EXHIBIT 99.1

News Release

For Immediate Release	Contact: Steven E. Wilson
January 30, 2014	Chief Financial Officer
	(800) 445-1347 ext. 8704

United Bankshares, Inc. Announces Increased Earnings

for the Year of 2013

WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), today reported an increase in earnings for the year of 2013 as compared to the year of 2012. Earnings for the year of 2013 were $85.6 million or $1.70 per diluted share, an increase from earnings of $82.6 million or $1.64 per diluted share for the year of 2012. Earnings for the fourth quarter of 2013 were $19.7 million or $0.39 per diluted share as compared to earnings of $21.2 million or $0.42 per diluted share for the fourth quarter of 2012.

“The year 2013 was another successful year for United,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Earnings rose from 2012 while the dividend to shareholders was increased for the 40th consecutive year. We also announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc., the largest acquisition in United’s history.”

Fourth quarter of 2013 results produced a return on average assets of 0.91% and a return on average equity of 7.57%. For the year of 2013, United’s return on average assets was 1.02% while the return on average equity was 8.43%. United’s annualized returns on average assets and average equity were 1.01% and 8.44%, respectively, for the fourth quarter of 2012 while the returns on average assets and average equity were 0.98% and 8.35%, respectively, for the year of 2012.

The results for the fourth quarter and year of 2013 included noncash, before-tax, other-than-temporary impairment charges of $6.4 million and $7.3 million, respectively, on certain investment securities. The results for the fourth quarter and year of 2012 included noncash, before-tax, other-than-temporary impairment charges of $2.0 million and $7.4 million, respectively, on certain investment securities. Also included in the results for the year of 2012 was an accrual of $3.3 million with respect to a settlement of claims asserted in class actions against United Bank, Inc. of West Virginia.

United’s asset quality continues to outperform its peers. United’s percentage of nonperforming loans to loans, net of unearned income of 1.21% at December 31, 2013 compares favorably to the most recently reported percentage of 1.91% at September 30, 2013 for United’s Federal Reserve peer group. At December 31, 2013, nonperforming loans were $81.1 million, down from nonperforming loans of $92.8 million or 1.43% of loans, net of unearned income, at December 31, 2012. As of December 31, 2013, the allowance for loan losses was $74.2 million or 1.11% of loans, net of unearned income, which was comparable to $73.9 million or 1.13% of loans, net of unearned income, at December 31, 2012. Total nonperforming assets of $119.3 million, including OREO of $38.2 million at December 31, 2013, represented 1.37% of total assets which also compares favorably to the most recently reported percentage of 1.52% at September 30, 2013 for United’s Federal Reserve peer group.

United Bankshares, Inc. Announces…

January 30, 2014

Page Two

United continues to be well-capitalized based on all regulatory guidelines. United’s estimated risk-based capital ratio is 13.7% at December 31, 2013 while its Tier I capital and leverage ratios are 12.5% and 10.7%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

Tax-equivalent net interest income for the fourth quarter of 2013 was $70.7 million which was relatively flat from the fourth quarter of 2012, decreasing $646 thousand or less than 1%. The slight decrease was due mainly to a decline in the average yield on earning assets. The fourth quarter of 2013 average yield on earning assets decreased 27 basis points from the fourth quarter of 2012. Partially offsetting this decrease to tax-equivalent net interest income for the fourth quarter of 2013 was an increase of $256.6 million or 3% in average earning assets from the fourth quarter of 2012. Average net loans and average investment securities increased $179.6 million or 3% and $108.8 million or 15%, respectively, while short-term investments declined $31.8 million or 12%. In addition, the average cost of funds for the fourth quarter of 2013 declined 13 basis points as compared to the fourth quarter of 2012. The net interest margin for the fourth quarter of 2013 was 3.66%, which was a decrease of 17 basis points from a net interest margin of 3.83% for the fourth quarter of 2012.

