8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 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 July 26, 2012, United Bankshares, Inc. (“United”) announced its financial results for the second quarter and first half 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 July 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:	July 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	Contact: Steven E. Wilson
July 26, 2012	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Increases Earnings

for the Second Quarter and First Half of 2012

WASHINGTON, D.C. and CHARLESTON, WV—United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the second quarter and the first half of 2012 as compared to the same time periods in 2011. Earnings for the second quarter of 2012 were $21.0 million or $0.42 per diluted share, up $3.6 million or 21% from earnings of $17.5 million or $0.40 per diluted share for the second quarter of 2011. Earnings for the first half of 2012 were $42.1 million or $0.84 per diluted share, an increase of $6.7 million or 19% from earnings of $35.3 million or $0.81 per diluted share for the first half of 2011.

Second quarter of 2012 results produced a return on average assets of 1.00% and a return on average equity of 8.58%, respectively. For the first half of 2012, United’s return on average assets was 1.00% while the return on average equity was 8.60%. These returns compare favorably to United’s most recently reported Federal Reserve peer group’s (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.93% and average return on equity of 8.54% for the first quarter of 2012. United’s annualized returns on average assets and average equity were 0.98% and 8.66%, respectively, for the second quarter of 2011 while the returns on average assets and average equity was 1.00% and 8.85%, respectively, for the first half of 2011.

The results for the second quarter and first half of 2012 included noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $3.1 million, respectively, on certain investment securities. The results for the second quarter and first half of 2011 included noncash, before-tax, other-than-temporary impairment charges of $4.1 million and $6.2 million, respectively, on certain investment securities.

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 June 30, 2012 compares favorably to the most recently reported percentage of 3.33% at March 31, 2012 for United’s Federal Reserve peer group. At June 30, 2012, nonperforming loans were $77.6 million, down from nonperforming loans of $79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011. As of June 30, 2012, the allowance for loan losses was $73.4 million or 1.16% of loans, net of unearned income, which was comparable 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 94.64% and 92.73% at June 30, 2012 and December 31, 2011, respectively. The coverage ratio for United’s Federal Reserve peer group was 85.99% at March 31, 2012. Total nonperforming assets of $126.2 million, including OREO of $48.6 million at June 30, 2012, represented 1.49% of total assets which also compares favorably to the most recently reported percentage of 2.62% at March 31, 2012 for United’s Federal Reserve peer group.

United Bankshares, Inc. Increases...

July 26, 2012

Page Two

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.0% at June 30, 2012 while its Tier I capital and leverage ratios are 12.8% and 10.5%, 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.”

Tax-equivalent net interest income for the second quarter of 2012 was $70.6 million, an increase of $10.4 million or 17% from the second 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 19% from the second quarter of 2011. Average net loans increased $1.0 billion or 20% for the second quarter of 2012. In addition, the average cost of funds declined 29 basis points from the second quarter of 2011. Partially offsetting the increases to tax-equivalent net interest income for the second quarter of 2012 was a decline of 30 basis points in the average yield on earning assets for the second quarter of 2012 as compared to the same quarter in 2011. The net interest margin for the second quarter of 2012 was 3.76%, which was a decrease of 7 basis points from a net interest margin of 3.83% for the second quarter of 2011.

Tax-equivalent net interest income for the first half of 2012 was $141.3 million, an increase of $20.2 million or 17% from the first half 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 half of 2011. Average net loans increased $1.0 billion or 19% for the first half of 2012. In addition, the average cost of funds declined 30 basis points from the first half of 2011. Partially offsetting the increases to tax-equivalent net interest income for the first half of 2012 was a decline of 34 basis points in the average yield on earning assets for the first half of 2012 as compared to the first half of 2011. The net interest margin for the first half of 2012 was 3.77%, which was a decrease of 11 basis points from a net interest margin of 3.88% for the first half of 2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the second quarter of 2012 was flat from the first quarter of 2012, decreasing $20 thousand or less than 1% due mainly to a decrease in the average yield on earning assets. The second quarter of 2012 average yield on earning assets decreased 6 basis points while the average cost of funds decreased 5 basis points from the first quarter of 2012. Average earning assets were flat, increasing $36.8 million or less than 1% during the quarter. Average net loans were flat for the quarter as well, increasing $10.2 million or less than 1%. Average short-term investments increased $85.5 million or 16% while average investments declined $58.9 million or 7% for the quarter. The net interest margin of 3.76% for the second quarter of 2012 was a decrease of 2 basis points from the net interest margin of 3.78% for the first quarter of 2012.

