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United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2012

  United Bankshares, Inc. Announces Earnings for the Third Quarter and First
  Nine Months of 2012

Business Wire

WASHINGTON & CHARLESTON, W.Va. -- October 25, 2012

United Bankshares, Inc. (NASDAQ: UBSI), today reported earnings for the third
quarter and the first nine months of 2012. Earnings for the third quarter of
2012 were $19.3 million or $0.38 per diluted share while earnings for the
first nine months of 2012 were $61.4 million or $1.22 per diluted share.
Earnings for the third quarter of 2011 were $20.0 million or $0.40 per diluted
share while earnings for the first nine months of 2011 were $55.4 million or
$1.21 per diluted share.

The results for the third quarter and first nine months of 2012 included an
accrual of $3.3 million with respect to a settlement of claims asserted in
class actions against United Bank, Inc. of West Virginia. For further details
regarding this settlement, please refer to Item 8.01 of the Form 8-K filed
with the Securities Exchange Commission on this date. Also included in the
results for the third quarter and first nine months of 2012 were noncash,
before-tax, other-than-temporary impairment charges of $2.3 million and $5.4
million, respectively, on certain investment securities.

The results for the third quarter and first nine months of 2011 included
before-tax, other-than-temporary impairment charges of $7.9 million and $14.1
million, respectively, on certain investment securities. In addition, United
completed its acquisition of Centra Financial Holdings, Inc. (Centra) during
the third quarter of 2011. As a result, comparisons for the first nine months
of 2012 to the same time period in 2011 are impacted by increased levels of
average balances, income, and expense due to the acquisition. At consummation,
Centra had assets of approximately $1.3 billion, loans of $1.0 billion,
deposits of $1.1 billion and shareholders' equity of $131 million.

Third quarter of 2012 results produced a return on average assets of 0.92% and
a return on average equity of 7.76%, respectively. For the first nine months
of 2012, United’s return on average assets was 0.97% while the return on
average equity was 8.32%. United’s annualized returns on average assets and
average equity were 0.95% and 8.26%, respectively, for the third quarter of
2011 while the returns on average assets and average equity was 0.98% and
8.62%, respectively, for the first nine months of 2011.

United’s asset quality continues to outperform its peers. United’s percentage
of nonperforming loans to loans, net of unearned income of 1.53% at September
30, 2012 compares favorably to the most recently reported percentage of 2.93%
at June 30, 2012 for United’s Federal Reserve peer group. At September 30,
2012, nonperforming loans were $98.4 million, up from nonperforming loans of
$79.7 million or 1.28% of loans, net of unearned income, at December 31, 2011.
During the third quarter of 2012, loans totaling $20.5 million to two
commercial customers were placed on nonaccrual status. The loss potential on
these loans has been properly evaluated and allocated within the company’s
allowance for loan losses. As of September 30, 2012, the allowance for loan
losses was $73.7 million or 1.15% 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. Total nonperforming assets of $148.5 million, including
OREO of $50.0 million at September 30, 2012, represented 1.77% of total assets
which also compares favorably to the most recently reported percentage of
2.33% at June 30, 2012 for United’s Federal Reserve peer group.

United continues to be well-capitalized based upon regulatory guidelines.
United’s estimated risk-based capital ratio is 13.8% at September 30, 2012
while its Tier I capital and leverage ratios are 12.6% 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 third quarter of 2012 was $71.6
million, a decrease of $951 thousand or 1% from the third quarter of 2011 due
mainly to a decrease in the average yield on earning assets. The third quarter
of 2012 average yield on earning assets decreased 13 basis points from the
third quarter of 2011. In addition, average earning assets decreased $90.5
million or 1% from the third quarter of 2011 as average short-term investments
and average investment securities declined $199.5 million and $87.9 million,
respectively. Average net loans did increase $197.0 million or 3% for the
third quarter of 2012 from the third quarter of 2011 partially offsetting the
decreases in average short-term investments and investment securities.
Partially offsetting the decreases to tax-equivalent net interest income for
the third quarter of 2012 was a decline of 14 basis points in the average cost
of funds as compared to the third quarter of 2011. The net interest margin for
the third quarter of 2012 was 3.87%, which equaled the net interest margin for
the third quarter of 2011.

