8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 26, 2012

United Bankshares, Inc.

(Exact name of registrant as specified in its charter)

West Virginia	No. 0-13322	55-0641179
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

300 United Center

500 Virginia Street, East

Charleston, West Virginia 25301

(Address of Principal Executive Offices)

(304) 424-8800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

Item 2.02. Results of Operations and Financial Condition

On April 26, 2012, United Bankshares, Inc. (“United”) announced its financial results for the first quarter of 2012. A copy of the press release is attached as Exhibit 99.1 to this report. Additionally, United provided supplemental financial information for analysts and other interested investors, which is attached as Exhibit 99.2 to this report. The press release and supplemental financial information are being furnished under Item 2.02 of this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(c) The following exhibits are being furnished herewith:

99.1	Press Release, dated April 26, 2012, issued by United Bankshares, Inc.
99.2	Unaudited Supplemental Financial Information

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		UNITED BANKSHARES, INC.
Date:	April 26, 2012	By:	/s/ Steven E. Wilson
		Steven E. Wilson, Executive Vice President, Treasurer, Secretary and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

For Immediate Release April 26, 2012 Contact: Steven E. Wilson Chief Financial Officer (800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Increased Earnings

WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the first quarter of 2012 as compared to the first quarter of 2011. Earnings for the first quarter of 2012 were $21.0 million or $0.42 per diluted share while earnings for the first quarter of 2011 were $17.9 million or $0.41 per diluted share.

United’s first quarter of 2012 results produced an annualized return on average assets of 1.00% and an annualized return on average equity of 8.63%. These returns compare very favorably to United’s most recently reported peer group banking companies’ (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.81% and average return on equity of 7.26% for the year of 2011. United’s annualized returns on average assets and average equity were 1.02% and 9.04%, respectively, for the first quarter of 2011.

United’s asset quality also continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.23% at March 31, 2012 compares favorably to the most recently reported percentage of 3.37% at December 31, 2011 for United’s Federal Reserve peer group. At March 31, 2012, nonperforming loans were $76.2 million as compared to nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. As of March 31, 2012, the allowance for loan losses was $74.0 million or 1.19% of loans, net of unearned income, as compared to $73.9 million or 1.18% of loans, net of unearned income, at December 31, 2011. United’s coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 97.1% and 92.7% at March 31, 2012 and December 31, 2011, respectively. The coverage ratio for United’s Federal Reserve peer group was 93.3% at December 31, 2011. Total nonperforming assets of $126.1 million, including OREO of $49.9 million at March 31, 2012, represented 1.48% of total assets which also compares favorably to the most recently reported percentage of 2.87% at December 31, 2011 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.1% at March 31, 2012 while its estimated Tier I capital and leverage ratios are 12.8% and 10.4%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

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

United Bankshares, Inc. Announces...

April 26, 2012

Page Two

Tax-equivalent net interest income for the first quarter of 2012 was $70.6 million, an increase of $9.8 million or 16% from the first quarter of 2011. 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 $1.2 billion or 20% from the first quarter of 2011. Average net loans increased $994.8 million or 19% for the first quarter of 2012. In addition, the average cost of funds declined 31 basis points from the first quarter of 2011. Partially offsetting the increases to tax-equivalent net interest income for the first quarter of 2012 was a decline of 39 basis points in the average yield on earning assets for the first quarter of 2012 as compared to the same quarter in 2011. The net interest margin for the first quarter of 2012 was 3.78%, which was a decrease of 14 basis points from a net interest margin of 3.92% for the first quarter of 2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the first quarter of 2012 decreased $3.1 million or 4% from the fourth quarter of 2011 due mainly to a decrease in the average yield on earning assets. The first quarter of 2012 average yield on earning assets declined 12 basis points while the average cost of funds decreased 3 basis points from the fourth quarter of 2011. Average earning assets were flat, decreasing $53.1 million or less than 1% during the quarter. Average net loans and average investments were flat for the quarter as well. Average net loans decreased $37.6 million while average investments declined $6.4 million. Both of these decreases were less than 1%. Average short-term investments decreased $9.1 million or 2% for the quarter. The net interest margin of 3.78% for the first quarter of 2012 was a decrease of 10 basis points from the net interest margin of 3.88% for the fourth quarter of 2011.

For the quarters ended March 31, 2012 and 2011, the provision for loan losses was $4.1 million and $4.4 million, respectively. Net charge-offs were $4.0 million for the first quarter of 2012 as compared to $4.5 million for the first quarter of 2011. Annualized net charge-offs as a percentage of average loans were 0.26% for the first quarter of 2012 as compared to 0.93% for United’s Federal Reserve peer group for the year of 2011. On a linked-quarter basis, the provision for loans losses decreased $135 thousand while net charge-offs increased $92 thousand from the fourth quarter of 2011.

