United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2011

), today reported earnings for the fourth quarter and the year of 2011. Earnings for the fourth quarter of 2011 were $20.3 million or $0.40 per diluted share while earnings for the year of 2011 were $75.6 million or $1.61 per diluted share.

Fourth quarter of 2011 results produced a return on average assets of 0.94% and a return on average equity of 8.17%. For the year of 2011, United's return on average assets was 0.97% while the return on average equity was 8.50%. These returns compare very favorably to United's most recently reported Federal Reserve peer group's (bank holding companies with total assets between $3 and $10 billion) average return on assets of 0.79% and average return on equity of 7.37% for the first nine months of 2011.

The results for the fourth quarter and year of 2011 included before-tax, other-than-temporary impairment charges of $6.3 million and $20.4 million, respectively, on certain investment securities. In addition, on July 8, 2011, United completed its acquisition of Centra Financial Holdings, Inc. (Centra) of Morgantown, West Virginia. The results of operations of Centra are included in the consolidated results of operations from the date of acquisition. As a result, comparisons for the fourth quarter and year of 2011 to the same time periods of 2010 are impacted by increased levels of average balances, income, expense, and asset quality results 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.

Earnings for the fourth quarter of 2010 were $19.3 million or $0.44 per diluted share while earnings for the year of 2010 were $71.9 million or $1.65 per diluted share. The results for the fourth quarter and year of 2010 included before-tax, other-than-temporary impairment charges of $5.4 million and $9.8 million, respectively, on certain investment securities. In addition, United recovered funds from its insurance carrier in the amount of $15.0 million during the fourth quarter of 2010 related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans previously charged-off in 2009. The $15.0 million of insurance proceeds were recorded as a recovery within United's allowance for loan losses which resulted in a negative provision for loan losses of $5.6 million for the fourth quarter of 2010 and a provision for loan losses of $13.8 million for the year of 2010. United's annualized returns on average assets and average equity were 1.03% and 9.64%, respectively, for the fourth quarter of 2010 while the returns on average assets and average equity was 0.95% and 9.19%, respectively, for the year of 2010.

United's asset quality also continues to outperform its peers. United's percentage of nonperforming loans to loans, net of unearned income of 1.28% at December 31, 2011 compares favorably to the most recently reported percentage of 3.65% at September 30, 2011 for United's Federal Reserve peer group. At December 31, 2011, nonperforming loans were $79.7 million as compared to nonperforming loans of $67.2 million or 1.28% of loans, net of unearned income, at December 31, 2010. As of December 31, 2011, the allowance for loan losses was $73.9 million or 1.18% of loans, net of unearned income, as compared to $73.0 million or 1.39% of loans, net of unearned income, at December 31, 2010. United's coverage ratio of its allowance for loan losses to nonperforming loans also compares favorably to its peers. The coverage ratio for United was 92.7% and 108.6% at December 31, 2011 and December 31, 2010, respectively. The coverage ratio for United's Federal Reserve peer group was 88.6% at September 30, 2011. The declines in the ratios at December 31, 2011 of the allowance for loan losses as a percentage of loans, net of unearned income and of nonperforming loans was because United was unable to carry-over Centra's previously established allowance for loan losses in accordance with accounting rules. United recorded a downward fair value adjustment of approximately $36.7 million on the loans acquired from Centra. Total nonperforming assets of $131.4 million, including OREO of $51.8 million at December 31, 2011, represented 1.56% of total assets which also compares favorably to the most recently reported percentage of 3.10% at September 30, 2011 for United's Federal Reserve peer group.

United continues to be well-capitalized based on all regulatory guidelines. United's estimated risk-based capital ratio is 13.8% at December 31, 2011 while its Tier I capital and leverage ratios are 12.6% and 10.2%, 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%.

During the fourth quarter of 2011, United's Board of Directors declared a cash dividend of $0.31 per share. The 2011 dividend of $1.21 per share represented the 38th consecutive year of dividend increases for United shareholders. Based on its dividend paying history, United was added to the S&P High Yield Dividends Aristocrats® Index during the fourth quarter of 2011. This index measures the performance of the 60 highest dividend yielding S&P Composite 1500® Index constituents that have increased dividends every year for at least 25 consecutive years. United is one of only two major banking companies in the U.S. to have achieved such a record.

"Considering the current economic environment, United's earnings continue to be strong with asset quality favorable to peers," stated Richard M. Adams, United's Chairman of the Board and Chief Executive Officer. "United also continues to be well-capitalized based upon regulatory guidelines."

Tax-equivalent net interest income for the fourth quarter of 2011 was $73.7 million, an increase of $13.8 million or 23% from the fourth quarter of 2010. 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 $953.6 million or 14% from the fourth quarter of 2010. Average net loans increased $941.8 million or 18% for the fourth quarter of 2011. In addition, the average cost of funds declined 45 basis points from the fourth quarter of 2010. Partially offsetting the increases to tax-equivalent net interest income for the fourth quarter of 2011 was a decline of 15 basis points in the average yield on earning assets for the fourth quarter of 2011 as compared to the same quarter in 2010. The net interest margin for the fourth quarter of 2011 was 3.88%, which was an increase of 26 basis points from a net interest margin of 3.62% for the fourth quarter of 2010.