Tax-equivalent net interest income for the first nine months of 2012 was
$212.8 million, an increase of $19.2 million or 10% from the first nine months
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 $787.6 million or 12% from the
first nine months of 2011. Average net loans increased $731.7 million or 13%
for the first nine months of 2012. In addition, the average cost of funds
declined 23 basis points from the first nine months of 2011. Partially
offsetting the increases to tax-equivalent net interest income for the first
nine months of 2012 was a decline of 27 basis points in the average yield on
earning assets as compared to the first nine months of 2011. The net interest
margin for the first nine months of 2012 was 3.80%, which was a decrease of 7
basis points from a net interest margin of 3.87% for the first nine months of
2011.

On a linked-quarter basis, United’s tax-equivalent net interest income for the
third quarter of 2012 increased $951 thousand or 1% from the second quarter of
2012 due mainly to increases in average net loans and the average yield on
earning assets. Average net loans increased $137.2 million or 2%. The third
quarter of 2012 average yield on earning assets increased 7 basis points while
the average cost of funds decreased 3 basis points from the second quarter of
2012. Overall, average earning assets decreased $165.5 million or 2% during
the quarter as average short-term investments and average investment
securities decreased $292.1 million and $10.6 million, respectively. The net
interest margin of 3.87% for the third quarter of 2012 was an increase of 11
basis points from the net interest margin of 3.76% for the second quarter of
2012.

For the quarters ended September 30, 2012 and 2011, the provision for loan
losses was $4.3 million and $3.6 million, respectively, while the provision
for the first nine months of 2012 was $11.9 million as compared to $12.9
million for the first nine months of 2011. Net charge-offs were $4.0 million
and $3.3 million for the third quarter of 2012 and 2011, respectively, as
compared to $12.0 million and $12.4 million for the first nine months of 2012
and 2011. Annualized net charge-offs as a percentage of average loans were
0.25% and 0.26% for the third quarter and first nine months of 2012,
respectively. United’s most recently reported Federal Reserve peer group’s net
charge-offs to average loans percentage was 0.65% for the second quarter of
2012.

Noninterest income for the third quarter of 2012 was $16.6 million, which was
an increase of $5.7 million from the third quarter of 2011. Included in
noninterest income for the third quarter of 2012 were noncash, before-tax,
other-than-temporary impairment charges of $2.3 million on certain investment
securities as compared to noncash, before-tax other-than-temporary impairment
charges of $7.9 million on certain investment securities for the third 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 third quarter of 2012 would have
increased $367 thousand or 2% from the third quarter of 2011. This increase
for the third quarter of 2012 was due primarily to increases of $890 thousand
in income from trust and brokerage services due to increases in volume and the
value of assets under management and $614 thousand in mortgage banking income
due to increased production and sales of mortgage loans in the secondary
market.

Noninterest income for the first nine months of 2012 was $49.5 million, which
was an increase of $10.6 million from the first nine months of 2011. Included
in noninterest income for the first nine months of 2012 were noncash,
before-tax, other-than-temporary impairment charges of $5.4 million on certain
investment securities as compared to noncash, before-tax other-than-temporary
impairment charges of $14.1 million on certain investment securities for the
first nine months 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
nine months of 2012 would have increased $3.3 million or 6% from the first
nine months of 2011. This increase for the first nine months of 2012 was due
primarily to increases of $2.1 million in income from trust and brokerage
services due to increases in volume and the value of assets under management,
$792 thousand in fees from deposit services due to an increase in check card
income and $1.1 million in mortgage banking income due to increased production
and sales of mortgage loans in the secondary market.