Tax-equivalent net interest income for the year of 2013 was $275.8 million, a decrease of $8.3 million or 3% from the year of 2012 due mainly to a decrease in the average yield on earning assets. The year of 2013 average yield on earning assets decreased 27 basis points from the year of 2012. In addition, average short-term investments declined $203.6 million or 46% for the year. Partially offsetting the decreases to tax-equivalent net interest income for the year of 2013 was a decline of 17 basis points in the average cost of funds as compared to the year of 2012. Average earning assets were flat, increasing $46.6 million or less than 1% from the year of 2012 as average net loans grew $220.3 million or 4% and average investment securities increased $29.9 million or 4% for the year. The net interest margin for the year of 2013 was 3.68%, which was a decrease of 13 basis points from a net interest margin of 3.81% for the year of 2012.

On a linked-quarter basis, United’s tax-equivalent net interest income for the fourth quarter of 2013 increased $1.5 million or 2% due mainly to an increase in average earning assets and a decrease in the average cost of funds. Average earning assets increased $128.1 million or 2% during the quarter. Average net loans increased $99.1 million or 2% for the quarter. Average investment securities increased $25.6 million or 3% while average short-term investments increased $3.3 million or 1% for the quarter. The fourth quarter of 2013 average cost of funds decreased 5 basis points while the average yield on earning assets decreased 2 basis points from the third quarter of 2013. The net interest margin of 3.66% for the fourth quarter of 2013 was an increase of 1 basis point from the net interest margin of 3.65% for the third quarter of 2013.

For the quarters ended December 31, 2013 and 2012, the provision for loan losses was $4.3 million and $5.9 million, respectively, while the provision for the year of 2013 was $19.3 million as compared to $17.9 million for the year of 2012. Net charge-offs were $4.7 million and $19.0 million for the fourth quarter and year of 2013, respectively, as compared to $5.8 million and $17.8 million for the same time periods in 2012. Annualized net charge-offs as a percentage of average loans were 0.28% and 0.29% for the fourth quarter and year of 2013, respectively.

United Bankshares, Inc. Announces…

January 30, 2014

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Noninterest income for the fourth quarter of 2013 was $12.0 million, which was a decrease of $4.7 million from the fourth quarter of 2012. Included in noninterest income for the fourth quarter of 2013 were noncash, before-tax, other-than-temporary impairment charges of $6.4 million on certain investment securities as compared to $2.0 million for the fourth quarter of 2012. 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 fourth quarter of 2013 decreased $1.0 million or 5% from the fourth quarter of 2012. This decrease for the fourth quarter of 2013 was due primarily to decreases of $589 thousand in mortgage banking income due to decreased sales of mortgage loans in the secondary market and $534 thousand in fees from deposit services due to lower overdraft fee income.

Noninterest income for the year of 2013 was $67.8 million, which was an increase of $1.5 million from the year of 2012. Included in noninterest income for the year of 2013 were noncash, before-tax, other-than-temporary impairment charges of $7.3 million on certain investment securities as compared to noncash, before-tax other-than-temporary impairment charges of $7.4 million on certain investment securities for the year of 2012. 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 year of 2013 was relatively flat from the year of 2012, increasing $415 thousand or less than 1%. This slight increase for the year of 2013 was due primarily to increases of $749 thousand in income from bank-owned life insurance policies due to a death benefit, $602 thousand in revenue from trust and brokerage services due to increased volume and value of assets under management and $595 thousand in fees from bankcard services due to increased volume. Virtually offsetting these increases was a decrease of $1.6 million in fees from deposit services due to lower overdraft fee income.

On a linked-quarter basis, noninterest income for the fourth quarter of 2013 decreased $6.3 million from the third quarter of 2013. Included in noninterest income for the fourth quarter of 2013 were noncash, before-tax, other-than-temporary impairment charges of $6.4 million on certain investment securities as compared to no charges for the third quarter of 2013. 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 fourth quarter of 2013 decreased $761 thousand or 4% from the third quarter of 2013. This decrease for the fourth quarter of 2013 was due primarily to decreases of $343 thousand in mortgage banking income due to decreased sales of mortgage loans in the secondary market and $269 thousand in fees from deposit services due to lower overdraft fee income.

