EXHIBIT 99.1

News Release

For Immediate Release	Contact: W. Mark Tatterson
October 24, 2019	Chief Financial Officer
	(800) 445-1347 ext. 8716

United Bankshares, Inc. Announces Record Earnings

for the First Nine Months of 2019

WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third quarter and the first nine months of 2019. Earnings for the third quarter of 2019 were $66.0 million, up from earnings of $64.4 million for the third quarter of 2018. Diluted earnings per share were $0.65 for the third quarter of 2019 as compared to diluted earnings per share of $0.62 for the third quarter of 2018. Earnings for the first nine months of 2019 were a record $196.8 million, an increase from earnings of $192.4 million for the first nine months of 2018. Diluted earnings per share were $1.93 for the first nine months of 2019 as compared to diluted earnings per share of $1.83 for the first nine months of 2018.

Third quarter of 2019 results produced an annualized return on average assets of 1.33%, an annualized return on average equity of 7.79% and an annualized return on average tangible equity of 14.16%. For the first nine months of 2019, United’s annualized return on average assets was 1.35% while the annualized return on average equity was 7.93% and the annualized return on average tangible equity was 14.56%. United’s annualized returns on average assets, average equity and average tangible equity were 1.34%, 7.83% and 14.65%, respectively, for the third quarter of 2018 while the annualized returns on average assets, average equity and average tangible equity were 1.37%, 7.86% and 14.69%, respectively, for the first nine months of 2018.

“Our earnings continue to be strong, achieving record net income for the first nine months of 2019,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer.

Net interest income for the third quarter of 2019 was $141.9 million, which was a decrease of $6.9 million or 5% from the third quarter of 2018. Tax-equivalent net interest income, which adjusts for the tax-favored status of income from certain loans and investments, for the third quarter of 2019 was $142.8 million, a decrease of $7.0 million or 5% from the third quarter of 2018 due mainly to an increase of 37 basis points in the average cost of funds as compared to the third quarter of 2018 due to higher market interest rates. In addition, the average yield on earning assets declined 4 basis points from the third quarter of 2018 due in large part to a decline in loan accretion on acquired loans of $4.4 million or 38%. Loan accretion on acquired loans was $7.2 million and $11.6 million for the third quarter of 2019 and 2018, respectively. Partially offsetting these decreases to tax-equivalent net interest income for the third quarter of 2019 was an increase in average earning assets of $609.4 million or 4%. The increase in average earning assets was due mainly to increases of $365.3 million or 16% and $325.1 million or 2% in average investment securities and average loans, respectively.

United Bankshares, Inc. Announces...

October 24, 2019

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Partially offsetting these increases in average earning assets was a decrease in average short-term investments of $80.9 million or 9%. The net interest margin of 3.27% for the third quarter of 2019 was a decrease of 29 basis points from the net interest margin of 3.56% for the third quarter of 2018.

Net interest income for the first nine months of 2019 was $436.6 million, which was a decrease of $5.3 million or 1% from the first nine months of 2018. Tax-equivalent net interest income for the first nine months of 2019 was $439.5 million, which was a decrease of $5.7 million or 1% from the first nine months of 2018 due mainly to an increase in the average cost of funds. The average cost of funds for the first nine months of 2019 increased 57 basis points from the first nine months of 2018 due to higher market interest rates and a change in the mix of interest bearing liabilities. Partially offsetting these decreases to tax-equivalent net interest income for the first nine months of 2019 were increases in average earning assets and the average yield on those average earning assets. For the first nine months of 2019, average earning assets increased $687.3 million or 4% from the first nine months of 2018 due mainly to increases of $400.9 million or 3% in average net loans and $352.6 million or 16% in average investment securities. Average short-term investments decreased $66.2 million or 8%. The average yield on earning assets for the first nine months of 2019 increased 20 basis points from the first nine months of 2018 due to higher market rates. Loan accretion on acquired loans was $30.2 million and $34.4 million for the first nine months of 2019 and 2018, respectively, decreasing $4.2 million or 12%. The net interest margin of 3.42% for the first nine months of 2019 was a decrease of 19 basis points from the net interest margin of 3.61% for the first nine months of 2018.