On a linked-quarter basis, noninterest income for the third quarter of 2012
was flat from the second quarter of 2012, increasing $47 thousand. Included in
the results for the third quarter of 2012 and second quarter of 2012 were
noncash, before-tax, other-than-temporary impairment charges of $2.3 million
and $1.7 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 $692 thousand or 4% on a linked-quarter basis due primarily to
increases of $336 thousand in mortgage banking income due to increased sales
of mortgage loans in the secondary market and $157 thousand in income from
trust and brokerage services due to increases in volume and the value of
assets under management.

Noninterest expense for the third quarter of 2012 was $53.9 million, an
increase of $5.0 million or 10% from the third quarter of 2011 due mainly to
the previously mentioned accrual of $3.3 million for the litigation settlement
amount related to overdraft claims against United. In addition, employee
benefits increased $910 thousand due to higher pension costs and data
processing expense increased $734 thousand due to a conversion to a new
servicer.

Noninterest expense for the first nine months of 2012 was $155.4 million, an
increase of $21.4 million or 16% from the first nine months of 2011 due
partially to the previously mentioned litigation settlement accrual. In
addition, employee compensation increased $6.3 million due to additional
employees from the Centra merger and employee benefits increased $3.4 million
due mainly to an increase in pension costs. The remainder of the increase in
noninterest expense from the first nine months of 2011 was due mainly to the
additional offices and equipment from the Centra merger.

On a linked-quarter basis, noninterest expense for the third quarter of 2012
increased $2.6 million or 5% from the second quarter of 2012. This increase
was due primarily to the litigation settlement accrual as well as an increase
of $1.0 million in data processing expense related to the overlap of data
processors and the conversion to a new servicer.

During the third 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 $8.4 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 September 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 September 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                Nine Months Ended
              September 30     September 30     September 30     September 30
                                                              
              2012             2011             2012             2011
EARNINGS
SUMMARY:
Interest
income,
taxable       $ 82,888         $ 86,466         $ 249,010        $ 235,848
equivalent
(non-GAAP)
Interest        11,322           13,949           36,194           42,257
expense
Net interest
income,
taxable         71,566           72,517           212,816          193,591
equivalent
(non-GAAP)
Taxable
equivalent      1,552            1,765            4,781            4,855
adjustment
Net interest    70,014           70,752           208,035          188,736
income (GAAP)
Provision for   4,346            3,637            11,915           12,873
loan losses
Noninterest     16,634           10,978           49,547           38,963
income
Noninterest     53,869           48,873           155,383          134,019
expenses
Income taxes    9,099            9,204            28,891           25,454
Net income    $ 19,334         $ 20,016         $ 61,393         $ 55,353
                                                                 
PER COMMON
SHARE:
Net income:
Basic         $ 0.38           $ 0.40           $ 1.22           $ 1.21
Diluted         0.38             0.40             1.22             1.21
Cash          $ 0.31           $ 0.30             0.93             0.90
dividends
Book value                                        19.66            19.38
Closing                                         $ 24.91          $ 20.09
market price
Common shares
outstanding:
Actual at
period end,
net of                                            50,275,998       50,205,691
treasury
shares
Weighted
average-        50,276,074       49,628,087       50,262,089       45,656,304
basic
Weighted
average-        50,295,162       49,636,382       50,298,998       45,692,106
diluted
                                                                 
FINANCIAL
RATIOS:
Return on
average         0.92       %     0.95       %     0.97       %     0.98       %
assets
Return on
average         7.76       %     8.26       %     8.32       %     8.62       %
shareholders’
equity
Average
equity to       11.92      %     11.47      %     11.72      %     11.39      %
average
assets
Net interest    3.87       %     3.87       %     3.80       %     3.87       %
margin
                                                                 