Tax-equivalent net interest income for the year of 2011 was $267.3 million, an increase of $23.2 million or 10% from the year of 2010. This increase in tax-equivalent net interest income was primarily attributable to a decrease in average interest-bearing liabilities and an increase in average earning assets. Average interest-bearing liabilities declined $193.8 million or 3% due mainly to the net repayment of approximately $360 million in Federal Home Loan Bank advances towards the end of 2010 and the beginning of 2011. Average earning assets increased $191.1 million or 3% from the year of 2010 due mainly to the Centra merger. Average net loans increased $246.6 million or 5% for the year of 2011 while average investments decreased $89.9 million or 10%. In addition, the average cost of funds declined 49 basis points from the year of 2010. Partially offsetting the increases to tax-equivalent net interest income for the year of 2011 was a decline of 23 basis points in the average yield on earning assets for the year of 2011 as compared to the year of 2010. The net interest margin for the year of 2011 was 3.87%, which was an increase of 23 basis points from a net interest margin of 3.64% for the year of 2010.

On a linked-quarter basis, United's tax-equivalent net interest income for the fourth quarter of 2011 increased $1.2 million or 2% from the third quarter of 2011 due mainly to an increase in average earning assets from the Centra merger. Average earning assets increased $91.3 million or 1% during the quarter. Average net loans increased $87.2 million or 1% while average short-term investments increased $16.2 million or 3% for the quarter. Average investments declined $12.1 million or 1% to partially offset the increase in average net loans and short-term investments. The fourth quarter of 2011 average yield on earning assets declined 2 basis points while the average cost of funds decreased 3 basis points from the third quarter of 2011. The net interest margin of 3.88% for the fourth quarter of 2011 was an increase of one basis point from the net interest margin of 3.87% for the third quarter of 2011.

For the quarter ended December 31, 2011, the provision for loan losses was $4.3 million while the provision for the year of 2011 was $17.1 million. As previously mentioned, United recovered funds from its insurance carrier in the amount of $15.0 million during the fourth quarter of 2010 related to claims it made under its insurance policies for losses United incurred as a result of fraudulent loans previously charged-off in 2009. The $15.0 million of insurance proceeds were recorded as a recovery within United's allowance for loan losses. As a result, a negative provision for loan losses of $5.6 million was recorded for the fourth quarter of 2010 and a provision for loan losses of $13.8 million was recorded for the year of 2010. Net charge-offs were $3.9 million and $16.3 million for the fourth quarter and year of 2011, respectively. The $15.0 million recovery in the fourth quarter of 2010 resulted in net recoveries of $7.9 million for the fourth quarter of 2010. Net charge-offs were $8.8 million for the year of 2010. Annualized net charge-offs as a percentage of average loans were 0.25% and 0.29% for the fourth quarter and year of 2011, respectively. United's most recently reported Federal Reserve peer group's net charge-offs to average loans percentage was 0.94% for the first nine months of 2011.

Noninterest income for the fourth quarter of 2011 was $11.9 million, which was a decrease of $1.5 million from the fourth quarter of 2010. Included in noninterest income for the fourth quarter of 2011 were before-tax, other-than-temporary impairment charges of $6.3 million on certain investment securities. Included in noninterest income for the fourth quarter of 2010 were before-tax, other-than-temporary impairment charges of $5.4 million on certain investment securities. Excluding the results of the other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have decreased $545 thousand or 3% from the fourth quarter of 2010. This decrease for the fourth quarter of 2011 was due primarily to decreases of $759 thousand in income from derivatives not in hedge relationships due to a change in the fair value, $381 thousand in fees from bankcard services due mainly to the sale of United's merchant business in the fourth quarter of 2010 and $373 thousand in fees from trust and brokerage services due to a decline in volume. A similar amount of expense related to the change in the fair value of other derivative financial instruments as well as a reduction in bankcard processing costs as a result of the sale of United's merchant business is included in other expense in the income statement. Partially offsetting these decreases were increases of $800 thousand in fees from deposit services and $161 thousand in income from bank-owned life insurance policies. These increases were primarily due to the Centra merger.

Noninterest income for the year of 2011 was $50.8 million, which was a decrease of $11.4 million from the year of 2010. Included in noninterest income for the year of 2011 was a before-tax, net gain of $1.6 million on the sales and calls of investment securities and before-tax, other-than-temporary impairment charges of $20.4 million on certain investment securities. Included in noninterest income for the year of 2010 was a before-tax, net gain of $2.0 million on the sale of investment securities and before-tax, other-than-temporary impairment charges of $9.8 million on certain investment securities. Excluding the results of the other-than-temporary impairment charges as well as the net gains from the sales and calls of investment securities, noninterest income would have been relatively flat, decreasing $337 thousand or less than 1%. This slight decrease for the year of 2011 was due primarily to decreases of $1.9 million in income from derivatives not in hedge relationships due to a change in the fair value, $1.1 million in fees from bankcard services due mainly to the sale of United's merchant business in the fourth quarter of 2010, and $294 thousand in fees from trust and brokerage services due to a decline in volume. A similar amount of expense related to the change in the fair value of other derivative financial instruments as well as a reduction in bankcard processing costs as a result of the sale of United's merchant business is included in other expense in the income statement. Partially offsetting these decreases were increases of $1.8 million in fees from deposit services, $613 thousand in income from bank-owned life insurance policies and $290 thousand in mortgage banking income due to the Centra merger.