On a linked-quarter basis, net interest income for the third quarter of 2019 decreased $8.6 million or 6% from the second quarter of 2019. United’s tax-equivalent net interest income for the third quarter of 2019 decreased $8.7 million or 6% from the second quarter of 2019 as well due to a decrease in the average yield on earning assets. The average yield on earning assets for the third quarter of 2019 decreased 29 basis points from the second quarter of 2019 due to a decrease of $7.3 million in loan accretion on acquired loans due to a large payoff in the second quarter of 2019. Loan accretion on acquired loans was $7.2 million and $14.5 million for the third quarter and second quarter of 2019, respectively. Partially offsetting the decline in the average yield on earning assets was a decrease of 2 basis points in the average cost of funds due to change in the mix of interest-bearing liabilities. Average earning assets were relatively flat for the quarter, increasing $158.2 million or less than 1% compared from the second quarter of 2019 as average net loans were also relatively flat, increasing $63.9 million or less than 1%. Average investment securities increased $34.5 million or 1% and average short-term investments increased $59.9 million or 8% for the linked quarter. The net interest margin of 3.27% for the third quarter of 2019 decreased 26 basis points from the net interest margin of 3.53% for the second quarter of 2019.

For the quarters ended September 30, 2019 and 2018, the provision for loan losses was $5.0 million and $4.8 million, respectively, while the provision for the first nine months of 2019 was $15.4 million as compared to $16.2 million for the first nine months of 2018. Net charge-offs were $4.3 million and $15.1 million for the third quarter and first nine months of 2019, respectively, as compared to $5.0 million and $15.9 million for the third quarter and first nine months of 2018, respectively. Annualized net charge-offs as a percentage of average loans were 0.13% and 0.15% for the third quarter and first nine months of 2019, respectively. On a linked-quarter basis, the provision for loan losses decreased $384 thousand while net charge-offs decreased $1.6 million from the second quarter of 2019.

United Bankshares, Inc. Announces...

October 24, 2019

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Noninterest income for the third quarter of 2019 was $42.2 million, which was an increase of $10.5 million or 33% from the third quarter of 2018. The increase was due mainly to an increase of $10.7 million in income from mortgage banking activities due to increased production and sales of mortgage loans in the secondary market by United’s mortgage banking subsidiary, George Mason Mortgage, LLC (George Mason).

Noninterest income for the first nine months of 2019 was $113.2 million, which was an increase of $14.4 million or 15% from the first nine months of 2018. The increase was due mainly to an increase of $12.9 million in income from mortgage banking activities primarily due to increased loan originations and a higher realized gain on sale margin by George Mason. In addition, fees from trust services increased $731 thousand due to an increase in managed assets, fees from brokerage services increased $704 thousand due to increased volume and income from bank-owned life insurance increased $657 thousand due to the recognition of $600 thousand in death benefits for the first nine months of 2019. Partially offsetting these increases was a decrease of $864 thousand in bankcard income due to a decline in interchange income.

On a linked-quarter basis, noninterest income for the third quarter of 2019 increased $2.4 million or 6% from the second quarter of 2019. The increase was due mainly to an increase of $2.3 million in income from mortgage banking activities due mainly to increased production and sales of mortgage loans in the secondary market by George Mason.

Noninterest expense for the third quarter of 2019 was $96.1 million, an increase of $2.8 million or 3% from the third quarter of 2018. In particular, employee compensation increased $5.0 million due mainly to an increase in employee commissions expense related to the increase in production and sales of mortgage loans at George Mason, other real estate owned (OREO) expense increased $916 thousand due to a decline in the fair value of OREO properties while other expense increased $1.3 million due to an increase of $1.1 million on the write-off of income tax credits. Partially offsetting these increases was a decrease of $3.1 million in Federal Deposit Insurance Corporation (FDIC) insurance expense resulting from a small bank assessment credit.