              September 30     September 30     December 31      June 30

              2012             2011             2011             2012
PERIOD END
BALANCES:
Assets        $ 8,381,378      $ 8,577,886      $ 8,451,470      $ 8,457,009
Earning         7,426,785        7,601,292        7,492,400        7,482,684
assets
Loans, net of
unearned        6,422,613        6,253,295        6,230,777        6,308,983
income
Loans held      12,905           7,378            3,902            9,279
for sale
Investment      766,713          871,898          824,219          722,854
securities
Total           6,753,924        6,927,975        6,819,010        6,860,441
deposits
Shareholders’   988,429          972,753          968,844          981,181
equity

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
                       2012        2011      2012     2012        2012         2011      
                                                                                    
Interest & Loan Fees   $ 81,336     $          $         $ 81,788     $ 244,229     $ 230,993
Income (GAAP)                       84,701     81,105
Tax equivalent          1,552     1,765     1,560     1,669      4,781       4,855   
adjustment
Interest & Fees
Income (FTE)             82,888     86,466     82,665      83,457       249,010       235,848
(non-GAAP)
Interest Expense        11,322    13,949    12,050    12,822     36,194      42,257  
Net Interest Income      71,566     72,517     70,615      70,635       212,816       193,591
(FTE) (non-GAAP)
                                                                                    
Provision for Loan       4,346      3,637      3,436       4,133        11,915        12,873
Losses
                                                                                    
Non-Interest Income:
Fees from trust &        4,170      3,280      4,013       3,984        12,167        10,027
brokerage services
Fees from deposit        10,521     10,462     10,393      10,312       31,226        30,434
services
Bankcard fees and        866        1,237      738         647          2,251         2,475
merchant discounts
Other charges,
commissions, and         513        455        600         577          1,690         1,290
fees
Income from bank         1,247      1,544      1,255       1,289        3,791         3,947
owned life insurance
Mortgage banking         819        205        483         318          1,620         570
income
Other non-interest       686        1,272      648         658          1,992         2,722
revenue
Net
other-than-temporary     (2,255 )   (7,922  )  (1,742 )    (1,377 )     (5,374  )     (14,128 )
impairment losses
Net gains on
sales/calls of
investment              67        445       199       (82    )    184         1,626   

securities
Total Non-Interest      16,634    10,978    16,587    16,326     49,547      38,963  
Income
                                                                                    
Non-Interest
Expense:
Employee                 17,258     16,970     17,965      17,907       53,130        46,855
compensation
Employee benefits        5,271      4,361      5,823       5,192        16,286        12,870
Net occupancy            5,060      5,051      5,321       5,042        15,423        13,578
Data processing          3,675      2,941      2,639       3,209        9,523         8,618
Amortization of          697        860        724         762          2,183         1,597
intangibles
OREO expense             2,160      2,129      2,160       2,328        6,648         5,129
FDIC expense             1,489      2,308      1,495       1,555        4,539         6,972
Other expenses          18,259    14,253    15,125    14,267     47,651      38,400  
Total Non-Interest      53,869    48,873    51,252    50,262     155,383     134,019 
Expense
                                                                                    
Income Before Income
Taxes (FTE)              29,985     30,985     32,514      32,566       95,065        85,662
(non-GAAP)
                                                                                    
Tax equivalent          1,552     1,765     1,560     1,669      4,781       4,855   
adjustment
                                                                                    
Income Before Income     28,433     29,220     30,954      30,897       90,284        80,807
Taxes (GAAP)
                                                                                    
Taxes                   9,099     9,204     9,905     9,887      28,891      25,454  
                                                                                    
Net Income             $ 19,334    $         $        $ 21,010    $ 61,393     $ 55,353  
                                    20,016     21,049
                                                                                    
MEMO: Effective Tax      32.00  %   31.50   %  32.00  %    32.00  %     32.00   %     31.50   %
Rate

UNITED BANKSHARES, INC. AND SUBSIDIARIES

Charleston, WV

Stock Symbol: UBSI

(In Thousands Except for Per Share Data)
                                                                               
Consolidated
Balance Sheets
                    September 30    September 30
                    2012            2011            September 30    December 31     September 30
                    Q-T-D Average   Q-T-D Average   2012           2011           2011        
                                                                                    
