686	22,763
Equity Mutual Funds Global Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	3,816	3,879
Equity Mutual Funds Domestic Equity Large Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,592	4,641
Equity Mutual Funds Domestic Equity Small Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	12,117	11,018
Equity Mutual Funds International Emerging Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,312	7,578
Equity Mutual Funds International Equity Developed [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,685	7,700
Equity Mutual Funds Alternative Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,604	4,223
Partnership [Member]
Fair values of pension plan assets by asset category
Asset at fair value	762	893
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair values of pension plan assets by asset category
Asset at fair value	98,933	102,581
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,526	6,497
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized mortgage obligations [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal obligation [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate bonds [Member]
Fair values of pension plan assets by asset category
Asset at fair value	3,103	3,913
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds General [Member]
Fair values of pension plan assets by asset category
Asset at fair value	12,065	7,412
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds Domestic [Member]
Fair values of pension plan assets by asset category
Asset at fair value	10,442	16,174
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds Alternative [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,787	6,598
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Preferred stock [Member]
Fair values of pension plan assets by asset category
Asset at fair value	198	185
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock
Fair values of pension plan assets by asset category
Asset at fair value	23,686	22,763
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Global Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	3,816	3,879
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,592	4,641
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	12,117	11,018
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Emerging Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,312	7,578
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Equity Developed [Member]
Fair values of pension plan assets by asset category
Asset at fair value	6,685	7,700
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Alternative Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	4,604	4,223
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Partnership [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair values of pension plan assets by asset category
Asset at fair value	2,450	2,923
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities [Member]
Fair values of pension plan assets by asset category
Asset at fair value	289	458
Significant Other Observable Inputs (Level 2) [Member] | Collateralized mortgage obligations [Member]
Fair values of pension plan assets by asset category
Asset at fair value	232	413
Significant Other Observable Inputs (Level 2) [Member] | Municipal obligation [Member]
Fair values of pension plan assets by asset category
Asset at fair value	879	815
Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member]
Fair values of pension plan assets by asset category
Asset at fair value	288	344
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds General [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds Domestic [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds Alternative [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Preferred stock [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Common Stock
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Alternative Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member] | Partnership [Member]
Fair values of pension plan assets by asset category
Asset at fair value	762	893
Significant Unobservable Inputs (Level 3) [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Collateralized mortgage obligations [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Municipal obligation [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Corporate bonds [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds General [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds Domestic [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds Alternative [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Preferred stock [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Common Stock
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Alternative Equity [Member]
Fair values of pension plan assets by asset category
Asset at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Partnership [Member]
Fair values of pension plan assets by asset category
Asset at fair value	$ 0	$ 0

XML

Consolidated Statement of Changes in Shareholders' Equity (USD $) In Thousands	Common Stock	Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2008	$ 110,802	$ 96,654	$ 637,152	$ (76,151)	$ (31,745)	$ 736,712
Balance, shares at Dec. 31, 2008	44,320,832
Net income	0	0	67,298	0	0	67,298
Other comprehensive income, net of tax	0	0	0	7,768	0	7,768
Total comprehensive income, net of tax						75,066
Stock based compensation expense	0	484	0	0	0	484
Purchase of treasury stock (74,703, 8,910 and 676 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	(1,304)	(1,304)
Distribution of treasury stock for deferred compensation plan (30,902, 28,466 and 3,069 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	536	536
Cash dividends ($1.17, $1.20 and $1.21 per share for the years ended 2009, 2010 and 2011 respectively)	0	0	(50,837)	0	0	(50,837)
Common stock options exercised (79,323, 164,341 and 40,447 shares for the years ended 2009, 2010 and 2011 respectively)	0	(1,858)	0	0	2,751	893
Fractional shares adjustment	(4)	4	0	0	0	0
Fractional shares adjustment, shares	(1,675)
Balance at Dec. 31, 2009	110,798	95,284	653,613	(68,383)	(29,762)	761,550
Balance, shares at Dec. 31, 2009	44,319,157
Net income	0	0	71,947	0	0	71,947
Other comprehensive income, net of tax	0	0	0	7,727	0	7,727
Total comprehensive income, net of tax						79,674
Stock based compensation expense	0	1,050	0	0	0	1,050
Purchase of treasury stock (74,703, 8,910 and 676 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	(249)	(249)
Distribution of treasury stock for deferred compensation plan (30,902, 28,466 and 3,069 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	520	520
Cash dividends ($1.17, $1.20 and $1.21 per share for the years ended 2009, 2010 and 2011 respectively)	0	0	(52,300)	0	0	(52,300)
Common stock options exercised (79,323, 164,341 and 40,447 shares for the years ended 2009, 2010 and 2011 respectively)	0	(2,903)	0	0	5,670	2,767
Balance at Dec. 31, 2010	110,798	93,431	673,260	(60,656)	(23,821)	793,012
Balance, shares at Dec. 31, 2010	44,319,157
Net income	0	0	75,610	0	0	75,610
Other comprehensive income, net of tax	0	0	0	(6,102)	0	(6,102)
Total comprehensive income, net of tax						69,508
Acquisition of Centra Financial Holdings, Inc.	16,371	145,049	0	0	0	161,420
Acquisition of Centra Financial Holdings, Inc., shares	6,548,473
Stock based compensation expense	0	1,133	0	0	0	1,133
Purchase of treasury stock (74,703, 8,910 and 676 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	(18)	(18)
Distribution of treasury stock for deferred compensation plan (30,902, 28,466 and 3,069 shares for the years ended 2009, 2010 and 2011 respectively)	0	0	0	0	74	74
Cash dividends ($1.17, $1.20 and $1.21 per share for the years ended 2009, 2010 and 2011 respectively)	0	0	(56,827)	0	0	(56,827)
Common stock options exercised (79,323, 164,341 and 40,447 shares for the years ended 2009, 2010 and 2011 respectively)	0	(852)	0	0	1,394	542
Balance at Dec. 31, 2011	$ 127,169	$ 238,761	$ 692,043	$ (66,758)	$ (22,371)	$ 968,844
Balance, shares at Dec. 31, 2011	50,867,630

XML

Goodwill and Other Intangibles (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011
Goodwill and Other Intangibles (Textual) [Abstract]
Preliminary amounts added to goodwill	$ 60,099,000
Preliminary amounts added to core deposit intangible assets	$ 12,439,000

XML

Investment Securities

12 Months Ended

Dec. 31, 2011

Investment Securities [Abstract]

INVESTMENT SECURITIES

NOTE C—INVESTMENT SECURITIES

The following is a summary of the amortized cost and estimated fair values of securities available for sale.

	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	303,484	$	75	$	12	$	303,547	$	0
State and political subdivisions		94,794		4,092		38		98,848		0
Residential mortgage-backed securities
Agency		185,543		8,036		175		193,404		0
Non-agency		39,526		607		2,592		37,541		2,234
Trust preferred collateralized debt obligations		104,161		0		61,792		42,369		47,167
Single issue trust preferred securities		15,242		304		3,786		11,760		0
Other corporate securities		4,994		96		0		5,090		0
Marketable equity securities		4,341		80		462		3,959		0
Total	$	752,085	$	13,290	$	68,857	$	696,518	$	49,401

	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative     OTTI in     AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    103,851		$        14		$            0		$  103,865		$            0
State and political subdivisions		81,801		2,711		199		84,313		0
Residential mortgage-backed securities
Agency		308,601		15,132		0		323,733		0
Non-agency		77,524		880		4,648		73,756		3,835
Trust preferred collateralized debt obligations		124,632		0		74,724		49,908		45,021
Single issue trust preferred securities		15,594		287		4,155		11,726		0
Marketable equity securities		5,794		297		116		5,975		0
Total		$    717,797		$  19,321		$  83,842		$  653,276		$  48,856

(1) Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax.