Noninterest expense for the fourth quarter of 2013 was $48.0 million, a decrease of $1.3 million or 3% from the fourth quarter of 2012. The decrease for the fourth quarter of 2013 was mainly due to declines of $1.0 million in employee compensation due to lower expense for incentives and $602 thousand for other real estate owned (OREO) expense due to fewer declines in the fair value of OREO properties as compared to the fourth quarter of 2012. Partially offsetting these decreases was an increase of $568 thousand in employee benefits expense due mainly to higher health insurance and pension costs. Also included in noninterest expense for the fourth quarter of 2013 was an increase in merger expenses of $449 thousand.

United Bankshares, Inc. Announces…

January 30, 2014

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Noninterest expense for the year of 2013 was $193.4 million, a decrease of $11.3 million or 6% from the year of 2012. Included in the results for the year of 2012 was the litigation settlement accrual of $3.3 million. Otherwise, employee compensation for the year of 2013 declined $3.3 million due to a reduction in employees from a merger of banking subsidiaries in 2012. In addition, OREO expense decreased $2.1 million as reductions to fair value and losses on sales declined, data processing expense declined $1.1 million due to a change in servicers, net occupancy expense declined $610 thousand due to a decline in offices and equipment expense decreased $559 thousand due mainly to a decline in maintenance costs from the year of 2012. Partially offsetting these decreases was an increase of $1.8 million in employee benefits expense due mainly to higher health care and pension costs. Also included in noninterest expense for the year of 2013 was an increase in merger expenses of $1.3 million.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2013 decreased $608 thousand or 1% from the third quarter of 2013. This decline was due primarily to decreases of $382 thousand in employee benefits expense because of a decrease in pension costs as a result of an increase in the value of the underlying assets and $229 thousand in OREO expense due to fewer reductions in the fair value and losses on sales of OREO properties as compared to the third quarter of 2013.

During the fourth quarter of 2013, United’s Board of Directors declared a cash dividend of $0.32 per share. The 2013 dividend of $1.25 per share represented the 40th consecutive year of dividend increases for United shareholders.

On January 30, 2013, United announced the signing of a definitive merger agreement with Virginia Commerce Bancorp, Inc. (“Virginia Commerce”) headquartered in Arlington, Virginia. Virginia Commerce has twenty-eight (28) banking offices, one residential mortgage origination office and one wealth management office located in the Northern Virginia suburbs of Washington, D.C. United and Virginia Commerce are scheduled to merge tomorrow, January 31, 2014, after the close of business.

Currently, United has consolidated assets of approximately $8.7 billion with 113 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 December 31, 2013 consolidated financial statements on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2013 and will adjust amounts preliminarily reported, if necessary.

United Bankshares, Inc. Announces…

January 30, 2014

Page Five

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, noninterest income 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, tangible equity and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. 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. 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%.

GAAP total non-interest income results are adjusted for other-than-temporary impairment charges (OTTI) on certain investment securities and net gains or losses on the sale of securities. Management believes noninterest income without OTTI charges and net securities gains or losses is more indicative of United’s performance because it isolates income that is primarily customer relationship driven and is more indicative of normalized operations. In addition, these items can fluctuate greatly from quarter to quarter and are difficult to predict.

Tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered the most conservative valuation of the company. Tangible common equity is also presented on a per common share basis. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of common equity are presented. These two measures, along with others, are used by management to analyze capital adequacy.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