Noninterest income for the first quarter of 2012 was $16.3 million, which was an increase of $1.7 million from the first quarter of 2011. Included in noninterest income for the first quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $1.4 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $2.1 million on certain investment securities for the first quarter of 2011. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income for the first quarter of 2012 would have increased $1.6 million or 10% from the first quarter of 2011. This increase for the first quarter of 2012 was due primarily to increases of $674 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management and $623 thousand in fees from deposit services due to the Centra merger.

United Bankshares, Inc. Announces...

April 26, 2012

Page Three

On a linked-quarter basis, noninterest income for the first quarter of 2012 increased $4.5 million from the fourth quarter of 2011. Included in the results for the first quarter of 2012 and fourth quarter of 2011 were noncash, before-tax, other-than-temporary impairment charges of $1.4 million and $6.3 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have decreased $425 thousand or 2% on a linked-quarter basis due primarily to decrease of $819 thousand in fees from deposit services. Partially offsetting this decrease was an increase of $668 thousand in income from trust and brokerage services.

Noninterest expense for the first quarter of 2012 was $50.3 million, an increase of $6.8 million or 16% from the first quarter of 2011 due primarily to increases of $3.0 million in employee compensation due to additional employees from the Centra merger and $814 thousand in employee benefits due mainly to an increase in pension expense. The remainder of the increase in noninterest expense from the first quarter of 2011 was due mainly to the additional offices, equipment and data processing from the Centra merger.

On a linked-quarter basis, noninterest expense for the first quarter of 2012 was flat from the fourth quarter of 2011, increasing $233 thousand or less than 1%. Increases of $704 thousand and $449 thousand in employee benefits and OREO expenses, respectively, were virtually offset by decreases of $699 thousand and $549 thousand in equipment and merger expenses, respectively.

During the first quarter of 2012, United’s Board of Directors declared a cash dividend of $0.31 per share. The annualized 2012 dividend of $1.24 equates to a yield of approximately 4.5% based on recent UBSI market prices. The year of 2011 represented the 38th consecutive year of dividend increases for United shareholders.

United has consolidated assets of approximately $8.5 billion with 123 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its March 31, 2012 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2012 and will adjust amounts preliminarily reported, if necessary.

Forward-Looking Statements

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FINANCIAL SUMMARY

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 31 2012			March 31 2011			December 31 2011
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	83,457		$	75,310		$	87,261
Interest expense		12,822			14,494			13,537
Net interest income, taxable equivalent		70,635			60,816			73,724
Taxable equivalent adjustment		1,669			1,453			1,732
Net interest income		68,966			59,363			71,992
Provision for loan losses		4,133			4,436			4,268
Noninterest income		16,326			14,651			11,874
Noninterest expense		50,262			43,469			50,029
Income taxes		9,887			8,224			9,312
Net income	$	21,010		$	17,885		$	20,257
PER COMMON SHARE:
Net income:
Basic	$	0.42		$	0.41		$	0.40
Diluted		0.42			0.41			0.40
Cash dividends		0.31			0.30			0.31
Book value		19.42			18.32			19.29
Closing market price	$	28.86		$	26.52		$	28.27
Common shares outstanding:
Actual at period end, net of treasury shares		50,274,104			43,645,650			50,212,948
Weighted average-basic		50,235,374			43,629,364			50,207,410
Weighted average-diluted		50,300,538			43,700,436			50,235,812
FINANCIAL RATIOS:
Return on average assets		1.00	%		1.02	%		0.94	%
Return on average shareholders’ equity		8.63	%		9.04	%		8.17	%
Average equity to average assets		11.60	%		11.33	%		11.56	%
Net interest margin		3.78	%		3.92	%		3.88	%
	March 31 2012			March 31 2011			December 31 2011
PERIOD END BALANCES:
Assets	$	8,529,469		$	7,191,336		$	8,451,470
Earning assets		7,579,030			6,344,359			7,498,333
Loans, net of unearned income		6,200,120			5,222,959			6,236,710
Loans held for sale		7,401			890			3,902
Investment securities		790,936			806,482			824,219
Total deposits		6,881,610			5,711,923			6,819,010
Shareholders’ equity		976,303			799,463			968,844