The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2011 and 2010.

	Less than 12 months				12 months or longer
(In thousands)	Fair     Value		Unrealized     Losses		Fair     Value		Unrealized     Losses
December 31, 2011
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	196,988	$	12	$	0	$	0
State and political subdivisions		3,760		25		968		13
Residential mortgage-backed securities
Agency		14,789		175		0		0
Non-agency		0		0		12,369		2,592
Trust preferred collateralized debt obligations		0		0		42,369		61,792
Single issue trust preferred securities		412		88		6,956		3,698
Marketable equity securities		2,009		433		133		29
Total	$	217,958	$	733	$	62,795	$	68,124
December 31, 2010
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	0	$	0	$	0	$	0
State and political subdivisions		7,373		160		624		39
Residential mortgage-backed securities
Agency		91		0		0		0
Non-agency		5,127		15		23,716		4,633
Trust preferred collateralized debt obligations		0		0		49,908		74,724
Single issue trust preferred securities		0		0		7,093		4,155
Marketable equity securities		339		52		389		64
Total	$	12,930	$	227	$	81,730	$	83,615

Marketable equity securities consist mainly of equity securities of financial institutions and mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries.

	Year Ended
(In thousands)	2011		2010		2009
Proceeds from maturities, sales and calls		$ 1,486,936		$ 1,389,197		$ 512,787
Gross realized gains		1,729		813		772
Gross realized losses		311		462		541

At December 31, 2011, gross unrealized losses on available for sale securities were $68,857,000 on 86 securities of a total portfolio of 381 available for sale securities. Securities in an unrealized loss position at December 31, 2011 consisted primarily of pooled trust preferred collateralized debt obligations (TRUP CDOs), single issue trust preferred securities and non-agency residential mortgage-backed securities. The TRUP CDOs and the single issue trust preferred securities relate mainly to securities of financial institutions. In determining whether or not a security is other-than-temporarily impaired, management considered the severity and the duration of the loss in conjunction with United's positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity.

Non-agency residential mortgage-backed securities

The majority of the non-agency residential mortgage-backed security portfolio is rated either AAA or AA. The unrealized loss on the non-agency residential mortgage-backed securities portfolio relates primarily to below investment grade securities of various private label issuers. The Company has no exposure to real estate investment trusts (REITS) in its investment portfolio. Approximately 65% of the portfolio includes collateral that was originated during the year of 2005 or before. The remaining 35% includes collateral that was originated in the years of 2006 and 2007. Ninety-eight percent of the non-agency residential mortgage securities are either the senior or super-senior tranches of their respective structure. In determining whether or not the non-agency mortgage-backed securities were other-than-temporarily impaired, management performs an in-depth analysis on each non-agency residential mortgage-backed security on a quarterly basis. The analysis includes a review of the following factors: weighted average loan to value, weighted average maturity, average FICO scores, historical collateral performance, geographic concentration, credit subordination, cross-collateralization, coverage ratios, origination year, full documentation percentage, event risk (repricing), and collateral type. Management completes a monthly stress test to determine the level of loss protection remaining in each individual security and compares the protection remaining to the future expected performance of the underlying collateral. Additionally, management utilizes a third-party cash flow model to perform a cash flow test on each bond that is below investment grade. The model produces a bond specific set of cash flows based upon assumptions input by management. The input assumptions that are incorporated include the projected constant default rate (CDR) of the underlying mortgages, the loss severity upon default, and the prepayment rate on the underlying mortgage collateral. CDR and loss severities are forecasted by management after full evaluation of the underlying collateral including recent performance statistics. At December 31, 2011, United determined that four non-agency mortgage-backed securities were deemed to have additional other-than-temporary-impairment. The ranges of specific assumptions utilized for these securities included constant default rates ranging from 2.0% to 13.5%, a loss severity upon default ranging of 20.0% to 75.0%, and a constant prepayment rate ranging from 6.0% to 16.0%. The credit-related other-than-temporary impairment recognized in earnings for the fourth quarter of 2011 on these non-agency residential mortgage-backed security, which is not expected to be sold, was $2.48 million. Non credit related other-than-temporary impairment, net of deferred taxes of $336 thousand was recognized during the fourth quarter of 2011.

The credit-related other-than-temporary impairment recognized in earnings for the full year of 2011 on the non-agency residential mortgage-backed securities was $3.16 million, while the noncredit-related other-than-temporary impairment on these securities, which are not expected to be sold, was $2.23 million. Noncredit-related other-than-temporary impairment, net of deferred taxes of $3.66 million was recognized during the full year of 2010.

Single issue trust preferred securities

The majority of United's single-issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). Management reviews each issuer's current and projected earnings trends, asset quality, capitalization levels, TARP participation status, and other key factors. Upon completing the review for the fourth quarter of 2011, it was determined that none of the single issue securities were other-than-temporarily impaired. With the exception of two securities, all single-issue trust preferred securities are currently receiving interest payments. The two securities that are deferring interest payments are from the same issuer with a total amortized cost of $633 thousand. The issuer has the contractual ability to defer interest payments for up to 5 years.

Trust preferred collateralized debt obligations (TRUP CDOs)

In analyzing the duration and severity of the losses on TRUP CDOs, management considered the following: (1) the market for these securities was not active as evidenced by the lack of trades and the severe widening of the bid/ask spread; (2) the markets for TRUP CDOs are dysfunctional with no significant transactions to report; (3) low market prices for certain bonds, in the overall debt markets, were evidence of credit stress in the general markets and not necessarily an indication of credit problems with a particular issuer; and (4) the general widening in overall risk premiums over the past four years in the broader markets was responsible for a significant amount of the price decline in the TRUP CDO portfolio.

At December 31, 2011, United determined that certain TRUP CDOs were other-than-temporarily impaired. Management completed an in-depth analysis of the collateral pool, cash flow waterfall structure, and expected cash flows of the TRUP CDO portfolio. To determine a net realizable value and assess whether other-than-temporary impairment existed, management performed detailed cash flow analysis to determine whether, in management's judgment, it was more likely that United would not recover the entire amortized cost basis of the security. Management's cash flow analysis was performed for each security and considered the current deferrals and defaults within the underlying collateral, the likelihood that current deferrals would cure or ultimately default, potential future deferrals and defaults, potential prepayments, cash reserves, excess interest spread, credit analysis of the underlying collateral and the priority of payments in the cash flow structure. The underlying collateral analysis for each issuer took into consideration multiple factors including TARP participation, capital adequacy, earnings trends and asset quality. After completing its analysis of estimated cash flows, management determined that an adverse change in cash flows had occurred for certain TRUP CDOs as the expected discounted cash flows from these particular securities were less than the discounted cash flows originally expected at purchase or from the previous date of other-than-temporary impairment (cash flows are discounted at the contractual coupon rate for purposes of assessing OTTI). Therefore, based upon management's analysis and judgment, certain TRUP CDOs were determined to be other-than-temporarily impaired. The credit-related other-than-temporary impairment recognized in earnings for 2011 related to these securities was $17.25 million, compared to $7.32 million in 2010. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) (OCI) during 2011 on these securities, which are not expected to be sold, was $2.15 million or $1.40 million, net of taxes. At December 31, 2011, the balance of the noncredit-related other-than-temporary impairment recognized on United's TRUP CDO portfolio was $47.17 million as compared to $45.02 million at December 31, 2010.

The credit-related other-than-temporary impairment recognized in earnings for the fourth quarter of 2011 related to the TRUP CDO's was $3.80 million. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) in the fourth quarter on these securities, which are not expected to be sold, was $7.85 million, or $5.10 million, net of taxes.