Cash & Cash         $ 475,549       $ 652,478       $ 436,328       $ 636,003       $ 668,524
Equivalents
                                                                                    
Securities            629,531         699,449         650,145         696,518         738,226
Available for Sale
Held to Maturity      52,998          62,572          52,929          59,289          62,114
Securities
Other Investment     63,725        72,172        63,639        68,412        71,558    
Securities
Total Securities     746,254       834,193       766,713       824,219       871,898   
Total Cash and       1,221,803     1,486,671     1,203,041     1,460,222     1,540,422 
Securities
                                                                                    
Loans held for sale   10,295          3,859           12,905          3,902           7,378
                                                                                    
Commercial Loans      4,548,687       4,275,255       4,628,401       4,378,345       4,370,792
Mortgage Loans        1,508,239       1,563,506       1,502,227       1,556,905       1,553,378
Consumer Loans       306,357       333,342       297,702       299,030       334,391   
                                                                                    
Gross Loans           6,363,283       6,172,103       6,428,330       6,234,280       6,258,561
                                                                                    
Unearned income      (5,711    )    (4,988    )    (5,717    )    (3,503    )    (5,266    )
                                                                                    
Loans, net of         6,357,572       6,167,115       6,422,613       6,230,777       6,253,295
unearned income
                                                                                    
Allowance for Loan    (73,398   )     (73,504   )     (73,748   )     (73,874   )     (73,509   )
Losses
                                                                                    
Goodwill              371,778         361,995         375,583         375,626         376,912
Other Intangibles    11,213        1,762         10,776        12,950        11,787    
Total Intangibles     382,991         363,757         386,359         388,576         388,699
                                                                                    
Real Estate Owned     48,321          51,430          50,040          51,760          52,657
Other Assets         368,515       383,244       380,168       390,107       408,944   
                                                                                    
Total Assets        $ 8,316,099    $ 8,382,572    $ 8,381,378    $ 8,451,470    $ 8,577,886 
                                                                                    
MEMO: Earning       $ 7,369,900    $ 7,460,381    $ 7,426,785    $ 7,492,400    $ 7,601,292 
Assets
                                                                                    
Interest-bearing    $ 4,959,606     $ 5,217,555     $ 4,946,725     $ 5,199,848     $ 5,314,303
Deposits
Noninterest-bearing  1,754,351     1,557,654     1,807,199     1,619,162     1,613,672 
Deposits
Total Deposits        6,713,957       6,775,209       6,753,924       6,819,010       6,927,975
                                                                                    
Short-term            280,319         248,829         288,482         254,766         260,320
Borrowings
Long-term            287,661       354,482       285,000       345,366       355,433   
Borrowings
Total Borrowings      567,980         603,311         573,482         600,132         615,753
                                                                                    
Other Liabilities    42,513        42,340        65,543        63,484        61,405    
                                                                                    
Total Liabilities    7,324,450     7,420,860     7,392,949     7,482,626     7,605,133 
                                                                                    
Preferred Equity      ---             ---             ---             ---             ---
Common Equity        991,649       961,712       988,429       968,844       972,753   
Total Shareholders'  991,649       961,712       988,429       968,844       972,753   
Equity
                                                                                    
Total Liabilities & $ 8,316,099    $ 8,382,572    $ 8,381,378    $ 8,451,470    $ 8,577,886 
Equity
                                                                                    
MEMO:
Interest-bearing    $ 5,527,586    $ 5,820,866    $ 5,520,207    $ 5,799,980    $ 5,930,056 
Liabilities

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
Quarterly/Year-to-Date 2012             2011           2012             2012             2012             2011
Share Data:
                                                                                                          
Earnings Per Share:
Basic                  $ 0.38           $ 0.40         $ 0.42           $ 0.42           $ 1.22           $ 1.21
Diluted                $ 0.38           $ 0.40         $ 0.42           $ 0.42           $ 1.22           $ 1.21
                                                                                                          