United Bankshares, Inc. Increases...

July 26, 2012

Page Three

For the quarters ended June 30, 2012 and 2011, the provision for credit losses was $3.4 million and $4.8 million, respectively, while the provision for the first six months of 2012 was $7.6 million as compared to $9.2 million for the first six months of 2011. Net charge-offs were $4.0 million and $4.6 million for the second quarter of 2012 and 2011, respectively. Net charge-offs were $8.0 million and $9.1 million for the first half of 2012 and 2011, respectively. Annualized net charge-offs as a percentage of average loans was 0.26% for both the second quarter and first half of 2012. United’s most recently reported Federal Reserve peer group’s net charge-offs to average loans percentage was 0.70% for the first quarter of 2012.

Noninterest income for the second quarter of 2012 was $16.6 million, which was an increase of $3.3 million from the second quarter of 2011. Included in noninterest income for the second quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $1.7 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $4.1 million on certain investment securities for the second 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 second quarter of 2012 would have increased $1.3 million or 8% from the second quarter of 2011. This increase for the second quarter of 2012 was due primarily to increases of $576 thousand in income from trust and brokerage services due to increases in volume and the value of assets under management and $352 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market.

Noninterest income for the first half of 2012 was $32.9 million, which was an increase of $4.9 million from the first half of 2011. Included in noninterest income for the first half of 2012 were noncash, before-tax, other-than-temporary impairment charges of $3.1 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $6.2 million on certain investment securities for the first half 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 half of 2012 would have increased $2.9 million or 9% from the first half of 2011. This increase for the first half of 2012 was due primarily to increases of $1.3 million in income from trust and brokerage services due to increases in volume and the value of assets under management, $733 thousand in fees from deposit services due to the Centra merger and $436 thousand in mortgage banking income due to increased sales of mortgage loans in the secondary market.

On a linked-quarter basis, noninterest income for the second quarter of 2012 increased $261 thousand from the first quarter of 2012. Included in the results for the second quarter of 2012 and first quarter of 2012 were noncash, before-tax, other-than-temporary impairment charges of $1.7 million and $1.4 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 increased $345 thousand or 2% on a linked-quarter basis due primarily to an increase of $165 thousand in mortgage banking income due to an increased spread on the sales of mortgage loans in the secondary market.

United Bankshares, Inc. Increases...

July 26, 2012

Page Four

Noninterest expense for the second quarter of 2012 was $51.3 million, an increase of $9.6 million or 23% from the second quarter of 2011 due primarily to increases of $3.0 million in employee compensation due to additional employees from the Centra merger and $1.7 million in employee benefits due mainly to an increase in health insurance and pension costs. The remainder of the increase in noninterest expense from the second quarter of 2011 was due mainly to the additional offices and equipment from the Centra merger.

Noninterest expense for the first half of 2012 was $101.5 million, an increase of $16.4 million or 19% from the first half of 2011 due primarily to increases of $6.0 million in employee compensation due to additional employees from the Centra merger and $2.5 million in employee benefits due mainly to an increase in health insurance and pension costs. The remainder of the increase in noninterest expense from the first half of 2011 was due mainly to the additional offices and equipment from the Centra merger.

On a linked-quarter basis, noninterest expense for the second quarter of 2012 increased $990 thousand or 2% from the first quarter of 2012. This increase was due primarily to increases of $631 thousand in employee benefits due to higher health insurance expense and $477 thousand in equipment expense due to increased depreciation and maintenance costs.

During the second quarter of 2012, United’s Board of Directors declared a cash dividend of $0.31 per share. United has increased its dividend to shareholders for 38 consecutive years. The annualized 2012 dividend of $1.24 equates to a yield of approximately 5% based on recent UBSI market prices.