The amortized cost of available for sale TRUP CDOs in an unrealized loss position for twelve months or longer as of December 31, 2011 consisted of $9.50 million in investment grade bonds, $9.51 million in split-rated bonds and $85.15 million in below investment grade bonds. The amortized cost of available for sale single issue trust preferred securities in an unrealized loss position for twelve months or longer as of December 31, 2011 consisted of $5.02 million in split-rated bonds and $5.63 million in below investment grade bonds.

The following is a summary of the available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position twelve months or greater as of December 31, 2011.

							Amortized Cost
Class	Amortized Cost		Fair Value		Unrealized Loss		Investment Grade		Split Rated		Below Investment Grade
	(In thousands)
Senior – Bank		$   11,432		$  6,109		$  5,323		$          0		$ 5,000		$    6,432
Senior – Insurance		9,498		6,974		2,524		9,498		0		0
Mezzanine – Bank (now in senior position)		13,402		6,030		7,372		0		4,513		8,889
Mezzanine – Bank		57,630		18,801		38,829		0		0		57,630
Mezzanine – Insurance		6,500		3,115		3,385		0		0		6,500
Mezzanine – Bank & Insurance (combination)		5,699		1,340		4,359		0		0		5,699
Single issue trust preferreds		10,654		6,956		3,698		0		5,020		5,634
Totals		$  114,815		$ 49,325		$  65,490		$ 9,498		$ 14,533		$ 90,784

Management also considered the ratings of the Company's bonds in its portfolio and the extent of downgrades in United's impairment analysis. However, due to historical discrepancies in ratings from the various rating agencies, management considered it imperative to independently perform its own credit analysis based on cash flows as described. The ratings of the investment grade pooled trust preferred securities in the table above range from a low of BBB to a high of A+. The ratings of the split-rated pooled trust preferred securities range from a low of CCC to a high of Baa2, while the below investment grade pooled trust preferred securities range from a low of D to a high of Baa1. The available for sale single issue trust preferred securities' ratings range from a low of CC to a high of BBB.

The Company has recognized cumulative credit-related other-than-temporary impairment of $29.94 million on fifteen pooled trust preferred securities since the third quarter of 2009. Of the remaining eight securities that have not been deemed to be other-than-temporally impaired, the collateralization ratios range from a low of 68.9% to a high of 290.0%, with a median of 104.1%, and a weighted average of 140.55%. The collateralization ratio is defined as the current performing collateral in a deal, divided by the current balance of the specific tranche the Company owns, plus any debt which is senior or pari passu with the Company's security's priority level. Performing collateral excludes the balance of any issuer that has either defaulted or has deferred its interest payment.

The following schedule reflects data and certain assumptions that are utilized in the other-than-temporary impairment analysis of the TRUP CDO's:

Class	Amortized Cost		% of issuers currently performing (1)			% of original collateral defaulted (2)			% of original collateral deferring (3)			Projected Prepayment Rate (4)			Lifetime additional projected loss from performing collateral (5)			Credit Related OTTI (6)
	(Dollars in thousands)
Senior – Bank	$	11,432		80.9 - 90.9	%		12.9 – 13.3	%		6.3 – 14.2	%		0.5 - 1.0	%		4.7 - 6.5	%	$	793
Senior – Insurance		9,498		83.2 - 94.9	%		0.0 – 00.0	%		3.5 – 9.3	%		1.0 - 1.0	%		6.3 - 6.6	%		0
Mezzanine – Bank (now in senior position)		13,402		69.7 - 78.4	%		2.7– 9.1	%		1.9 – 4.4	%		0.5 - 1.0	%		7.8 - 16.4	%		5,428
Mezzanine – Bank		57,629		55.1 - 91.0	%		7.5 – 20.6	%		6.9 – 24.8	%		0.3 - 1.0	%		7.1 - 10.7	%		21,387
Mezzanine – Insurance		6,500		81.1 - 83.2	%		0.0 – 2.2	%		9.3 – 11.6	%		0.0 - 1.0	%		6.3 - 9.2	%		0
Mezzanine – Bank & Ins.		5,699		67.6 - 80.4	%		14.2 – 18.8	%		13.7 – 26.2	%		0.3 - 0.5	%		6.8 - 9.9	%		2,336

(1) Represents performing collateral as a percent of non-defaulted, current collateral outstanding. In the "Mezzanine – Bank" line, the percentage of issuers currently performing ranges from 55.1% to 91.0%. The weighted average percentage of performing collateral is 74.3%.

(2) Defaulted collateral is identified as defaulted when the issuer has been closed by a regulator. All defaults are assumed to have a zero percent recovery in the OTTI cash flow model.

(3) Deferring collateral is identified when the Company becomes aware that an issuer has announced or elected to defer interest payments on its trust preferred debt. The Company utilizes issuer specific loss assumptions on deferring collateral that range from 100% cure to 100% loss.

(4) Management utilizes an annual prepayment rate in its assumptions to calculate OTTI. The prepayment rate is pool specific and is assigned based upon management's estimate of potential prepayments over the life of the security.

(5) Management applied an annual constant default rate to the performing collateral balance for each pool ranging from 0.38% to 1.20%. The calculation in the chart above represents the sum of the incremental projected losses over the remaining life of the security as a percentage of the performing collateral.

(6) Credit related OTTI represents the cumulative credit-related other-than-temporary impairment recognized over the life of the security.

Except for the securities that have already been deemed to be other than temporarily impaired, management does not believe any other individual security with an unrealized loss as of December 31, 2011 is other-than-temporarily impaired. For debt securities, United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a change in the expected contractual cash flows. Based on a review of each of the securities in the investment portfolio, management concluded that it expected to recover the amortized cost basis of the investment in such securities. As of December 31, 2011, United does not intend to sell any impaired debt security nor is it anticipated that it would be required to sell any impaired debt security before the recovery of its amortized cost basis. For equity securities, United has evaluated the near-term prospects of the investment in relation to the severity and duration of any impairment and based on that evaluation, management does not believe any individual equity security is other-than-temporarily impaired. As of December 31, 2011, United has the ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment.

During the fourth quarter of 2011, United also evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2011 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there were no events or changes in circumstances during the fourth quarter which would have an adverse effect on the fair value of any of its cost method securities. Therefore, no impairment was recorded.

Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income.

(In thousands)
Balance of cumulative credit losses at December 31, 2010	$	35,324
Additions for credit losses on securities for which OTTI was not previously recognized		2,172
Additions for additional credit losses on securities for which OTTI was previously recognized		18,242
Balance of cumulative credit losses at December 31, 2011	$	55,738

The amortized cost and estimated fair value of securities available for sale at December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.

Maturities of mortgage-backed securities with an amortized cost of $225,069,000 and an estimated fair value of $230,945,000 at December 31, 2011 are included below based upon contractual maturity.

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	259,162	$	259,267
Due after one year through five years		128,279		130,898
Due after five years through ten years		91,031		96,345
Due after ten years		269,272		206,049
Marketable equity securities		4,341		3,959
Total	$	752,085	$	696,518

The following is a summary of the amortized cost and estimated fair values of securities held to maturity.