Noninterest expense for the first nine months of 2019 was $285.8 million, an increase of $8.6 million or 3% from the first nine months of 2018 due mainly to prepayment penalties on FHLB advances of $5.1 million. In addition, employee compensation increased $4.3 million due mainly to higher employee incentives expense, OREO expense increased $1.5 million due to a decline in the fair values of OREO properties and other expense increased $3.1 million due to an increase of $2.5 million on the write-off of income tax credits. Partially offsetting these increases were decreases of $1.7 million in net occupancy expense due mainly to a decline in building rental expense, $1.2 million in data processing fees due to lower fees under a new contract, $1.2 million in FDIC insurance expense resulting from the small bank assessment credit, and $890 thousand in employee benefits due mainly to a decline in pension expense.

On a linked-quarter basis, noninterest expense for the third quarter of 2019 decreased $4.1 million or 4% from the second quarter of 2019 due in large part to the previously mentioned prepayment penalties on FHLB advances of $5.1 million in the second quarter. In addition, FDIC insurance expense declined $2.8 million resulting from the small bank assessment credit. Partially offsetting these decreases were increases of $2.0 million in employee compensation due mainly to an increase in employee commissions expense related to the increase in production and sales of mortgage loans at George Mason and $1.2 million in OREO expense due to declines in the values of OREO properties.

United Bankshares, Inc. Announces...

October 24, 2019

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For the third quarter and first nine months of 2019, income tax expense was $17.0 million and $51.9 million, respectively, as compared to $17.9 million and $55.1 million, respectively, in the third quarter and first nine months of 2018. The decreases in 2019 were mainly due to a decline in the effective tax rate as a result of the increased benefit from income tax credits. On a linked-quarter basis, income tax expense for the third quarter of 2019 decreased $519 thousand from the second quarter of 2019 due to a combination of lower earnings and a slightly lower effective tax rate. United’s effective tax rate was 20.5% for the third quarter of 2019, 20.7% for the second quarter of 2019 and 21.8% for the third quarter of 2018. For the first nine months of 2019 and 2018, United’s effective tax rate was 20.9% and 22.3%, respectively. The lower effective tax rate for the time periods in 2019 was due primarily to the increased benefit from income tax credits.

United’s asset quality continues to be sound. At September 30, 2019, nonperforming loans were $140.3 million, or 1.03% of loans, net of unearned income, a decline from nonperforming loans of $142.8 million, or 1.06% of loans, net of unearned income, at December 31, 2018. As of September 30, 2019, the allowance for loan losses was $77.1 million or 0.57% of loans, net of unearned income, which was comparable to $76.7 million or 0.57% of loans, net of unearned income, at December 31, 2018. Total nonperforming assets of $158.7 million, including OREO of $18.4 million at September 30, 2019, represented 0.80% of total assets as compared to nonperforming assets of $159.7 million or 0.83% at December 31, 2018.

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 14.4% at September 30, 2019 while its estimated Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 12.3%, 12.3% and 10.2%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

As of September 30, 2019, United had consolidated assets of approximately $19.8 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. United Bank which comprises 139 full-service banking offices and 16 George Mason Mortgage, LLC locations, is located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Washington, D.C. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2019 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2019 and will adjust amounts preliminarily reported, if necessary.

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.

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October 24, 2019

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Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, 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 21%.

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 and considering net income, a return on average tangible equity. 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 measures, along with others, are used by management to analyze capital adequacy and performance.