Common Dividend        $ 0.31           $ 0.30         $ 0.31           $ 0.31           $ 0.93           $ 0.90
Declared Per Share:
                                                                                                          
High Common Stock      $ 26.40          $ 25.21        $ 29.45          $ 30.91          $ 30.91          $ 30.84
Price
Low Common Stock Price $ 22.54          $ 18.78        $ 23.87          $ 27.36          $ 22.54          $ 18.78
                                                                                                          
Average Shares
Outstanding (Net of
Treasury Stock):
Basic                    50,276,074     49,628,087       50,274,665       50,235,374       50,262,089       45,656,304
Diluted                  50,295,162     49,636,382       50,308,228       50,300,538       50,298,998       45,692,106
                                                                                                          
Memorandum Items:
                                                                                                          
Tax Applicable to      $ 23             $ 156          $ 70             $ (29        )   $ 64             $ 569
Security Sales/Calls
                                                                                                          
Common Dividends       $ 15,589         $ 15,062       $ 15,605         $ 15,570         $ 46,764         $ 41,256
                                                                                                          
Dividend Payout Ratio    80.63      %   75.25      %     74.14      %     74.11      %     76.17      %     74.53      %
                                                                                                          
                                                       September        September        June             March
EOP Share Data:                                        2012             2011             2012             2012
                                                                                                          
Book Value Per Share                                   $ 19.66          $ 19.38          $ 19.52          $ 19.42
Tangible Book Value                                    $ 11.98          $ 11.63          $ 11.82          $ 11.71
Per Share ^(1)
                                                                                                          
52-week High Common                                    $ 30.91          $ 30.84          $ 30.91          $ 30.91
Stock Price
Date                                                     03/19/12         01/19/11         03/19/12         03/19/12
52-week Low Common                                     $ 19.06          $ 18.78          $ 18.78          $ 18.78
Stock Price
Date                                                     10/04/11         09/22/11         09/22/11         09/22/11
                                                                                                          
EOP Shares Outstanding
(Net of Treasury                                         50,275,998       50,205,691       50,275,869       50,274,104
Stock):
                                                                                                          
Memorandum Items:
                                                                                                          
EOP Employees                                            1,597            1,632            1,626            1,637
(full-time equivalent)
                                                                                                          
Note:
(1) Tangible Book
Value Per Share:
Total Shareholders'                                    $ 988,429        $ 972,753        $ 981,181        $ 976,303
Equity (GAAP)
Less: Total                                             (386,359   )    (388,699   )    (387,056   )    (387,766   )
Intangibles
Tangible Equity                                        $ 602,070        $ 584,054        $ 594,125        $ 588,517
(non-GAAP)
÷ EOP Shares
Outstanding (Net of                                      50,275,998       50,205,691       50,275,869       50,274,104
Treasury Stock)
Tangible Book Value                                    $ 11.98          $ 11.63          $ 11.82          $ 11.71
Per Share (non-GAAP)

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
                   2012        2011        2012        2012        2012        2011
                                                                                         
Selected Yields
and Net Interest
Margin:
                                                                                         
Loans              4.85%       5.14%       5.01%       5.02%       4.96%       5.18%
Investment         3.28%       3.48%       2.91%       3.08%       3.09%       3.79%
Securities
Money Market       0.18%       0.27%       0.27%       0.26%       0.24%       0.31%
Investments/FFS
Average Earning    4.48%       4.61%       4.41%       4.47%       4.45%       4.72%
Assets Yield
Interest-bearing   0.63%       0.74%       0.65%       0.67%       0.65%       0.87%
Deposits
Short-term         0.08%       0.08%       0.10%       0.09%       0.09%       0.06%
Borrowings
Long-term          4.73%       4.73%       4.78%       4.83%       4.78%       4.77%
Borrowings
Average            0.81%       0.95%       0.84%       0.89%       0.85%       1.08%
Liability Costs
Net Interest       3.67%       3.66%       3.57%       3.58%       3.60%       3.64%
Spread
Net Interest       3.87%       3.87%       3.76%       3.78%       3.80%       3.87%
Margin
                                                                                         