	December 31, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$    11,062		$  2,785		$         0		$ 13,847
State and political subdivisions		12,794		207		1		13,000
Residential mortgage-backed securities
Agency		77		12		0		89
Non-agency		0		0		0		0
Single issue trust preferred securities		32,116		0		6,111		26,005
Other corporate securities		3,240		0		0		3,240
Total		$    59,289		$  3,004		$  6,112		$ 56,181
	December 31, 2010
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated     Fair     Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$  11,200		$  2,069		$        0		$ 13,269
State and political subdivisions		20,288		399		109		20,578
Residential mortgage-backed securities
Agency		92		13		0		105
Non-agency		2		0		0		2
Single issue trust preferred securities		32,122		0		7,093		25,029
Other corporate securities		3,332		0		0		3,332
Total		$  67,036		$  2,481		$  7,202		$ 62,315

Even though the market value of the held-to-maturity investment portfolio is less than its cost, the unrealized loss has no impact on the net worth or regulatory capital requirements of United. As of December 31, 2011, the Company's three largest held-to-maturity single-issue trust preferred exposures were to Wells Fargo ($9.89 million), SunTrust Bank ($7.38 million), and Peoples Bancorp Inc. ($7.25 million). Other corporate securities consist mainly of bonds of corporations.

The following table shows the gross realized gains and losses on calls and sales of held to maturity securities that have been included in earnings as a result of those calls and sales. During the year of 2010, a corporate bond with a carrying value of $1,000,000 and classified as held-to-maturity was sold as a result of a limited opportunity to divest in this issuer, which had filed bankruptcy in 2008. United realized a gain of $1,238,000 on the sale of the bond. Gains or losses on calls and sales of held to maturity securities are recognized by the specific identification method.

	Year Ended
(In thousands)	2011		2010		2009
Gross realized gains		1		1,297		129
Gross realized losses		0		39		45

The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Maturities of mortgage-backed securities with an amortized cost of $77,000 and an estimated fair value of $89,000 at December 31, 2011 are included below based upon contractual maturity.

			Estimated
(In thousands)	Amortized		Fair
	Cost		Value
Due in one year or less	$	1,011	$	1,019
Due after one year through five years		8,548		9,684
Due after five years through ten years		10,370		12,115
Due after ten years		39,360		33,363
Total	$	59,289	$	56,181

The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $634,944,000 and $586,510,000 at December 31, 2011 and 2010, respectively.

The fair value of mortgage-backed securities is affected by changes in interest rates and prepayment speed. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had net unrealized gains of $5,888,000 and $11,377,000 at December 31, 2011 and 2010, respectively, on all mortgage-backed securities.

The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2011, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security).

	Within 1 Year				After 1 But Within 5 Years				After 5 But Within 10 Years				After 10 Years
	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
	(Dollars in thousands)
U.S. Treasury and other U.S. Government agencies and corporations	$	250,707		0.05%	$	58,088		0.97%	$	5,751		5.67%	$	0		0.00%
States and political subdivisions (1)		9,415		4.88%		51,187		4.25%		28,768		6.21%		18,218		6.90%
Residential mortgage-backed securities
Agency		51		5.85%		21,558		5.11%		45,884		4.53%		118,127		4.48%
Non-agency		0		0.00%		0		0.00%		18,998		5.04%		20,528		5.70%
Trust preferred collateralized debt obligations		0		0.00%		0		0.00%		0		0.00%		104,161		3.89%
Single issue trust preferred securities		0		0.00%		0		0.00%		0		0.00%		47,358		4.31%
Marketable equity securities		0		0.00%		0		0.00%		0		0.00%		4,341		0.93%
Other Corporate securities		0		0.00%		5,994		2.27%		2,000		0.00%		240		0.00%

(1) Tax-equivalent adjustments (using a 35% federal rate) have been made in calculating yields on obligations of states and political subdivisions.

There are no securities with a single issuer, other than the U.S. government and its agencies and corporations, the book value of which in the aggregate exceeds 10% of United's total shareholders' equity.

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Mergers and Acquisitions (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2011 years	Dec. 31, 2010	Jul. 08, 2011	Dec. 31, 2009	Dec. 31, 2008
Mergers and Acquisitions (Textual) [Abstract]
Number of shares issued in the transaction	6,548,473
Outstanding common stock acquired			100.00%
Total assets at consummation	$ 8,451,470,000	$ 7,155,719,000
Loans at consummation	6,240,213,000	5,263,351,000
Deposits at consummation	6,819,010,000	5,713,534,000
Shareholders' equity at consummation	968,844,000	793,012,000		761,550,000	736,712,000
Aggregate purchase price	170,000,000		169,996,000
Common stock value	161,400,000
Cash paid for vested stock options and fractional shares	8,600,000
Closing market price per common share	$ 24.65
Resulting goodwill	60,099,000		60,099,000
Core deposit intangibles			12,439,000
Downward fair value adjustment on loans acquired	36,650,000
Premium on interest-bearing deposits acquired	6,530,000
Discount on junior subordinated debt securities acquired	564,000
Estimated remaining life of premium on interest-bearing deposits acquired	1.25
Estimated remaining life of discount on junior subordinated debt securities acquired	4.5
Contractually required principal and interest at acquisition			72,647,000
Expected cash flows at acquisition			48,112,000
Estimated fair value of acquired impaired loans at acquisition			46,446,000
Adjustment amount of Centra's provision for credit losses	0	0
Centra Financial Holdings Inc [Member]
Mergers and Acquisitions (Textual) [Abstract]
Total assets at consummation	1,310,000,000
Loans at consummation	1,040,000,000
Deposits at consummation	1,130,000,000
Shareholders' equity at consummation	131,000,000
Severance benefits	621,000
Contractually required principal and interest at acquisition			1,377,211,000
Expected cash flows at acquisition			1,343,332,000
Estimated fair value of acquired impaired loans at acquisition			$ 1,022,035,000

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Allowance for Credit Losses (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2011
Allowance for Loan Losses:
Beginning balance	$ 73,033,000
Charge-offs	19,605,000
Recoveries	3,305,000
Provision	17,141,000
Ending balance	73,874,000
Ending Balance: individually evaluated for impairment	11,158,000
Ending Balance: collectively evaluated for impairment	62,716,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	6,240,213,000
Ending balance: individually evaluated for impairment	96,770,000
Ending balance: collectively evaluated for impairment	6,104,489,000
Ending Balance: loans acquired with deteriorated credit quality	38,954,000
Owner-occupied [Member]
Allowance for Loan Losses:
Beginning balance	3,116,000
Charge-offs	1,230,000
Recoveries	2,000
Provision	1,782,000
Ending balance	3,670,000
Ending Balance: individually evaluated for impairment	269,000
Ending Balance: collectively evaluated for impairment	3,401,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	743,502,000
Ending balance: individually evaluated for impairment	2,321,000
Ending balance: collectively evaluated for impairment	738,596,000
Ending Balance: loans acquired with deteriorated credit quality	2,585,000
Nonowner-occupied [Member]
Allowance for Loan Losses:
Beginning balance	12,456,000
Charge-offs	897,000
Recoveries	639,000
Provision	(551,000)
Ending balance	11,647,000
Ending Balance: individually evaluated for impairment	596,000
Ending Balance: collectively evaluated for impairment	11,051,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	1,553,259,000
Ending balance: individually evaluated for impairment	29,794,000
Ending balance: collectively evaluated for impairment	1,514,173,000
Ending Balance: loans acquired with deteriorated credit quality	9,292,000
Other commercial [Member]
Allowance for Loan Losses:
Beginning balance	21,918,000
Charge-offs	2,765,000
Recoveries	1,924,000
Provision	(274,000)
Ending balance	20,803,000
Ending Balance: individually evaluated for impairment	5,888,000
Ending Balance: collectively evaluated for impairment	14,915,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	1,212,205,000
Ending balance: individually evaluated for impairment	25,532,000
Ending balance: collectively evaluated for impairment	1,184,565,000
Ending Balance: loans acquired with deteriorated credit quality	2,108,000
Residential real estate [Member]
Allowance for Loan Losses:
Beginning balance	11,653,000
Charge-offs	7,069,000
Recoveries	248,000
Provision	9,048,000
Ending balance	13,880,000
Ending Balance: individually evaluated for impairment	1,925,000
Ending Balance: collectively evaluated for impairment	11,955,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	1,897,658,000
Ending balance: individually evaluated for impairment	18,288,000
Ending balance: collectively evaluated for impairment	1,877,287,000
Ending Balance: loans acquired with deteriorated credit quality	2,083,000
Construction and Land Development [Member]
Allowance for Loan Losses:
Beginning balance	18,738,000
Charge-offs	6,290,000
Recoveries	136,000
Provision	6,567,000
Ending balance	19,151,000
Ending Balance: individually evaluated for impairment	2,480,000
Ending Balance: collectively evaluated for impairment	16,671,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	549,877,000
Ending balance: individually evaluated for impairment	20,835,000
Ending balance: collectively evaluated for impairment	508,921,000
Ending Balance: loans acquired with deteriorated credit quality	20,121,000
Consumer [Member]
Allowance for Loan Losses:
Beginning balance	2,161,000
Charge-offs	1,354,000
Recoveries	356,000
Provision	988,000
Ending balance	2,151,000
Ending Balance: individually evaluated for impairment	0
Ending Balance: collectively evaluated for impairment	2,151,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	283,712,000
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	280,947,000
Ending Balance: loans acquired with deteriorated credit quality	2,765,000
Allowance for Estimated Imprecision [Member]
Allowance for Loan Losses:
Beginning balance	2,991,000
Charge-offs	0
Recoveries	0
Provision	(419,000)
Ending balance	2,572,000
Ending Balance: individually evaluated for impairment	0
Ending Balance: collectively evaluated for impairment	2,572,000
Ending Balance: loans acquired with deteriorated credit quality	0
Financing receivables:
Financing receivable, Ending balance	0
Ending balance: individually evaluated for impairment	0
Ending balance: collectively evaluated for impairment	0
Ending Balance: loans acquired with deteriorated credit quality	$ 0