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						Nine Months Ended
	September 30 2019			September 30 2018			September 30 2019			September 30 2018
EARNINGS SUMMARY:
Interest income	$	190,351		$	185,030		$	578,693		$	530,215
Interest expense		48,433			36,255			142,054			88,275
Net interest income		141,918			148,775			436,639			441,940
Provision for loan losses		5,033			4,808			15,446			16,190
Noninterest income		42,224			31,686			113,242			98,885
Noninterest expenses		96,134			93,315			285,754			277,177
Income before income taxes		82,975			82,338			248,681			247,458
Income taxes		17,010			17,926			51,867			55,066
Net income	$	65,965		$	64,412		$	196,814		$	192,392
PER COMMON SHARE:
Net income:
Basic	$	0.65		$	0.62		$	1.93		$	1.84
Diluted		0.65			0.62			1.93			1.83
Cash dividends	$	0.34		$	0.34			1.02			1.02
Book value								33.03			31.32
Closing market price							$	37.87		$	36.35
Common shares outstanding:
Actual at period end, net of treasury shares								101,555,696			103,805,836
Weighted average - basic		101,432,243			103,617,590			101,698,530			104,382,094
Weighted average - diluted		101,711,740			103,933,959			101,967,135			104,679,876
FINANCIAL RATIOS:
Return on average assets		1.33	%		1.34	%		1.35	%		1.37	%
Return on average shareholders’ equity		7.79	%		7.83	%		7.93	%		7.86	%
Return on average tangible equity (non-GAAP) (1)		14.16	%		14.65	%		14.56	%		14.69	%
Average equity to average assets		17.08	%		17.13	%		17.04	%		17.43	%
Net interest margin		3.27	%		3.56	%		3.42	%		3.61	%
	September 30 2019			September 30 2018			December 31 2018			June 30 2019
PERIOD END BALANCES:
Assets	$	19,751,461		$	19,187,643		$	19,250,498		$	19,882,539
Earning assets		17,389,984			16,872,384			16,971,602			17,548,123
Loans, net of unearned income		13,633,427			13,276,740			13,422,222			13,635,266
Loans held for sale		412,194			234,196			249,846			370,593
Investment securities		2,673,312			2,375,512			2,543,727			2,563,262
Total deposits		14,095,411			14,091,172			13,994,749			14,404,085
Shareholders’ equity		3,354,342			3,251,128			3,251,624			3,333,858

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non-GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Statements of Income

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2019			2018			2019			2019			2019			2018
Interest & Loan Fees Income (GAAP)	$	190,351		$	185,030		$	199,245		$	189,097		$	578,693		$	530,215
Tax equivalent adjustment		914			1,049			977			993			2,884			3,268
Interest & Fees Income (FTE) (non-GAAP)		191,265			186,079			200,222			190,090			581,577			533,483
Interest Expense		48,433			36,255			48,692			44,929			142,054			88,275
Net Interest Income (FTE) (non-GAAP)		142,832			149,824			151,530			145,161			439,523			445,208
Provision for Loan Losses		5,033			4,808			5,417			4,996			15,446			16,190
Non-Interest Income:
Fees from trust services		3,574			3,350			3,438			3,264			10,276			9,545
Fees from brokerage services		2,378			2,787			2,766			2,524			7,668			6,964
Fees from deposit services		8,702			8,673			8,464			8,053			25,219			25,323
Bankcard fees and merchant discounts		1,262			1,549			1,102			1,156			3,520			4,384
Other charges, commissions, and fees		568			532			576			521			1,665			1,640
Income from bank-owned life insurance		1,280			1,251			1,326			1,827			4,433			3,776
Income from mortgage banking activities		24,019			13,277			21,704			13,681			59,404			46,539
Net gains (losses) on investment securities		116			(152	)		109			(159	)		66			(692	)
Other non-interest revenue		325			419			310			356			991			1,406
Total Non-Interest Income		42,224			31,686			39,795			31,223			113,242			98,885
Non-Interest Expense:
Employee compensation		46,313			41,312			44,301			38,949			129,563			125,268
Employee benefits		8,615			8,645			8,578			9,431			26,624			27,514
Net occupancy		8,698			9,273			8,667			8,751			26,116			27,776
Data processing		5,776			6,068			5,567			5,162			16,505			17,735
Amortization of intangibles		1,754			2,009			1,754			1,754			5,262			6,029
OREO expense		1,837			921			633			1,416			3,886			2,423
Equipment expense		3,698			3,892			3,675			3,315			10,688			10,328
FDIC expense		465			3,530			3,300			3,300			7,065			8,220
Prepayment penalties on FHLB borrowings		0			0			5,105			0			5,105			0
Other expenses		18,978			17,665			18,615			17,347			54,940			51,884
Total Non-Interest Expense		96,134			93,315			100,195			89,425			285,754			277,177
Income Before Income Taxes (FTE) (non-GAAP)		83,889			83,387			85,713			81,963			251,565			250,726
Tax equivalent adjustment		914			1,049			977			993			2,884			3,268
Income Before Income Taxes (GAAP)		82,975			82,338			84,736			80,970			248,681			247,458
Taxes		17,010			17,926			17,529			17,328			51,867			55,066
Net Income	$	65,965		$	64,412		$	67,207		$	63,642		$	196,814		$	192,392
MEMO: Effective Tax Rate		20.50	%		21.77	%		20.69	%		21.40	%		20.86	%		22.25	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