EX-99.2

Exhibit 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended
	March 2012			March 2011			December 2011
Interest & Loan Fees Income	$	81,788		$	73,857		$	85,529
Tax equivalent adjustment		1,669			1,453			1,732
Interest & Fees Income (FTE)		83,457			75,310			87,261
Interest Expense		12,822			14,494			13,537
Net Interest Income (FTE)		70,635			60,816			73,724
Provision for Loan Losses		4,133			4,436			4,268
Non-Interest Income:
Fees from trust & brokerage services		3,984			3,310			3,316
Fees from deposit services		10,312			9,631			11,131
Bankcard fees and merchant discounts		646			555			642
Other charges, commissions, and fees		577			454			559
Income from bank owned life insurance		1,289			1,175			1,339
Mortgage banking income		318			234			382
Other non-interest revenue		658			851			841
Net other-than-temporary impairment losses		(1,377	)		(2,110	)		(6,286	)
Net (losses) gains on sales/calls of investment securities		(82	)		551			(50	)
Total Non-Interest Income		16,326			14,651			11,874
Non-Interest Expense:
Employee compensation		17,907			14,870			17,756
Employee benefits		5,192			4,378			4,488
Net occupancy		5,042			4,387			5,018
Other expenses		17,476			15,347			18,560
Amortization of intangibles		762			383			832
OREO expense		2,328			1,767			1,879
FDIC expense		1,555			2,337			1,496
Total Non-Interest Expense		50,262			43,469			50,029
Income Before Income Taxes (FTE)		32,566			27,562			31,301
Tax equivalent adjustment		1,669			1,453			1,732
Income Before Income Taxes		30,897			26,109			29,569
Income taxes		9,887			8,224			9,312
Net Income	$	21,010		$	17,885		$	20,257
MEMO: Effective Tax Rate		32.00	%		31.50	%		31.49	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	March 31 2012 Q-T-D Average			March 31 2011 Q-T-D Average			March 31 2012			December 31 2011
Cash & Cash Equivalents	$	664,743		$	443,625		$	789,831		$	636,003
Securities Available for Sale		688,880			650,757			665,286			696,518
Securities Held to Maturity		58,999			64,741			58,686			59,289
Other Investment Securities		67,813			73,669			66,964			68,412
Total Securities		815,692			789,167			790,936			824,219
Total Cash and Securities		1,480,435			1,232,792			1,580,767			1,460,222
Loans Held for Sale		4,905			2,715			7,401			3,902
Commercial Loans		4,375,024			3,518,647			4,383,712			4,378,345
Mortgage Loans		1,545,793			1,442,937			1,528,542			1,562,838
Consumer Loans		301,076			263,980			300,492			299,030
Gross Loans		6,221,893			5,225,564			6,212,746			6,240,213
Unearned Income		(6,574	)		(3,082	)		(12,626	)		(3,503	)
Loans, Net of Unearned Income		6,215,319			5,222,482			6,200,120			6,236,710
Allowance for Loan Losses		(73,142	)		(72,941	)		(74,012	)		(73,874	)
Goodwill		371,638			311,763			371,656			371,693
Other Intangibles		12,726			2,756			12,197			12,950
Total Intangibles		384,364			314,519			383,853			384,643
Real Estate Owned		51,373			44,922			49,864			51,760
Other Assets		379,556			334,850			381,476			388,107
Total Assets	$	8,442,810		$	7,079,339		$	8,529,469		$	8,451,470
MEMO: Earning Assets	$	7,498,574		$	6,257,807		$	7,579,030		$	7,498,333
Interest-bearing Deposits	$	5,163,834		$	4,322,396		$	5,192,522		$	5,199,848
Noninterest-bearing Deposits		1,637,543			1,320,246			1,689,088			1,619,162
Total Deposits		6,801,377			5,642,642			6,881,610			6,819,010
Short-term Borrowings		270,647			243,653			263,333			254,766
Long-term Borrowings		345,323			337,467			345,298			345,366
Total Borrowings		615,970			581,120			608,631			600,132
Other Liabilities		45,781			53,390			62,925			63,484
Total Liabilities		7,463,128			6,277,152			7,553,166			7,482,626
Preferred Equity		—			—			—			—
Common Equity		979,682			802,187			976,303			968,844
Total Shareholders’ Equity		979,682			802,187			976,303			968,844
Total Liabilities & Equity	$	8,442,810		$	7,079,339		$	8,529,469		$	8,451,470
MEMO: Interest-bearing Liabilities	$	5,779,804		$	4,903,516		$	5,801,153		$	5,799,980