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Employee Benefit Plans (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Asset allocation for the defined benefit pension plan
Target Allocation, Equity Securities	70.00%
Target Allocation, Equity Securities, Minimum	50.00%
Target Allocation, Equity Securities, Maximum	80.00%
Target Allocation, Debt Securities	25.00%
Target Allocation, Debt Securities, Minimum	20.00%
Target Allocation, Debt Securities, Maximum	40.00%
Target Allocation, Other	5.00%
Target Allocation, Other, Minimum	3.00%
Target Allocation, Other, Maximum	10.00%
Percentage of Plan Assets, Equity Securities	61.00%	59.00%
Percentage of Plan Assets, Debt Securities	32.00%	34.00%
Percentage of Plan Assets, Other	7.00%	7.00%
Percentage of Plan Assets, Total	100.00%	100.00%
Benefits expected to be paid in the next five fiscal years
2012	$ 2,757
2013	3,068
2014	3,419
2015	3,762
2016	4,194
2017 through 2021	$ 26,209

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Investment Securities (Details 10) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	$ 1,011
Securities matured After 1 But Within 5 Years, Amount	8,548
Securities matured After 5 But Within 10 Years, Amount	10,370
Securities matured After 10 Years, Amount	39,360
U.S. Treasury securities and obligations of U.S. Government corporations and agencies [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	250,707
Weighted-average yield Within 1 Year	0.05%
Securities matured After 1 But Within 5 Years, Amount	58,088
Weighted-average yield After 1 But Within 5 Years	0.97%
Securities matured After 5 But Within 10 Years, Amount	5,751
Weighted-average yield After 5 But Within 10 Years	5.67%
Securities matured After 10 Years, Amount	0
Weighted-average yield After 10 Years	0.00%
State and political subdivisions [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	9,415
Weighted-average yield Within 1 Year	4.88%
Securities matured After 1 But Within 5 Years, Amount	51,187
Weighted-average yield After 1 But Within 5 Years	4.25%
Securities matured After 5 But Within 10 Years, Amount	28,768
Weighted-average yield After 5 But Within 10 Years	6.21%
Securities matured After 10 Years, Amount	18,218
Weighted-average yield After 10 Years	6.90%
Residential mortgage-backed securities, Agency [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	51
Weighted-average yield Within 1 Year	5.85%
Securities matured After 1 But Within 5 Years, Amount	21,558
Weighted-average yield After 1 But Within 5 Years	5.11%
Securities matured After 5 But Within 10 Years, Amount	45,884
Weighted-average yield After 5 But Within 10 Years	4.53%
Securities matured After 10 Years, Amount	118,127
Weighted-average yield After 10 Years	4.48%
Residential mortgage-backed securities, Non Agency [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	0
Weighted-average yield Within 1 Year	0.00%
Securities matured After 1 But Within 5 Years, Amount	0
Weighted-average yield After 1 But Within 5 Years	0.00%
Securities matured After 5 But Within 10 Years, Amount	18,998
Weighted-average yield After 5 But Within 10 Years	5.04%
Securities matured After 10 Years, Amount	20,528
Weighted-average yield After 10 Years	5.70%
Trust preferred collateralized debt obligations [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	0
Weighted-average yield Within 1 Year	0.00%
Securities matured After 1 But Within 5 Years, Amount	0
Weighted-average yield After 1 But Within 5 Years	0.00%
Securities matured After 5 But Within 10 Years, Amount	0
Weighted-average yield After 5 But Within 10 Years	0.00%
Securities matured After 10 Years, Amount	104,161
Weighted-average yield After 10 Years	3.89%
Single issue trust preferred securities [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	0
Weighted-average yield Within 1 Year	0.00%
Securities matured After 1 But Within 5 Years, Amount	0
Weighted-average yield After 1 But Within 5 Years	0.00%
Securities matured After 5 But Within 10 Years, Amount	0
Weighted-average yield After 5 But Within 10 Years	0.00%
Securities matured After 10 Years, Amount	47,358
Weighted-average yield After 10 Years	4.31%
Marketable equity securities [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	0
Weighted-average yield Within 1 Year	0.00%
Securities matured After 1 But Within 5 Years, Amount	0
Weighted-average yield After 1 But Within 5 Years	0.00%
Securities matured After 5 But Within 10 Years, Amount	0
Weighted-average yield After 5 But Within 10 Years	0.00%
Securities matured After 10 Years, Amount	4,341
Weighted-average yield After 10 Years	0.93%
Other corporate securities [Member]
Maturities and weighted-average yields of securities
Securities matured Within 1 Year, Amount	0
Weighted-average yield Within 1 Year	0.00%
Securities matured After 1 But Within 5 Years, Amount	5,994
Weighted-average yield After 1 But Within 5 Years	2.27%
Securities matured After 5 But Within 10 Years, Amount	2,000
Weighted-average yield After 5 But Within 10 Years	0.00%
Securities matured After 10 Years, Amount	$ 240
Weighted-average yield After 10 Years	0.00%

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Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Values of Financial Instruments [Abstract]

FAIR VALUES OF FINANCIAL INSTRUMENTS

NOTE T--FAIR VALUES OF FINANCIAL INSTRUMENTS

In accordance with ASC topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements.

Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management's review consists of comparing fair values assigned by third party vendors to trades and offerings observed by management. The review requires some degree of judgment as to the number or percentage of securities to review on the part of management which could fluctuate based on results of past reviews and in comparison to current expectations. Exceptions that are deemed to be material are reviewed by management. Upon completing its review of the pricing from third party vendors at December 31, 2011, management determined that the prices provided by its third party pricing source were reasonable and inline with management's expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at December 31, 2011. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available-for-sale TRUP CDOs as Level 3. The Fair Value Measurements and Disclosures topic assumes that fair values of financial assets are determined in an orderly transaction and not a forced liquidation or distressed sale at the measurement date. Based on financial market conditions, United feels that the fair values obtained from its third party vendor reflects forced liquidation or distressed sales for these TRUP CDOs due to decreased volume and trading activity. Additionally, management held discussions with institutional traders to identify trends in the number and type of transactions related to the TRUP CDOs sector. Based upon management's review of the market conditions for TRUP CDOs, it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is more representative of fair value than the market approach valuation technique used by United's third party vendor. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management's internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security's collateral, subordination, excess spread, priority of claims, principal and interest. Discount margins used in the valuation at December 31, 2011 ranged from LIBOR plus 6.00% to LIBOR plus 30.00%.

Derivatives: United utilizes interest rate swaps in order to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United's derivative portfolio also includes derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation.

For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders' equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings.

For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively.

The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 and 2010, segregated by the level of the valuation inputs within the fair value hierarchy:

			Fair Value at December 31, 2011 Using
Description	Balance as of December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$ 303,547		$ 0		$ 303,547		$ 0
State and political subdivisions		98,848		0		98,848		0
Residential mortgage-backed securities
Agency		193,404		0		193,404		0
Non-agency		37,541		364		37,177		0
Trust preferred collateralized debt obligations		42,369		0		0		42,369
Single issue trust preferred securities		11,760		428		11,332		0
Other corporate securities		5,090		0		5,090		0
Total available for sale debt securities		692,559		792		649,398		42,369
Available for sale equity securities:
Financial services industry		2,243		1,923		320		0
Equity mutual funds (1)		860		860		0		0
Other equity securities		856		856		0		0
Total available for sale equity securities		3,959		3,639		320		0
Total available for sale securities		696,518		4,431		649,718		42,369
Derivative financial assets:
Interest rate contracts		3,817		0		3,817		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,050		0		5,050		0

⁽¹⁾ The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

			Fair Value at December 31, 2010 Using
Description	Balance as of December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Available for sale debt securities:
U.S. Treasury securities and obligations of U.S. Government corporations and agencies		$ 103,865		$ 0		$ 103,865		$ 0
State and political subdivisions		84,313		0		84,313		0
Residential mortgage-backed securities
Agency		323,733		0		323,733		0
Non-agency		73,756		408		73,348		0
Trust preferred collateralized debt obligations		49,908		0		0		49,908
Single issue trust preferred securities		11,726		446		11,280		0
Total available for sale debt securities		647,301		854		596,539		49,908
Available for sale equity securities:
Financial services industry		1,942		1,942		0		0
Equity mutual funds (1)		3,054		3,054		0		0
Other equity securities		979		979		0		0
Total available for sale equity securities		5,975		5,975		0		0
Total available for sale securities		653,276		6,829		596,539		49,908
Derivative financial assets:
Interest rate contracts		4,360		0		4,360		0
Liabilities
Derivative financial liabilities:
Interest rate contracts		5,941		0		5,941		0

⁽¹⁾ The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries.

The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2011 and 2010 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:

	Available-for-sale Securities
(In thousands)	Trust preferred collateralized debt obligations
	2011			2010
Balance, beginning of year		$ 49,908			$ 59,294
Total gains or losses (realized/unrealized):
Included in earnings (or changes in net assets)		(17,252	)		(7,322	)
Included in other comprehensive income		9,713			(2,064	)
Purchases, issuances, and settlements		0			0
Transfers in and/or out of Level 3		0			0
Balance, ending of year		$ 42,369			$ 49,908
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date		0			0

Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets.

The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements.

Loans held for sale: Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, United records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the year ended December 31, 2011. Gains and losses on sale of loans are recorded within income from mortgage banking on the Consolidated Statements of Income.

Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impairment is measured based upon the present value of expected future cash flows from the loan discounted at the loan's effective rate and the loan's observable market price or the fair value of collateral, if the loan is collateral dependent. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business' financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income.

OREO: OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (Level 2). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an "as is" appraised value and a "completed" value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (Level 3). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a bi-annual basis with values lowered as necessary.

Intangible Assets: For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. Goodwill impairment would be defined as the difference between the recorded value of goodwill (i.e. book value) and the implied fair value of goodwill. In determining the implied fair value of goodwill for purposes of evaluating goodwill impairment, United determines the fair value of the reporting unit using a market approach and compares the fair value to its carrying value. If the carrying value exceeds the fair value, a step two test is performed whereby the implied fair value is computed by deducting the fair value of all tangible and intangible net assets from the fair value of the reporting unit. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Centra, no fair value measurement of intangible assets was made during the year of 2011 and 2010.

The following table summarizes United's financial assets that were measured at fair value on a nonrecurring basis as of December 31, 2011 and 2010:

(In thousands) Description	Balance as of December 31, 2011		Carrying value at December 31, 2011						YTD Losses
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Impaired Loans		$ 32,438		0		$ 23,240		$ 9,198		$1,598
OREO		51,760		0		45,249		6,511		1,840

(In thousands) Description	Balance as of December 31, 2010		Carrying value at December 31, 2010						YTD Losses
			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Impaired Loans	$	25,722		0	$	9,741	$	15,981	$	7,545
OREO		44,770		0		42,705		2,065		3,364

The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments:

Cash and Cash Equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets' fair values.

Securities held to maturity and other securities: The estimated fair values of held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data. Any securities held to maturity not valued based upon the methods above are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock that do not have readily determinable fair values and are carried at cost.

Loans: The fair values of certain mortgage loans (e.g., one-to-four family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns.

Deposits: The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values.

Long-term Borrowings: The fair values of United's Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United's current incremental borrowing rates for similar types of borrowing arrangements.

The estimated fair values of United's financial instruments are summarized below:

	December 31, 2011				December 31, 2010
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	636,003	$	636,003	$	461,389	$	461,389
Securities available for sale		696,518		696,518		653,276		653,276
Securities held to maturity		59,289		56,181		67,036		62,315
Other securities		68,412		65,399		74,403		73,901
Loans held for sale		3,902		3,902		6,869		6,869
Loans		6,236,710		6,152,791		5,260,326		5,178,765
Derivative financial assets		3,817		3,817		4,360		4,360
Deposits		6,819,010		6,850,251		5,713,534		5,742,452
Short-term borrowings		254,766		254,766		193,214		193,214
Long-term borrowings		345,366		354,496		386,458		393,994
Derivative financial liabilities		5,050		5,050		5,941		5,941