Consolidated Balance Sheets

	September 30			September 30
	2019			2018			September 30			December 31			September 30
	Q-T-D Average			Q-T-D Average			2019			2018			2018
Cash & Cash Equivalents	$	1,012,682		$	1,105,876		$	976,154		$	1,020,396		$	1,254,686
Securities Available for Sale		2,428,288			2,087,133			2,452,097			2,337,039			2,178,567
Held to Maturity Securities		3,911			20,368			1,471			19,999			20,351
Equity Securities		8,992			9,734			8,914			9,734			9,845
Other Investment Securities		208,632			167,294			210,830			176,955			166,749
Total Securities		2,649,823			2,284,529			2,673,312			2,543,727			2,375,512
Total Cash and Securities		3,662,505			3,390,405			3,649,466			3,564,123			3,630,198
Loans held for sale		358,525			257,008			412,194			249,846			234,196
Commercial Loans		9,453,569			9,628,904			9,452,464			9,447,420			9,451,496
Mortgage Loans		3,025,122			2,821,722			3,035,751			2,979,787			2,870,840
Consumer Loans		1,119,481			931,226			1,149,023			1,002,325			964,375
Gross Loans		13,598,172			13,381,852			13,637,238			13,429,532			13,286,711
Unearned income		(4,410	)		(10,928	)		(3,811	)		(7,310	)		(9,971	)
Loans, net of unearned income		13,593,762			13,370,924			13,633,427			13,422,222			13,276,740
Allowance for Loan Losses		(76,408	)		(77,103	)		(77,098	)		(76,703	)		(76,941	)
Goodwill		1,478,014			1,478,014			1,478,014			1,478,014			1,478,014
Other Intangibles		32,639			40,105			31,685			36,947			38,957
Total Intangibles		1,510,653			1,518,119			1,509,699			1,514,961			1,516,971
Operating Lease Right-of-Use Asset		61,740			—			60,318			—			—
Other Real Estate Owned		16,475			19,694			18,367			16,865			18,786
Other Assets		539,356			568,642			545,088			559,184			587,693
Total Assets	$	19,666,608		$	19,047,689		$	19,751,461		$	19,250,498		$	19,187,643
MEMO: Interest-earning Assets	$	17,356,204		$	16,746,772		$	17,389,984		$	16,971,602		$	16,872,384
Interest-bearing Deposits	$	9,692,296		$	9,588,327		$	9,523,289		$	9,577,934		$	9,620,357
Noninterest-bearing Deposits		4,440,399			4,338,309			4,572,122			4,416,815			4,470,815
Total Deposits		14,132,695			13,926,636			14,095,411			13,994,749			14,091,172
Short-term Borrowings		120,155			212,566			329,966			351,327			379,508
Long-term Borrowings		1,870,944			1,543,004			1,708,297			1,499,103			1,319,371
Total Borrowings		1,991,099			1,755,570			2,038,263			1,850,430			1,698,879
Operating Lease Liability		65,430			—			63,987			—			—
Other Liabilities		117,947			102,534			199,458			153,695			146,464
Total Liabilities		16,307,171			15,784,740			16,397,119			15,998,874			15,936,515
Preferred Equity		—			—			—			—			—
Common Equity		3,359,437			3,262,949			3,354,342			3,251,624			3,251,128
Total Shareholders’ Equity		3,359,437			3,262,949			3,354,342			3,251,624			3,251,128
Total Liabilities & Equity	$	19,666,608		$	19,047,689		$	19,751,461		$	19,250,498		$	19,187,643
MEMO: Interest-bearing Liabilities	$	11,683,395		$	11,343,897		$	11,561,552		$	11,428,364		$	11,319,236