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 June 30, 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 June 30, 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						Six Months Ended
	June 30 2012			June 30 2011			June 30 2012			June 30 2011
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	82,665		$	74,072		$	166,122		$	149,382
Interest expense		12,050			13,814			24,872			28,308
Net interest income, taxable equivalent		70,615			60,258			141,250			121,074
Taxable equivalent adjustment		1,560			1,637			3,229			3,090
Net interest income		69,055			58,621			138,021			117,984
Provision for loan losses		3,436			4,800			7,569			9,236
Noninterest income		16,587			13,334			32,913			27,985
Noninterest expense		51,252			41,677			101,514			85,146
Income taxes		9,905			8,026			19,792			16,250
Net income	$	21,049		$	17,452		$	42,059		$	35,337
PER COMMON SHARE:
Net income:
Basic	$	0.42		$	0.40		$	0.84		$	0.81
Diluted		0.42			0.40			0.84			0.81
Cash dividends	$	0.31		$	0.30			0.62			0.60
Book value								19.52			18.43
Closing market price							$	25.88		$	24.48
Common shares outstanding:
Actual at period end, net of treasury shares								50,275,869			43,645,485
Weighted average- basic		50,274,665			43,645,541			50,255,019			43,637,497
Weighted average- diluted		50,308,228			43,676,407			50,299,982			43,686,203
FINANCIAL RATIOS:
Return on average assets		1.00	%		0.98	%		1.00	%		1.00	%
Return on average shareholders’ equity		8.58	%		8.66	%		8.60	%		8.85	%
Average equity to average assets		11.64	%		11.35	%		11.62	%		11.34	%
Net interest margin		3.76	%		3.83	%		3.77	%		3.88	%
	June 30 2012			June 30 2011			December 31 2011			March 31 2012
PERIOD END BALANCES:
Assets	$	8,457,009		$	7,133,983		$	8,451,470		$	8,529,469
Earning assets		7,488,617			6,307,773			7,498,333			7,579,030
Loans, net of unearned income		6,314,916			5,252,096			6,236,710			6,200,120
Loans held for sale		9,279			1,057			3,902			7,401
Investment securities		722,854			741,845			824,219			790,936
Total deposits		6,860,441			5,728,536			6,819,010			6,881,610
Shareholders’ equity		981,181			804,241			968,844			976,303