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Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Components of total comprehensive income
Net Income	$ 20,257	$ 20,016	$ 17,452	$ 17,885	$ 19,290	$ 17,316	$ 17,919	$ 17,422	$ 75,610	$ 71,947	$ 67,298
Available for sale ("AFS") securities:
AFS securities with OTTI charges during the period									(33,580)	(40,805)	(24,887)
Related income tax effect									11,753	14,282	8,710
Less: OTTI charges recognized in net income									20,414	8,523	5,701
Related income tax effect									(7,145)	(2,983)	(1,995)
Reclassification of previous noncredit OTTI to credit OTTI									12,622	2,611	0
Related income tax benefit									(4,418)	(914)	0
Net unrealized losses on AFS securities with OTTI									(354)	(19,286)	(12,471)
Net change in unrealized gains on AFS securities arising during the period									10,917	33,266	19,725
Related income tax effect									(3,821)	(11,643)	(6,904)
Net reclassification adjustment for gains included in net income									(1,418)	(351)	(231)
Related income tax expense									496	123	81
AFS securities - all other									6,174	21,395	12,671
Net effect of AFS securities on other comprehensive income									5,820	2,109	200
Held to maturity ("HTM") securities:
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio									0	130	817
Related income tax expense									0	(45)	(286)
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity									8	8	69
Related income tax expense									(3)	(3)	(24)
Net effect of HTM securities on other comprehensive income									5	90	576
Cash flow hedge derivatives:
Unrealized gain on cash flow hedge									0	5,640	3,037
Related income tax expense									0	(1,974)	(1,063)
Termination of cash flow hedge									0	2,051	0
Related income tax expense									0	(718)	0
Net effect of cash flow hedge derivatives on other comprehensive income									0	4,999	1,974
Pension plan:
Change in pension asset									(20,591)	(1,204)	4,491
Related income tax expense (benefit)									7,206	421	(1,572)
Amortization of transition asset									0	(131)	(175)
Related income tax expense									0	52	65
Amortization of prior service cost									1	1	1
Related income tax benefit									0	0	0
Recognized net actuarial loss									2,427	2,317	3,506
Related income tax benefit									(970)	(927)	(1,298)
Net effect of change in pension plan asset on other comprehensive income									(11,927)	529	5,018
Total change in other comprehensive income, net of tax									(6,102)	7,727	7,768
Total comprehensive income, net of tax									$ 69,508	$ 79,674	$ 75,066

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Quarterly Financial Data Unaudited (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Quarterly financial data
Interest income	$ 85,529	$ 84,701	$ 72,435	$ 73,857	$ 77,208	$ 79,889	$ 82,189	$ 84,096	$ 316,522	$ 323,382	$ 365,845
Interest expense	13,537	13,949	13,814	14,494	18,647	20,907	22,025	23,617	55,794	85,196	120,374
Net interest income	71,992	70,752	58,621	59,363	58,561	58,982	60,164	60,479	260,728	238,186	245,471
Provision for credit losses	4,268	3,637	4,800	4,436	(5,618)	6,123	6,400	6,868	17,141	13,773	46,065
Mortgage banking income	382	205	131	234	303	118	129	112	952	662	608
Securities losses, net	(6,336)	(7,477)	(3,466)	(1,559)	(5,399)	(1,732)	(300)	(378)	(18,838)	(7,809)	(14,705)
Other noninterest income	17,828	18,250	16,669	15,976	18,452	17,304	17,755	15,839	50,837	62,203	53,970
Noninterest expense	50,029	48,873	41,677	43,469	49,375	43,898	45,188	43,751	184,048	182,212	175,127
Income taxes	9,312	9,204	8,026	8,224	8,870	7,335	8,241	8,011	34,766	32,457	10,951
Net Income	$ 20,257	$ 20,016	$ 17,452	$ 17,885	$ 19,290	$ 17,316	$ 17,919	$ 17,422	$ 75,610	$ 71,947	$ 67,298
Average shares outstanding (000s):
Basic	50,207,000	49,628,000	43,646,000	43,629,000	43,607,000	43,588,000	43,540,000	43,455,000	46,803,432	43,547,965	43,410,431
Diluted	50,236,000	49,636,000	43,676,000	43,700,000	43,677,000	43,646,000	43,641,000	43,534,000	46,837,363	43,625,183	43,456,889
Net income per share:
Basic	$ 0.40	$ 0.40	$ 0.40	$ 0.41	$ 0.44	$ 0.40	$ 0.41	$ 0.40	$ 1.62	$ 1.65	$ 1.55
Diluted	$ 0.40	$ 0.40	$ 0.40	$ 0.41	$ 0.44	$ 0.40	$ 0.41	$ 0.40	$ 1.61	$ 1.65	$ 1.55
Dividends per common share	$ 0.31	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 1.21	$ 1.20	$ 1.17

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Fair Values of Financial Instruments (Details 3) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Summary of estimated fair values of financial instruments
Cash and cash equivalents	$ 636,003,000	$ 461,389,000
Securities available for sale	696,518,000	653,276,000
Amortized Cost	59,289,000	67,036,000
Other securities	68,412,000	74,403,000
Loans Receivable Held-for-sale, Net	3,902,000	6,869,000
Loans	6,162,836,000	5,187,293,000
Derivative financial assets	3,817,000	4,360,000
Deposits	6,819,010,000	5,713,534,000
Carrying Amount [Member]
Summary of estimated fair values of financial instruments
Cash and cash equivalents	636,003,000	461,389,000
Securities available for sale	696,518,000	653,276,000
Amortized Cost	59,289,000	67,036,000
Other securities	68,412,000	74,403,000
Loans Receivable Held-for-sale, Net	3,902,000	6,869,000
Loans	6,236,710,000	5,260,326,000
Derivative financial assets	3,817,000	4,360,000
Deposits	6,819,010,000	5,713,534,000
Short-term borrowings	254,766,000	193,214,000
Long-term borrowings	345,366,000	386,458,000
Derivative financial liabilities	5,050,000	5,941,000
Fair Value [Member]
Summary of estimated fair values of financial instruments
Cash and cash equivalents	636,003,000	461,389,000
Securities available for sale	696,518,000	653,276,000
Amortized Cost	56,181,000	62,315,000
Other securities	65,399,000	73,901,000
Loans Receivable Held-for-sale, Net	3,902,000	6,869,000
Loans	6,152,791,000	5,178,765,000
Derivative financial assets	3,817,000	4,360,000
Deposits	6,850,251,000	5,742,452,000
Short-term borrowings	254,766,000	193,214,000
Long-term borrowings	354,496,000	393,994,000
Derivative financial liabilities	$ 5,050,000	$ 5,941,000

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Credit Quality (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 contracts
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	4,000
Pre-Modification Outstanding Recorded Investment	$ 4,054
Post-Modification Outstanding Recorded Investment	3,592
Owner-occupied [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Nonowner-occupied [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	2,000
Pre-Modification Outstanding Recorded Investment	2,075
Post-Modification Outstanding Recorded Investment	2,064
Other commercial [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Residential real estate [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	2,000
Pre-Modification Outstanding Recorded Investment	1,979
Post-Modification Outstanding Recorded Investment	1,528
Construction & land development [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Bankcard [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	0
Other consumer [Member]
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans
Number of Contracts	0
Pre-Modification Outstanding Recorded Investment	0
Post-Modification Outstanding Recorded Investment	$ 0

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Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangibles [Abstract]

Summary of intangible assets

	As of December 31, 2011
(In thousands)	Gross Carrying     Amount		Accumulated     Amortization		Net Carrying     Amount
Amortized intangible assets:
Core deposit intangible assets		$  43,434		$ (30,484)		$     12,950
Goodwill not subject to amortization						$ 371,693
	As of December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Core deposit intangible assets		$  30,995		$ (28,055)		$     2,940
Goodwill not subject to amortization						$ 311,765

Schedule of anticipated amortization expense

Year	Amount
(In thousands)
2012	$	2,843
2013		1,969
2014		1,478
2015		1,149
2016 and thereafter		5,511

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Employee Benefit Plans

9 Months Ended

Sep. 30, 2011

Employee Benefit Plans [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE M—EMPLOYEE BENEFIT PLANS

United has a defined benefit retirement plan covering a majority of all employees. Pension benefits are based on years of service and the average of the employee's highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future.

In September of 2007, after a recommendation by United's Pension Committee and approval by United's Board of Directors, the United Bankshares, Inc. Pension Plan (the Plan) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United's Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United's Savings and Stock Investment 401(k) Plan.