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2019			2018			2019			2019			2019			2018
Quarterly/Year-to-Date Share  Data:
Earnings Per Share:
Basic	$	0.65		$	0.62		$	0.66		$	0.62		$	1.93		$	1.84
Diluted	$	0.65		$	0.62		$	0.66		$	0.62		$	1.93		$	1.83
Common Dividend Declared Per Share:	$	0.34		$	0.34		$	0.34		$	0.34		$	1.02		$	1.02
High Common Stock Price	$	39.98		$	39.95		$	39.88		$	39.14		$	39.98		$	39.95
Low Common Stock Price	$	34.77		$	34.75		$	35.42		$	30.67		$	30.67		$	33.40
Average Shares Outstanding (Net of Treasury Stock):
Basic		101,432,243			103,617,590			101,773,643			101,894,786			101,698,530			104,382,094
Diluted		101,711,740			103,933,959			102,047,845			102,162,704			101,967,135			104,679,876
Memorandum Items:
Common Dividends	$	34,518		$	35,303		$	34,688		$	34,759		$	103,965		$	106,635
Dividend Payout Ratio		52.33	%		54.81	%		51.61	%		54.62	%		52.82	%		55.43	%
							September			September			June 30			March 31
							2019			2018			2019			2019
EOP Share Data:
Book Value Per Share							$	33.03		$	31.32		$	32.70		$	32.19
Tangible Book Value Per Share (non-GAAP) (1)							$	18.16		$	16.71		$	17.87		$	17.37
52-week High Common Stock Price							$	39.98		$	39.95		$	39.95		$	39.95
Date								09/13/19			08/21/18			08/21/18			08/21/18
52-week Low Common Stock Price							$	30.67		$	33.40		$	29.13		$	29.13
Date								01/02/19			05/01/18			12/27/18			12/27/18
EOP Shares Outstanding (Net of Treasury Stock):								101,555,696			103,805,836			101,963,030			102,118,029
Memorandum Items:
EOP Employees (full-time equivalent)								2,231			2,290			2,212			2,216
Note:
(1) Tangible Book Value Per Share:
Total Shareholders’ Equity (GAAP)							$	3,354,342		$	3,251,128		$	3,333,858		$	3,286,891
Less: Total Intangibles								(1,509,699	)		(1,516,971	)		(1,511,453	)		(1,513,207	)
Tangible Equity (non-GAAP)							$	1,844,643		$	1,734,157		$	1,822,405		$	1,773,684
÷ EOP Shares Outstanding (Net of Treasury Stock)								101,555,696			103,805,836			101,963,030			102,118,029
Tangible Book Value Per Share (non-GAAP)							$	18.16		$	16.71		$	17.87		$	17.37

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Washington, D.C. and Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)