EX-99.2

Exhibit 99.2

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended									Six Months Ended
	June			June			March			June			June
	2012			2011			2012			2012			2011
Interest & Loan Fees Income	$	81,105		$	72,435		$	81,788		$	162,893		$	146,292
Tax equivalent adjustment		1,560			1,637			1,669			3,229			3,090
Interest & Fees Income (FTE)		82,665			74,072			83,457			166,122			149,382
Interest expense		12,050			13,814			12,822			24,872			28,308
Net Interest Income (FTE)		70,615			60,258			70,635			141,250			121,074
Provision for Loan Losses		3,436			4,800			4,133			7,569			9,236
Non-Interest Income:
Fees from trust & brokerage services		4,013			3,437			3,984			7,997			6,747
Fees from deposit services		10,393			10,341			10,312			20,705			19,972
Bankcard fees and merchant discounts		738			683			647			1,385			1,238
Other charges, commissions, and fees		600			381			577			1,177			835
Income from bank-owned life insurance		1,255			1,228			1,289			2,544			2,403
Mortgage banking income		483			131			318			801			365
Other non-interest revenue		648			599			658			1,306			1,450
Net other-than-temporary impairment losses		(1,742	)		(4,096	)		(1,377	)		(3,119	)		(6,206	)
Net gains (losses) on sales/calls of investment securities		199			630			(82	)		117			1,181
Total Non-Interest Income		16,587			13,334			16,326			32,913			27,985
Non-Interest Expense:
Employee compensation		17,965			15,015			17,907			35,872			29,885
Employee benefits		5,823			4,131			5,192			11,015			8,509
Net occupancy		5,321			4,140			5,042			10,363			8,527
Other expenses		17,764			14,477			17,476			35,240			29,824
Amortization of intangibles		724			354			762			1,486			737
OREO expense		2,160			1,233			2,328			4,488			3,000
FDIC expense		1,495			2,327			1,555			3,050			4,664
Total Non-Interest Expense		51,252			41,677			50,262			101,514			85,146
Income Before Income Taxes (FTE)		32,514			27,115			32,566			65,080			54,677
Tax equivalent adjustment		1,560			1,637			1,669			3,229			3,090
Income Before Income Taxes		30,954			25,478			30,897			61,851			51,587
Taxes		9,905			8,026			9,887			19,792			16,250
Net Income	$	21,049		$	17,452		$	21,010		$	42,059		$	35,337
MEMO: Effective Tax Rate		32.00	%		31.50	%		32.00	%		32.00	%		31.50	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	June 30			June 30
	2012			2011			June 30			December 31			June 30
	Q-T-D Average			Q-T-D Average			2012			2011			2011
Cash & Cash Equivalents	$	759,990		$	501,535		$	673,208		$	636,003		$	508,069
Securities Available for Sale		637,180			653,490			607,144			696,518			608,334
Held to Maturity Securities		55,141			64,142			53,274			59,289			63,699
Other Investment Securities		64,526			70,874			62,436			68,412			69,812
Total Securities		756,847			788,506			722,854			824,219			741,845
Total Cash and Securities		1,516,837			1,290,041			1,396,062			1,460,222			1,249,914
Loans held for sale		7,971			1,464			9,279			3,902			1,057
Commercial Loans		4,403,617			3,533,509			4,507,375			4,378,345			3,570,556
Mortgage Loans		1,525,191			1,416,138			1,516,450			1,562,838			1,410,321
Consumer Loans		306,784			269,733			302,981			299,030			274,911
Gross Loans		6,235,592			5,219,380			6,326,806			6,240,213			5,255,788
Unearned income		(12,392	)		(3,341	)		(11,890	)		(3,503	)		(3,692	)
Loans, net of unearned income		6,223,200			5,216,039			6,314,916			6,236,710			5,252,096
Allowance for Loan Losses		(73,931	)		(72,909	)		(73,413	)		(73,874	)		(73,132	)
Goodwill		371,656			311,641			371,650			371,693			311,641
Other Intangibles		11,915			2,391			11,472			12,950			2,202
Total Intangibles		383,571			314,032			383,122			384,643			313,843
Other Real Estate Owned		48,716			43,271			48,608			51,760			45,671
Other Assets		374,359			334,537			378,435			388,107			344,534
Total Assets	$	8,480,723		$	7,126,475		$	8,457,009		$	8,451,470		$	7,133,983
MEMO: Earning Assets	$	7,535,416		$	6,308,764		$	7,488,617		$	7,498,333		$	6,307,773
Interest-bearing Deposits	$	5,166,826		$	4,308,770		$	5,117,149		$	5,199,848		$	4,292,987
Noninterest-bearing Deposits		1,691,478			1,375,842			1,743,292			1,619,162			1,435,549
Total Deposits		6,858,304			5,684,612			6,860,441			6,819,010			5,728,536
Short-term Borrowings		278,692			247,706			265,077			254,766			201,438
Long-term Borrowings		308,934			336,139			290,227			345,366			336,063
Total Borrowings		587,626			583,845			555,304			600,132			537,501
Other Liabilities		47,600			49,367			60,083			63,484			63,705
Total Liabilities		7,493,530			6,317,824			7,475,828			7,482,626			6,329,742
Preferred Equity		—			—			—			—			—
Common Equity		987,193			808,651			981,181			968,844			804,241
Total Shareholders’ Equity		987,193			808,651			981,181			968,844			804,241
Total Liabilities & Equity	$	8,480,723		$	7,126,475		$	8,457,009		$	8,451,470		$	7,133,983
MEMO: Interest-bearing Liabilities	$	5,754,452		$	4,892,615		$	5,672,453		$	5,799,980		$	4,830,488

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended									Six Months Ended
Quarterly/Year-to-Date Share Data:	June 2012			June 2011			March 2012			June 2012			June 2011
Earnings Per Share:
Basic	$	0.42		$	0.40		$	0.42		$	0.84		$	0.81
Diluted	$	0.42		$	0.40		$	0.42		$	0.84		$	0.81
Common Dividend Declared Per Share:	$	0.31		$	0.30		$	0.31		$	0.62		$	0.60
High Common Stock Price	$	29.45		$	27.46		$	30.91		$	30.91		$	30.84
Low Common Stock Price	$	23.87		$	22.36		$	27.36		$	23.87		$	22.36
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,274,665			43,645,541			50,235,374			50,255,019			43,637,497
Diluted		50,308,228			43,676,407			50,300,538			50,299,982			43,686,203
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	70		$	220		$	(29	)	$	41		$	413
Common Dividends	$	15,605		$	13,099		$	15,570		$	31,175		$	26,194
Dividend Payout Ratio		74.14	%		75.06	%		74.11	%		74.12	%		74.13	%