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						Year Ended
	December 31 2013			December 31 2012			December 31 2013			December 31 2012
EARNINGS SUMMARY:
Interest income, taxable equivalent (non-GAAP)	$	79,111		$	81,300		$	312,153		$	330,310
Interest expense		8,453			9,996			36,313			46,190
Net interest income, taxable equivalent (non-GAAP)		70,658			71,304			275,840			284,120
Taxable equivalent adjustment		1,472			1,632			5,999			6,413
Net interest income (GAAP)		69,186			69,672			269,841			277,707
Provision for loan losses		4,343			5,947			19,267			17,862
Noninterest income		12,046			16,745			67,828			66,292
Noninterest expenses		47,977			49,273			193,358			204,656
Income taxes		9,252			9,983			39,416			38,874
Net income	$	19,660		$	21,214		$	85,628		$	82,607
PER COMMON SHARE:
Net income:
Basic	$	0.39		$	0.42		$	1.70		$	1.64
Diluted		0.39			0.42			1.70			1.64
Cash dividends	$	0.32		$	0.31			1.25			1.24
Book value								20.66			19.74
Closing market price							$	31.45		$	24.34
Common shares outstanding:
Actual at period end, net of treasury shares								50,430,267			50,276,573
Weighted average - basic		50,417,452			50,276,137			50,353,452			50,265,620
Weighted average - diluted		50,564,497			50,294,593			50,426,078			50,298,019
FINANCIAL RATIOS:
Return on average assets		0.91	%		1.01	%		1.02	%		0.98	%
Return on average shareholders’ equity		7.57	%		8.44	%		8.43	%		8.35	%
Average equity to average assets		12.01	%		11.97	%		12.07	%		11.78	%
Net interest margin		3.66	%		3.83	%		3.68	%		3.81	%
	December 31 2013			December 31 2012			December 31 2011			September 30 2013
PERIOD END BALANCES:
Assets	$	8,735,324		$	8,420,013		$	8,451,470		$	8,513,818
Earning assets		7,805,772			7,459,217			7,492,400			7,565,955
Loans, net of unearned income		6,704,583			6,511,416			6,230,777			6,595,495
Loans held for sale		4,236			17,762			3,902			3,760
Investment securities		889,342			729,402			824,219			859,269
Total deposits		6,621,571			6,752,986			6,819,010			6,605,634
Shareholders’ equity		1,041,732			992,251			968,844			1,017,711

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended
	December 2013			December 2012			September 2013			June 2013			March 2013
Interest & Loan Fees Income (GAAP)	$	77,639		$	79,668		$	76,705		$	75,485		$	76,325
Tax equivalent adjustment		1,472			1,632			1,494			1,509			1,524
Interest & Fees Income (FTE) (non-GAAP)		79,111			81,300			78,199			76,994			77,849
Interest Expense		8,453			9,996			9,075			9,282			9,503
Net Interest Income (FTE) (non-GAAP)		70,658			71,304			69,124			67,712			68,346
Provision for Loan Losses		4,343			5,947			4,777			4,960			5,187
Non-Interest Income:
Fees from trust & brokerage services		4,241			3,678			4,006			4,370			3,830
Fees from deposit services		10,072			10,606			10,341			10,208			9,624
Bankcard fees and merchant discounts		892			745			1,003			899			797
Other charges, commissions, and fees		461			539			599			626			561
Income from bank owned life insurance		1,076			1,248			1,138			1,185			2,389
Mortgage banking income		262			851			605			739			965
Other non-interest revenue		469			818			542			861			876
Net other-than-temporary impairment losses		(6,361	)		(2,002	)		0			(137	)		(834	)
Net gains on sales/calls of investment securities		934			262			101			348			140
Total Non-Interest Income		12,046			16,745			18,335			19,099			18,348
Non-Interest Expense:
Employee compensation		17,244			18,272			17,269			16,957			16,604
Employee benefits		5,460			4,892			5,842			5,675			5,993
Net occupancy		4,875			5,005			4,931			4,821			5,191
Data processing		2,970			3,009			2,880			2,813			2,731
Amortization of intangibles		450			669			479			506			534
OREO expense		1,306			1,908			1,535			2,330			1,270
FDIC expense		1,526			1,525			1,539			1,564			1,559
Other expenses		14,146			13,993			14,110			13,881			14,367
Total Non-Interest Expense		47,977			49,273			48,585			48,547			48,249
Income Before Income Taxes (FTE) (non-GAAP)		30,384			32,829			34,097			33,304			33,258
Tax equivalent adjustment		1,472			1,632			1,494			1,509			1,524
Income Before Income Taxes (GAAP)		28,912			31,197			32,603			31,795			31,734
Taxes		9,252			9,983			10,433			9,576			10,155
Net Income	$	19,660		$	21,214		$	22,170		$	22,219		$	21,579
MEMO: Effective Tax Rate		32.00	%		32.00	%		32.00	%		30.12	%		32.00	%
Note: Non-Interest Income excluding the results of noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities (non-GAAP):
Total Non-Interest Income (GAAP)	$	12,046		$	16,745		$	18,335		$	19,099		$	18,348
Less: Net other-than-temporary impairment losses (GAAP)		(6,361	)		(2,002	)		0			(137	)		(834	)
Less: Net gains on sales/calls of investment securities (GAAP)		934			262			101			348			140
Non-Interest Income excluding the results of noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities (non-GAAP)	$	17,473		$	18,485		$	18,234		$	18,888		$	19,042