	Three Months Ended												Year to Date
	September 2019			September 2018			June 2019			March 2019			September 2019			September 2018
Selected Yields and Net Interest Margin:
Net Loans		4.75	%		4.83	%		5.10	%		4.91	%		4.92	%		4.74	%
Investment Securities		2.90	%		2.74	%		2.90	%		2.93	%		2.91	%		2.66	%
Money Market Investments/FFS		2.98	%		2.39	%		2.81	%		3.20	%		2.99	%		2.19	%
Average Earning Assets Yield		4.38	%		4.42	%		4.67	%		4.54	%		4.53	%		4.33	%
Interest-bearing Deposits		1.49	%		1.09	%		1.46	%		1.37	%		1.44	%		0.87	%
Short-term Borrowings		1.78	%		1.15	%		1.79	%		1.61	%		1.72	%		0.85	%
Long-term Borrowings		2.44	%		2.38	%		2.70	%		2.77	%		2.63	%		2.26	%
Average Liability Costs		1.64	%		1.27	%		1.66	%		1.58	%		1.63	%		1.06	%
Net Interest Spread		2.74	%		3.15	%		3.01	%		2.96	%		2.90	%		3.27	%
Net Interest Margin		3.27	%		3.56	%		3.53	%		3.46	%		3.42	%		3.61	%
Selected Performance Ratios:
Return on Average Common Equity		7.79	%		7.83	%		8.12	%		7.88	%		7.93	%		7.86	%
Return on Average Assets		1.33	%		1.34	%		1.38	%		1.34	%		1.35	%		1.37	%
Return on Average Tangible Equity (non- GAAP) (1)		14.16	%		14.65	%		14.90	%		14.64	%		14.56	%		14.69	%
Efficiency Ratio		52.21	%		51.71	%		52.64	%		50.99	%		51.97	%		51.25	%
Note:
(1)   Return on Average Tangible Equity:
(a) Net Income (GAAP)	$	65,965		$	64,412		$	67,207		$	63,642		$	196,814		$	192,392
(b) Number of days		92			92			91			90			273			273
Average Total Shareholders’ Equity (GAAP)	$	3,359,437		$	3,262,949		$	3,220,987		$	3,276,822		$	3,319,420		$	3,270,789
Less: Average Total Intangibles		(1,510,653	)		(1,518,119	)		(1,512,400	)		(1,514,168	)		(1,512,394	)		(1,520,244	)
(c) Average Tangible Equity (non-GAAP)	$	1,848,784		$	1,744,830		$	1,808,587		$	1,762,654		$	1,807,026		$	1,750,545
Return on Tangible Equity (non-GAAP) [(a) / (b)] x 365 / (c)		14.16	%		14.65	%		14.90	%		14.64	%		14.56	%		14.69	%
				September			September			December			June			March
				2019			2018			2018			2019			2019
Selected Financial Ratios:
Loan / Deposit Ratio					96.72	%		94.22	%		95.91	%		94.66	%		95.86	%
Allowance for Loan Losses/ Loans, Net of Unearned Income					0.57	%		0.58	%		0.57	%		0.56	%		0.57	%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income					0.58	%		0.59	%		0.58	%		0.57	%		0.58	%
Nonaccrual Loans / Loans, Net of Unearned Income					0.51	%		0.50	%		0.51	%		0.52	%		0.47	%
90-Day Past Due Loans/ Loans, Net of Unearned Income					0.07	%		0.12	%		0.11	%		0.09	%		0.11	%
Non-performing Loans/ Loans, Net of Unearned Income					1.03	%		1.10	%		1.06	%		1.05	%		1.00	%
Non-performing Assets/ Total Assets					0.80	%		0.86	%		0.83	%		0.79	%		0.78	%
Primary Capital Ratio					17.31	%		17.28	%		17.23	%		17.09	%		17.06	%
Shareholders’ Equity Ratio					16.98	%		16.94	%		16.89	%		16.77	%		16.73	%
Price / Book Ratio					1.15	x		1.16	x		0.98	x		1.13	x		1.13	x
Price / Earnings Ratio					14.60	x		14.66	x		12.71	x		14.08	x		14.54	x