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2012			March 2011			December 2011
Quarterly Share Data:
Earnings Per Share:
Basic	$	0.42		$	0.41		$	0.40
Diluted	$	0.42		$	0.41		$	0.40
Common Dividend Declared Per Share	$	0.31		$	0.30		$	0.31
High Common Stock Price	$	30.91		$	30.84		$	29.29
Low Common Stock Price	$	27.36		$	25.66		$	19.06
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,235,374			43,629,364			50,207,410
Diluted		50,300,538			43,700,436			50,235,812
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	(29	)	$	193		$	(18	)
Common Dividends	$	15,570		$	13,095		$	15,571
Dividend Payout Ratio		74.11	%		73.22	%		76.87	%
	March 2012			March 2011			December 2011
EOP Share Data:
Book Value Per Share	$	19.42		$	18.32		$	19.29
Tangible Book Value Per Share	$	11.78		$	11.12		$	11.63
52-week High Common Stock Price	$	30.91		$	31.99		$	30.84
Date		03/19/12			04/23/10			01/19/11
52-week Low Common Stock Price	$	18.78		$	22.09		$	18.78
Date		09/22/11			08/24/10			09/22/11
EOP Shares Outstanding (Net of Treasury Stock):		50,274,104			43,645,650			50,212,948
Memorandum Items:
EOP Employees (full-time equivalent)		1,637			1,426			1,619

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	March 2012			March 2011			December 2011
Selected Yields and Net Interest Margin:
Net Loans		5.02	%		5.24	%		5.18	%
Investment Securities		3.08	%		4.19	%		3.08	%
Money Market Investments/FFS		0.26	%		0.37	%		0.23	%
Average Earning Assets Yield		4.47	%		4.86	%		4.59	%
Interest-bearing Deposits		0.67	%		0.99	%		0.69	%
Short-term Borrowings		0.09	%		0.04	%		0.08	%
Long-term Borrowings		4.83	%		4.75	%		4.85	%
Average Liability Costs		0.89	%		1.20	%		0.92	%
Net Interest Spread		3.58	%		3.66	%		3.67	%
Net Interest Margin		3.78	%		3.92	%		3.88	%
Selected Financial Ratios:
Return on Average Common Equity		8.63	%		9.04	%		8.17	%
Return on Average Assets		1.00	%		1.02	%		0.94	%
Loan / Deposit Ratio		90.10	%		91.44	%		91.46	%
Allowance for Loan Losses/ Loans, net of unearned income		1.19	%		1.40	%		1.18	%
Allowance for Credit Losses (1)/ Loans, net of unearned income		1.22	%		1.44	%		1.21	%
Nonaccrual Loans / Loans, net of unearned income		1.00	%		1.20	%		0.96	%
90-Day Past Due Loans/ Loans, net of unearned income		0.16	%		0.13	%		0.26	%
Non-performing Loans/ Loans, net of unearned income		1.23	%		1.40	%		1.28	%
Non-performing Assets/ Total Assets		1.48	%		1.63	%		1.56	%
Primary Capital Ratio		12.23	%		12.04	%		12.25	%
Shareholders’ Equity Ratio		11.45	%		11.12	%		11.46	%
Price / Book Ratio		1.49	x		1.45	x		1.47	x
Price / Earnings Ratio		17.27	x		16.20	x		17.51	x
Efficiency Ratio		53.35	%		53.64	%		51.47	%

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	March 2012			March 2011			December 2011
Asset Quality Data:
EOP Non-Accrual Loans	$	62,037		$	62,703		$	59,892
EOP 90-Day Past Due Loans		9,816			6,539			16,179
EOP Restructured Loans (2)		4,335			3,716			3,592
Total EOP Non-performing Loans	$	76,188		$	72,958		$	79,663
EOP Other Real Estate & Assets Owned		49,864			44,362			51,760
Total EOP Non-performing Assets	$	126,052		$	117,320		$	131,423
	Three Months Ended
	March 2012			March 2011			December 2011
Allowance for Credit Losses: (1)
Beginning Balance	$	75,727		$	75,039		$	75,494
Provision for Credit Losses (3)		4,015			4,590			4,136
		79,742			79,629			79,630
Gross Charge-offs		(4,734	)		(4,741	)		(4,398	)
Recoveries		739			247			495
Net Charge-offs		(3,995	)		(4,494	)		(3,903	)
Ending Balance	$	75,747		$	75,135		$	75,727

Note:	(1)     Includes allowances for loan losses and lending-related commitments.
	(2)     Restructured loans with an aggregate balance of $2,283, $1,067 and $1,528 at March 31, 2012, March 31,2011 and December 31, 2011, respectively, were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.”
	(3)     Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.