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Year Ended
	December			December			December			December
	2013			2012			2011			2010
Interest & Loan Fees Income (GAAP)	$	306,154		$	323,897		$	316,522		$	323,382
Tax equivalent adjustment		5,999			6,413			6,587			5,906
Interest & Fees Income (FTE) (non-GAAP)		312,153			330,310			323,109			329,288
Interest Expense		36,313			46,190			55,794			85,196
Net Interest Income (FTE) (non-GAAP)		275,840			284,120			267,315			244,092
Provision for Loan Losses		19,267			17,862			17,141			13,773
Non-Interest Income:
Fees from trust & brokerage services		16,447			15,845			13,343			13,637
Fees from deposit services		40,245			41,832			42,110			39,220
Bankcard fees and merchant discounts		3,591			2,996			2,572			4,786
Other charges, commissions, and fees		2,247			2,229			1,849			1,918
Income from bank owned life insurance		5,788			5,039			5,286			4,673
Mortgage banking income		2,571			2,471			952			662
Other non-interest revenue		2,748			2,810			3,563			5,116
Net other-than-temporary impairment losses		(7,332	)		(7,376	)		(20,414	)		(9,815	)
Net gains on sales/calls of investment securities		1,523			446			1,576			2,006
Total Non-Interest Income		67,828			66,292			50,837			62,203
Non-Interest Expense:
Employee compensation		68,074			71,402			64,611			60,564
Employee benefits		22,970			21,178			17,358			16,749
Net occupancy		19,818			20,428			18,596			17,246
Data processing		11,394			12,532			11,637			10,820
Amortization of intangibles		1,969			2,852			2,429			1,884
OREO expense		6,441			8,556			7,008			11,131
FDIC expense		6,188			6,064			8,468			9,684
Other expenses		56,504			61,644			53,941			54,134
Total Non-Interest Expense		193,358			204,656			184,048			182,212
Income Before Income Taxes (FTE) (non-GAAP)		131,043			127,894			116,963			110,310
Tax equivalent adjustment		5,999			6,413			6,587			5,906
Income Before Income Taxes (GAAP)		125,044			121,481			110,376			104,404
Taxes		39,416			38,874			34,766			32,457
Net Income	$	85,628		$	82,607		$	75,610		$	71,947
MEMO: Effective Tax Rate		31.52	%		32.00	%		31.50	%		31.09	%
Note: Non-Interest Income excluding the results of noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities (non-GAAP):
Total Non-Interest Income (GAAP)	$	67,828		$	66,292		$	50,837		$	62,203
Less: Net other-than-temporary impairment losses (GAAP)		(7,332	)		(7,376	)		(20,414	)		(9,815	)
Less: Net gains on sales/calls of investment securities (GAAP)		1,523			446			1,576			2,006
Non-Interest Income excluding the results of noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities (non-GAAP)	$	73,637		$	73,222		$	69,675		$	70,012