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)

	Three Months Ended												Year to Date
	September 2019			September 2018			June 2019			March 2019			September 2019			September 2018
Mortgage Banking Data – George Mason:
Applications	$	1,290,000		$	854,000		$	1,278,000		$	866,000		$	3,434,000		$	3,198,000
Loans originated		907,896			641,141			801,926			454,588			2,164,410			2,089,366
Loans sold	$	865,873		$	692,270		$	680,986		$	457,192		$	2,004,051		$	2,093,948
Purchase money % of loans closed		63	%		88	%		81	%		86	%		74	%		82	%
Realized gain on sales and fees as a % of loans sold		2.74	%		2.85	%		2.89	%		3.07	%		2.87	%		2.70	%
Net interest income	$	203		$	388		$	111		$	55		$	369		$	1,028
Other income		24,331			16,478			23,501			16,106			63,938			54,829
Other expense		20,256			17,957			18,771			14,842			53,869			57,566
Income taxes (benefit)		877			(245	)		1,004			282			2,163			(384	)
Net income (loss)	$	3,401		$	(846	)	$	3,837		$	1,037		$	8,275		$	(1,325	)
				September			September			December			June			March
				2019			2018			2018			2019			2019
Period End Mortgage Banking Data – George Mason:
Locked pipeline				$	262,313		$	170,545		$	122,677		$	305,843		$	223,657

				September			September			December			June			March
				2019			2018			2018			2019			2019
Asset Quality Data:
EOP Non-Accrual Loans				$	69,884		$	66,554		$	68,544		$	71,123		$	63,402
EOP 90-Day Past Due Loans					9,840			15,949			14,851			12,729			15,572
EOP Restructured Loans (1)(2)					60,559			63,626			59,425			58,750			56,778
Total EOP Non-performing Loans				$	140,283		$	146,129		$	142,820		$	142,602		$	135,752
EOP Other Real Estate Owned					18,367			18,786			16,865			14,469			17,465
Total EOP Non-performing Assets				$	158,650		$	164,915		$	159,685		$	157,071		$	153,217
	Three Months Ended												Year to Date
	September			September			June			March			September			September
	2019			2018			2019			2019			2019			2018
Allowance for Loan Losses:
Beginning Balance	$	76,400		$	77,135		$	76,886		$	76,703		$	76,703		$	76,627
Provision for Loan Losses		5,033			4,808			5,417			4,996			15,446			16,190
		81,433			81,943			82,303			81,699			92,149			92,817
Gross Charge-offs		(5,404	)		(7,044	)		(7,588	)		(6,414	)		(19,406	)		(20,614	)
Recoveries		1,069			2,042			1,685			1,601			4,355			4,738
Net Charge-offs		(4,335	)		(5,002	)		(5,903	)		(4,813	)		(15,051	)		(15,876	)
Ending Balance		77,098			76,941		$	76,400		$	76,886			77,098			76,941
Reserve for lending-related commitments		1,776			1,144			1,752			1,461			1,776			1,144
Allowance for Credit Losses (3)	$	78,874		$	78,085		$	78,152		$	78,347		$	78,874		$	78,085

Notes:

(1) Restructured loans with an aggregate balance of $50,757, $50,974, $48,586, $47,459 and $48,899 at September 30, 2019, September 30, 2018, June 30, 2019, March 31, 2019 and December 31, 2018, respectively, were on nonaccrual status, but are not included in “EOP Non-Accrual Loans” above.

(2) Restructured loans with an aggregate balance of $265 and $690 at March 31, 2019 and December 31, 2018, respectively, were 90 days or more past due, but are not included in “EOP 90-Day Past Due Loans.”

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