Selected
Financial
Ratios:
                                                                                         
Return on
Average Common     7.76%       8.26%       8.58%       8.63%       8.32%       8.62%
Equity
Return on          0.92%       0.95%       1.00%       1.00%       0.97%       0.98%
Average Assets
Efficiency Ratio   56.44%      50.44%      54.50%      53.35%      54.77%      51.94%
                                                                                         
                                           September   September   June        March
                                           2012        2011        2012        2012
Loan / Deposit                             95.09%      90.26%      91.96%      90.01%
Ratio
Allowance for
Loan Losses/                               1.15%       1.18%       1.16%       1.19%
Loans, Net of
Unearned Income
Allowance for
Credit Losses
^(1)/ Loans, Net                           1.18%       1.21%       1.20%       1.22%
of Unearned
Income
Nonaccrual Loans
/ Loans, Net of                            1.27%       0.86%       1.00%       1.00%
Unearned Income
90-Day Past Due
Loans/ Loans,                              0.19%       0.26%       0.16%       0.16%
Net of Unearned
Income
Non-performing
Loans/ Loans,                              1.53%       1.18%       1.23%       1.23%
Net of Unearned
Income
Non-performing
Assets/ Total                              1.77%       1.47%       1.49%       1.48%
Assets
Primary Capital                            12.58%      12.11%      12.38%      12.23%
Ratio
Shareholders'                              11.79%      11.34%      11.60%      11.45%
Equity Ratio
Price / Book                               1.27      x 1.04      x 1.33      x 1.49      x
Ratio
Price / Earnings                           16.20     x 12.45     x 15.46     x 17.27     x
Ratio
                               
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)
                                                                                
                                                                                       
                 September     September     December      June          March
Asset Quality    2012         2011         2011         2012         2012      
Data:
                                                                                       
EOP
Non-Accrual      $ 81,861      $ 53,759      $ 59,892      $ 63,279      $ 62,037
Loans
EOP 90-Day         12,475        16,340        16,179        10,029        9,816
Past Due Loans
EOP
Restructured      4,091       3,624       3,592       4,255       4,335   
Loans
Total EOP
Non-performing   $ 98,427      $ 73,723      $ 79,663      $ 77,563      $ 76,188
Loans
                                                                                       
EOP Other Real    50,040      52,657      51,760      48,608      49,864  
Estate Owned
Total EOP
Non-performing   $ 148,467    $ 126,380    $ 131,423    $ 126,171    $ 126,052 
Assets
                                                                                       
                                                                                       
                 Three Months Ended                                      Year to Date
                 September     September     June          March         September     September
Allowance for
Credit           2012         2011         2012         2012         2012         2011      
Losses:^(1)
Beginning        $ 75,525      $ 75,181      $ 75,747      $ 75,727      $ 75,727      $ 75,039
Balance
Provision for
Credit Losses     4,022       3,573       3,813       4,015       11,850      12,852  
^ (3)
                   79,547        78,754        79,560        79,742        87,577        87,891
Gross              (4,453  )     (4,867  )     (5,188  )     (4,734  )     (14,375 )     (15,207 )
Charge-offs
Recoveries        442         1,607       1,153       739         2,334       2,810   
Net               (4,011  )    (3,260  )    (4,035  )    (3,995  )    (12,041 )    (12,397 )
Charge-offs
Ending Balance   $ 75,536     $ 75,494     $ 75,525     $ 75,747     $ 75,536     $ 75,494  
                                                                                       
Notes:
(1) Includes allowances for loan losses and lending-related commitments.
(2) Restructured loans with an aggregate balance of $1,277, $1,549, $1,528, $1,427 and $2,283 at
September 30,
2012, September 30, 2011, December 31, 2011, June 30, 2012 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.

Contact:

United Bankshares, Inc.
Steven E. Wilson, 800-445-1347, ext. 8704
Chief Financial Officer
 
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