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	December 31 2013 Q-T-D Average			December 31 2012 Q-T-D Average			December 31 2013			December 31 2012			December 31 2011
Cash & Cash Equivalents	$	376,412		$	423,373		$	416,617		$	432,077		$	636,003
Securities Available for Sale		735,626			626,516			775,284			625,625			696,518
Securities Held to Maturity		41,902			50,311			40,965			43,467			59,289
Other Investment Securities		69,539			61,436			73,093			60,310			68,412
Total Securities		847,067			738,263			889,342			729,402			824,219
Total Cash and Securities		1,223,479			1,161,636			1,305,959			1,161,479			1,460,222
Loans Held for Sale		2,586			11,160			4,236			17,762			3,902
Commercial Loans		4,867,199			4,665,208			4,926,537			4,726,292			4,378,345
Mortgage Loans		1,461,033			1,499,636			1,460,327			1,490,306			1,556,905
Consumer Loans		328,015			299,598			326,735			301,182			299,030
Gross Loans		6,656,247			6,464,442			6,713,599			6,517,780			6,234,280
Unearned Income		(8,643	)		(6,011	)		(9,016	)		(6,364	)		(3,503	)
Loans, Net of Unearned Income		6,647,604			6,458,431			6,704,583			6,511,416			6,230,777
Allowance for Loan Losses		(74,689	)		(73,727	)		(74,198	)		(73,901	)		(73,874	)
Goodwill		375,559			375,583			375,547			375,583			375,626
Other Intangibles		8,379			10,521			8,138			10,107			12,950
Total Intangibles		383,938			386,104			383,685			385,690			388,576
Real Estate Owned		39,553			47,870			38,182			49,484			51,760
Other Assets		351,867			368,097			372,877			368,083			390,107
Total Assets	$	8,574,338		$	8,359,571		$	8,735,324		$	8,420,013		$	8,451,470
MEMO: Earning Assets	$	7,665,396		$	7,408,771		$	7,805,772		$	7,459,217		$	7,492,400
Interest-bearing Deposits	$	4,773,397		$	4,936,757		$	4,747,051		$	4,928,575		$	5,199,848
Noninterest-bearing Deposits		1,849,404			1,795,810			1,874,520			1,824,411			1,619,162
Total Deposits		6,622,801			6,732,567			6,621,571			6,752,986			6,819,010
Short-term Borrowings		300,688			293,034			430,754			314,962			254,766
Long-term Borrowings		573,849			284,954			575,697			284,926			345,366
Total Borrowings		874,537			577,988			1,006,451			599,888			600,132
Other Liabilities		47,252			48,568			65,570			74,888			63,484
Total Liabilities		7,544,590			7,359,123			7,693,592			7,427,762			7,482,626
Preferred Equity		—			—			—			—			—
Common Equity		1,029,748			1,000,448			1,041,732			992,251			968,844
Total Shareholders’ Equity		1,029,748			1,000,448			1,041,732			992,251			968,844
Total Liabilities & Equity	$	8,574,338		$	8,359,571		$	8,735,324		$	8,420,013		$	8,451,470
MEMO: Interest-bearing Liabilities	$	5,647,934		$	5,514,745		$	5,753,502		$	5,528,463		$	5,799,980

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
	December			December			September			June			March
Quarterly Share Data:	2013			2012			2013			2013			2013
Earnings Per Share:
Basic	$	0.39		$	0.42		$	0.44		$	0.44		$	0.43
Diluted	$	0.39		$	0.42		$	0.44		$	0.44		$	0.43
Common Dividend Declared Per Share	$	0.32		$	0.31		$	0.31		$	0.31		$	0.31
High Common Stock Price	$	32.71		$	25.80		$	29.45		$	26.84		$	27.24
Low Common Stock Price	$	28.06		$	23.02		$	26.04		$	24.46		$	24.80
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,417,452			50,276,137			50,378,613			50,345,733			50,301,875
Diluted		50,564,497			50,294,593			50,472,959			50,402,194			50,331,503
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	327		$	92		$	35		$	122		$	49
Common Dividends	$	16,140		$	15,587		$	15,624		$	15,613		$	15,605
Dividend Payout Ratio		82.10	%		73.48	%		70.47	%		70.27	%		72.32	%