EOP Share Data:	June 2012		June 2011		March 2012
Book Value Per Share	$	19.52	$	18.43	$	19.42
Tangible Book Value Per Share	$	11.90	$	11.24	$	11.78
52-week High Common Stock Price	$	30.91	$	30.84	$	30.91
Date		03/19/12		01/19/11		03/19/12
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):		50,275,869		43,645,485		50,274,104
Memorandum Items:
EOP Employees (full-time equivalent)		1,626		1,438		1,637

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended									Six Months Ended
Selected Yields and Net Interest Margin:	June 2012			June 2011			March 2012			June 2012			June 2011
Loans		5.01	%		5.18	%		5.02	%		5.02	%		5.21	%
Investment Securities		2.91	%		3.73	%		3.08	%		3.00	%		3.96	%
Money Market Investments/FFS		0.27	%		0.30	%		0.26	%		0.26	%		0.34	%
Average Earning Assets Yield		4.41	%		4.71	%		4.47	%		4.44	%		4.78	%
Interest-bearing Deposits		0.65	%		0.91	%		0.67	%		0.66	%		0.95	%
Short-term Borrowings		0.10	%		0.04	%		0.09	%		0.09	%		0.04	%
Long-term Borrowings		4.78	%		4.83	%		4.83	%		4.80	%		4.79	%
Average Liability Costs		0.84	%		1.13	%		0.89	%		0.87	%		1.17	%
Net Interest Spread		3.57	%		3.58	%		3.58	%		3.57	%		3.61	%
Net Interest Margin		3.76	%		3.83	%		3.78	%		3.77	%		3.88	%
Selected Financial Ratios:
Return on Average Common Equity		8.58	%		8.66	%		8.63	%		8.60	%		8.85	%
Return on Average Assets		1.00	%		0.98	%		1.00	%		1.00	%		1.00	%
Efficiency Ratio		54.50	%		52.03	%		53.35	%		53.93	%		52.83	%

	June 2012			June 2011			March 2012
Loan / Deposit Ratio		92.05	%		91.68	%		90.10	%
Allowance for Loan Losses/ Loans, net of unearned income		1.16	%		1.39	%		1.19	%
Allowance for Credit Losses (1)/ Loans, net of unearned income		1.20	%		1.43	%		1.22	%
Nonaccrual Loans / Loans, net of unearned income		1.00	%		0.98	%		1.00	%
90-Day Past Due Loans/ Loans, net of unearned income		0.16	%		0.17	%		0.16	%
Non-performing Loans/ Loans, net of unearned income		1.23	%		1.22	%		1.23	%
Non-performing Assets/ Total Assets		1.49	%		1.54	%		1.48	%
Primary Capital Ratio		12.38	%		12.20	%		12.23	%
Shareholders’ Equity Ratio		11.60	%		11.27	%		11.45	%
Price / Book Ratio		1.33	x		1.33	x		1.49	x
Price / Earnings Ratio		15.46	x		15.32	x		17.27	x

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)

Asset Quality Data:	June 2012		June 2011		December 2011		March 2012
EOP Non-Accrual Loans	$	63,279	$	51,237	$	59,892	$	62,037
EOP 90-Day Past Due Loans		10,029		8,865		16,179		9,816
EOP Restructured Loans (2)		4,255		3,886		3,592		4,335
Total EOP Non-performing Loans	$	77,563	$	63,988	$	79,663	$	76,188
EOP Other Real Estate Owned		48,608		45,671		51,760		49,864
Total EOP Non-performing Assets	$	126,171	$	109,659	$	131,423	$	126,052

	Three Months Ended									Six Months Ended
Allowance for Credit Losses: (1)	June 2012			June 2011			March 2012			June 2012			June 2011
Beginning Balance	$	75,747		$	75,135		$	75,727		$	75,727		$	75,039
Provision for Credit Losses (3)		3,813			4,689			4,015			7,828			9,279
		79,560			79,824			79,742			83,555			84,318
Gross Charge-offs		(5,188	)		(5,599	)		(4,734	)		(9,922	)		(10,340	)
Recoveries		1,153			956			739			1,892			1,203
Net Charge-offs		(4,035	)		(4,643	)		(3,995	)		(8,030	)		(9,137	)
Ending Balance	$	75,525		$	75,181		$	75,747		$	75,525		$	75,181

Note:	(1)	Includes allowances for loan losses and lending-related commitments.
	(2)	Restructured loans with an aggregate balance of $1,427, $3,886, $1,528 and $2,283 at June 30, 2012, June 30, 2011, December 31, 2011 and March 31, 2012, 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.