Included in accumulated other comprehensive income at December 31, 2011 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $4,000 ($3,000 net of tax) and unrecognized actuarial losses of $50,590,000 ($32,884,000 net of tax). The amortization of these items expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2012 is $1,000 ($1,000 net of tax), and $4,124,000 ($2,680,000 net of tax), respectively.

Net consolidated periodic pension cost included the following components:

(Dollars in thousands)	Year Ended December 31,
	2011		2010		2009
Service cost		$    2,272		$    2,127		$    2,337
Interest cost		4,555		4,291		4,129
Expected return on plan assets		(8,343)		(7,138)		(5,328)
Amortization of transition asset		0		(131)		(175)
Recognized net actuarial loss		2,427		2,317		3,506
Amortization of prior service cost		1		1		1
Net periodic pension cost		$      912		$    1,467		$    4,470
Weighted-Average Assumptions:
Discount rate		5.75%		6.25%		6.25%
Expected return on assets		8.00%		8.00%		8.00%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%		4.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%		3.25%

The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the year ended December 31, 2011 and the accumulated benefit obligation at December 31, 2011 is as follows:

(Dollars in thousands)	December 31,
Change in Projected Benefit Obligation	2011		2010
Projected Benefit Obligation at the Beginning of the Year		$    79,556		$    70,136
Service Cost		2,272		2,127
Interest Cost		4,555		4,291
Actuarial (Gain) Loss		11,288		5,142
Benefits Paid		(2,509)		(2,140)
Projected Benefit at the End of the Year		$    95,162		$    79,556
Accumulated Benefit Obligation at the End of the Year		$    86,661		$    72,577
Change in Plan Assets
Fair Value of Plan Assets at the Beginning of the Year		$  105,504		$    87,507
Actual Return on Plan Assets		(1,612)		11,037
Benefits Paid		(2,509)		(2,140)
Employer Contributions		0		9,100
Fair value of plan assets at end of year		$  101,383		$  105,504
Net Amount Recognized
Funded Status		$      6,221		$    25,949
Unrecognized Transition Asset		0		0
Unrecognized Prior Service Cost		4		5
Unrecognized Net Loss		50,590		31,773
Net Amount Recognized		$    56,815		$    57,727
Weighted-Average Assumptions at the End of the Year
Discount Rate		5.15%		5.75%
Rate of Compensation Increase (prior to age 45)		3.75%		3.75%
Rate of Compensation Increase (otherwise)		2.75%		2.75%

Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows:

Plan Assets	Target Allocation 2011		Allowable Allocation Range		Percentage of Plan Assets at
					December 31, 2011		December 31, 2010
Equity Securities		70%		50-80%		61%		59%
Debt Securities		25%		20-40%		32%		34%
Other		5%		3-10%		7%		7%
Total						100%		100%

Equity securities include United common stock in the amounts of $2,992,000 (3%) at December 31, 2011 and $3,090,000 (3%) at December 31, 2010.

The policy, as established by the Pension Committee, primarily consisting of United's Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan's total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class.

At December 31, 2011, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:

Year	Amount
(In thousands)
2012		$    2,757
2013		3,068
2014		3,419
2015		3,762
2016		4,194
2017 through 2021		26,209

During the third quarter of 2010, United contributed to the plan $9.10 million. United did not contribute to the plan in 2011 as no contributions were required by funding regulations or law. For 2012, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2012, the amount of which cannot be reasonably estimated at this time.

In accordance with ASC topic 715 and using the guidance contained in ASC topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. 

Cash and Cash Equivalents: These underlying assets of are highly liquid U.S. government obligations. The fair value of cash and cash equivalents approximates cost (Level 1).

Debt Securities: Securities of the U.S. Government, municipalities, private issuers and corporations are valued at the closing price reported in the active market in which the individual security is traded, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2).

Common and Preferred Stock: Theses securities are valued at the closing price on the respective stock exchange (Level 1).

Mutual Funds: Generally, these securities are valued at the closing price reported in the active market in which the individual mutual fund is traded (Level 1). However, certain funds are valued by the fund administrator using pricing models that considers observable market data (Level 2).

The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2011 and 2010:

			Fair Value Measurements at December 31, 2011 Using
(In thousands) Description	Balance as of December  31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and Cash equivalents		$     6,526		$     6,526		$          0		$    0
Fixed Income Securities:
Mortgage backed securities		289		0		289		0
Collateralized mortgage obligations		232		0		232		0
Municipal obligations		879		0		879		0
Corporate bonds		3,391		3,103		288		0
Fixed Income Mutual Funds:
Fixed income-general		12,065		12,065		0		0
Domestic		10,442		10,442		0		0
Alternative		4,787		4,787		0		0
Equity Securities:
Preferred stock		198		198		0		0
Common stock		23,686		23,686		0		0
Equity Mutual Funds:
Global equity		3,816		3,816		0		0
Domestic equity large cap		4,592		4,592		0		0
Domestic equity small cap		12,117		12,117		0		0
International emerging equity		6,312		6,312		0		0
International equity developed		6,685		6,685		0		0
Alternative equity		4,604		4,604		0		0
Other Assets:
Partnerships		762		0		762		0
Total		$ 101,383		$ 98,933		$    2,450		$    0

			Fair Value Measurements at December 31, 2010 Using
(In thousands) Description	Balance as of December  31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and Cash equivalents		$  6,497		$  6,497		$      0		$    0
Fixed Income Securities:
Mortgage backed securities		458		0		458		0
Collateralized mortgage obligations		413		0		413		0
Municipal obligations		815		0		815		0
Corporate bonds		4,257		3,913		344		0
Fixed Income Mutual Funds:
Fixed income - general		7,412		7,412		0		0
Domestic		16,174		16,174		0		0
Alternative		6,598		6,598		0		0
Equity Securities:
Preferred stock		185		185		0		0
Common stock		22,763		22,763		0		0
Equity Mutual Funds:
Global equity		3,879		3,879		0		0
Domestic equity large cap		4,641		4,641		0		0
Domestic equity small cap		11,018		11,018		0		0
International emerging equity		7,578		7,578		0		0
International equity developed		7,700		7,700		0		0
Alternative equity		4,223		4,223		0		0
Other Assets:
Partnerships		893		0		893		0
Total		$  105,504		$  102,581		$  2,923		$    0

Preferred stock investments are in financial institutions. Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. Prior to December 31, 2008, after one year of eligible service, United matched 100% of the first 2% of salary deferred and 25% of the second 2% of salary deferred with United stock. Beginning January 1, 2009, United matched 100% of the first 3% of salary deferred and 25% of the next 1% of salary deferred with United stock. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United's expense relating to the Plan approximated $1,332,000, $1,212,000 and $1,180,000 in 2011, 2010 and 2009, respectively.

 The assets of United's defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2011 and 2010, the combined plan assets included 873,685 and 829,295 shares, respectively, of United common stock with an approximate fair value of $24,699,000 and $24,215,000, respectively. Dividends paid on United common stock held by the plans approximated $1,022,000, $991,000 and $895,000 for the years ended December 31, 2011, 2010, and 2009, respectively.

United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year.

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Income Taxes (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Deferred tax assets:
Allowance for credit Losses	$ 41,979	$ 28,587
Other accrued liabilities	30	134
Unrecognized components of net periodic pension costs	19,480	12,591
Unrealized loss on securities available for sale	19,492	22,628
Net operating loss	3,113	4,563
Total deferred tax assets	84,094	68,503
Deferred tax liabilities:
Purchase accounting intangibles	9,230	6,146
Deferred mortgage points	1,039	1,417
Accrued benefits payable	12,587	16,648
Premises and equipment	1,351	742
Other	1,723	485
Total deferred tax liabilities	25,930	25,438
Net deferred tax assets	$ 58,164	$ 43,065