	Year Ended
	December			December			December			December
YTD Share Data:	2013			2012			2011			2010
Earnings Per Share:
Basic	$	1.70		$	1.64		$	1.62		$	1.65
Diluted	$	1.70		$	1.64		$	1.61		$	1.65
Common Dividend Declared Per Share	$	1.25		$	1.24		$	1.21		$	1.20
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,353,452			50,265,620			46,803,432			43,547,965
Diluted		50,426,078			50,298,019			46,837,363			43,625,183
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	533		$	156		$	552		$	702
Common Dividends	$	62,982		$	62,351		$	56,827		$	52,300
Dividend Payout Ratio		73.55	%		75.48	%		75.16	%		72.69	%
EOP Employees (full-time equivalent)		1,528			1,529			1,619			1,451

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended
EOP Share Data:	December 2013			December 2012			September 2013			June 2013			March 2013
Book Value Per Share	$	20.66		$	19.74		$	20.19		$	19.98		$	19.87
Tangible Book Value Per Share (1)	$	13.05		$	12.06		$	12.57		$	12.34		$	12.22
52-week High Common Stock Price	$	32.71		$	30.91		$	29.45		$	27.24		$	29.45
Date		11/29/13			03/19/12			09/25/13			03/15/13			04/02/12
52-week Low Common Stock Price	$	24.46		$	22.54		$	23.02		$	22.54		$	22.54
Date		05/01/13			08/02/12			11/16/12			08/02/12			08/02/12
EOP Shares Outstanding (Net of Treasury Stock):		50,430,267			50,276,573			50,400,944			50,360,373			50,337,922
Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)	$	1,041,732		$	992,251		$	1,017,711		$	1,006,058		$	1,000,249
Less: Total Intangibles		(383,685	)		(385,690	)		(384,147	)		(384,649	)		(385,156	)
Tangible Equity (non-GAAP)	$	658,047		$	606,561		$	633,564		$	621,409		$	615,093
÷ EOP Shares Outstanding (Net of Treasury Stock)		50,430,267			50,276,573			50,400,944			50,360,373			50,337,922
Tangible Book Value Per Share (non-GAAP)	$	13.05		$	12.06		$	12.57		$	12.34		$	12.22

	Three Months Ended
	December 2013			December 2012			September 2013			June 2013			March 2013
Selected Yields and Net Interest Margin:
Net Loans		4.42	%		4.74	%		4.44	%		4.49	%		4.61	%
Investment Securities		2.70	%		2.65	%		2.76	%		2.55	%		2.59	%
Money Market Investments/FFS		0.27	%		0.39	%		0.26	%		0.27	%		0.23	%
Average Earning Assets Yield		4.10	%		4.37	%		4.12	%		4.15	%		4.28	%
Interest-bearing Deposits		0.51	%		0.60	%		0.54	%		0.57	%		0.58	%
Short-term Borrowings		0.27	%		0.16	%		0.27	%		0.21	%		0.26	%
Long-term Borrowings		1.47	%		3.36	%		2.31	%		3.11	%		3.31	%
Average Liability Costs		0.59	%		0.72	%		0.64	%		0.67	%		0.70	%
Net Interest Spread		3.51	%		3.65	%		3.48	%		3.48	%		3.58	%
Net Interest Margin		3.66	%		3.83	%		3.65	%		3.65	%		3.75	%
Selected Financial Ratios:
Return on Average Common Equity		7.57	%		8.44	%		8.64	%		8.81	%		8.72	%
Return on Average Assets		0.91	%		1.01	%		1.04	%		1.07	%		1.05	%
Efficiency Ratio		52.45	%		52.01	%		53.31	%		52.78	%		53.15	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Year Ended
	December			December			December			December
	2013			2012			2011			2010
Selected Yields and Net Interest Margin:
Net Loans		4.49	%		4.90	%		5.18	%		5.30	%
Investment Securities		2.65	%		2.98	%		3.61	%		4.65	%
Money Market Investments/FFS		0.26	%		0.27	%		0.28	%		0.31	%
Average Earning Assets Yield		4.16	%		4.43	%		4.68	%		4.91	%
Interest-bearing Deposits		0.55	%		0.64	%		0.82	%		1.21	%
Short-term Borrowings		0.25	%		0.11	%		0.06	%		0.06	%
Long-term Borrowings		2.32	%		4.45	%		4.79	%		4.30	%
Average Liability Costs		0.65	%		0.82	%		1.04	%		1.53	%
Net Interest Spread		3.51	%		3.61	%		3.64	%		3.38	%
Net Interest Margin		3.68	%		3.81	%		3.87	%		3.64	%
Selected Financial Ratios:
Return on Average Common Equity		8.43	%		8.35	%		8.50	%		9.19	%
Return on Average Assets		1.02	%		0.98	%		0.97	%		0.95	%
Loan / Deposit Ratio		101.25	%		96.42	%		91.37	%		92.07	%
Allowance for Loan Losses/ Loans, Net of Unearned Income		1.11	%		1.13	%		1.19	%		1.39	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income		1.14	%		1.16	%		1.22	%		1.43	%
Nonaccrual Loans / Loans, Net of Unearned Income		0.92	%		1.10	%		0.96	%		1.14	%
90-Day Past Due Loans/ Loans, Net of Unearned Income		0.16	%		0.28	%		0.26	%		0.13	%
Non-performing Loans/ Loans, Net of Unearned Income		1.21	%		1.43	%		1.28	%		1.28	%
Non-performing Assets/ Total Assets		1.37	%		1.69	%		1.56	%		1.57	%
Primary Capital Ratio		12.69	%		12.57	%		12.25	%		12.00	%
Shareholders’ Equity Ratio		11.93	%		11.78	%		11.46	%		11.08	%
Price / Book Ratio		1.52	x		1.23	x		1.47	x		1.61	x
Price / Earnings Ratio		18.52	x		14.82	x		17.51	x		17.71	x
Efficiency Ratio		52.92	%		54.08	%		51.81	%		53.87	%

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

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	December		December		September		June		March
Asset Quality Data:	2013		2012		2013		2013		2013
EOP Non-Accrual Loans	$	61,928	$	71,559	$	66,081	$	75,811	$	73,811
EOP 90-Day Past Due Loans		11,044		18,068		9,697		10,280		8,301
EOP Restructured Loans (2)		8,157		3,175		7,342		7,909		5,309
Total EOP Non-performing Loans	$	81,129	$	92,802	$	83,120	$	94,000	$	87,421
EOP Other Real Estate & Assets Owned		38,182		49,484		42,537		44,416		48,850
Total EOP Non-performing Assets	$	119,311	$	142,286	$	125,657	$	138,416	$	136,271

	Three Months Ended						Year Ended
	December			December			December			December			December
Allowance for Credit Losses:(1)	2013			2012			2013			2012			2011
Beginning Balance	$	76,767		$	75,536		$	75,557		$	75,727		$	75,039
Provision for Credit Losses (3)		4,290			5,815			19,754			17,665			16,988
		81,057			81,351			95,311			93,392			92,027
Gross Charge-offs		(5,362	)		(6,180	)		(21,006	)		(20,555	)		(19,605	)
Recoveries		646			386			2,036			2,720			3,305
Net Charge-offs		(4,716	)		(5,794	)		(18,970	)		(17,835	)		(16,300	)
Ending Balance	$	76,341		$	75,557		$	76,341		$	75,557		$	75,727

Notes:

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

(2) Restructured loans with an aggregate balance of $861 at December 31, 2013 and $375 at March 31, 2013 and December 31, 2012 were on nonaccrual status, but are not included in the “EOP Non-Accrual Loans.” No restructured loans were on nonaccrual status at September 30, 2013 and June 30, 2013.

(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.