On a linked-quarter basis, noninterest income for the fourth quarter of 2011 increased $896 thousand from the third quarter of 2011. Included in the results for the fourth quarter and third quarter of 2011 were noncash, before-tax, other-than-temporary impairment charges of $6.3 million and $7.9 million, respectively. Excluding the results of the noncash, other-than-temporary impairment charges as well as net gains and losses from sales and calls of investment securities, noninterest income would have decreased $245 thousand or 1% on a linked-quarter basis due primarily to decreases of $205 thousand in income from bank-owned life insurance policies due to a decrease in the cash surrender values and $138 thousand in income from derivatives not in hedge relationships due to a change in the fair value. As previously mentioned, a similar amount of expense related to the change in the fair value of other derivative financial instruments is included in other expense in the income statement.

Noninterest expense for the fourth quarter of 2011 was $50.0 million, an increase of $654 thousand or 1% from the fourth quarter of 2010 due primarily to increases of $1.6 million in employee compensation, $956 thousand in equipment expenses, $904 thousand in net occupancy expenses, $693 thousand in employee benefits and $360 thousand in data processing fees. These increases were due mainly to the additional employees, offices, equipment and data processing from the Centra merger. Partially offsetting the increases were decreases of $3.0 million in other real estate owned (OREO) expense due to fewer declines in the fair values of properties and losses on sales, $884 thousand in FDIC insurance expense due to lower premiums and $646 thousand in bankcard processing expense due mainly to the sale of United's merchant business in the fourth quarter of 2010.

Noninterest expense for the year of 2011 was $184.0 million which was an increase $1.8 million or 1% from the year of 2010. This increase was due mainly to increases of $4.0 million in employee compensation, $2.0 million in equipment expenses, $1.4 million in net occupancy expenses, $817 thousand in data processing fees and $609 thousand in employee benefits. These increases were due mainly to the additional employees, offices, equipment and data processing from the Centra merger. Partially offsetting these increases were decreases of $4.1 million in OREO costs due mainly to fewer declines in the fair value of OREO properties, $2.2 million in bankcard processing expense due mainly to the sale of United's merchant business in the fourth quarter of 2010, $1.9 million in the expense from derivatives not in hedge relationships due to a change in the fair value and $1.2 million in FDIC insurance expense due to lower premiums. As previously mentioned, a similar amount of income related to the change in the fair value of other derivative financial instruments as well as a reduction in bankcard servicing fees as a result of the sale of United's merchant business is included in other income in the income statement.

On a linked-quarter basis, noninterest expense for the fourth quarter of 2011 increased $1.2 million or 2% from the third quarter of 2011 due primarily to increases of $786 thousand in employee compensation due to higher commissions and incentives, merger expenses of $442 thousand and $405 thousand in equipment expense due to increased depreciation. Partially offsetting these increases was a decrease of $812 thousand in FDIC insurance expense due to lower premiums.

United has consolidated assets of approximately $8.5 billion with 126 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 "".

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its December 31, 2011 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, 2011 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								Year Ended
	December 31 2011				December 31 2010				December 31 2011			December 31 2010
EARNINGS SUMMARY:
Interest income, taxable equivalent	$	87,261			$	78,623			$	323,109		$	329,288
Interest expense		13,537				18,647				55,794			85,196
Net interest income, taxable equivalent		73,724				59,976				267,315			244,092
Taxable equivalent adjustment		1,732				1,415				6,587			5,906
Net interest income		71,992				58,561				260,728			238,186
Provision for loan losses		4,268				(5,618	)			17,141			13,773
Noninterest income		11,874				13,356				50,837			62,203
Noninterest expenses		50,029				49,375				184,048			182,212
Income taxes		9,312				8,870				34,766			32,457
Net income	$	20,257			$	19,290			$	75,610		$	71,947
PER COMMON SHARE:
Net income:
Basic	$	0.40			$	0.44			$	1.62		$	1.65
Diluted		0.40				0.44				1.61			1.65
Cash dividends	$	0.31			$	0.30				1.21			1.20
Book value										19.29			18.18
Closing market price									$	28.27		$	29.20
Common shares outstanding:
Actual at period end, net of treasury shares										50,212,948			43,621,635
Weighted average- basic		50,207,410				43,606,591				46,803,432			43,547,965
Weighted average- diluted		50,235,812				43,677,279				46,837,363			43,625,183
FINANCIAL RATIOS:
Return on average assets		0.94	%			1.03	%			0.97	%		0.95	%
Return on average shareholders' equity		8.17	%			9.64	%			8.50	%		9.19	%
Average equity to average assets		11.56	%			10.69	%			11.44	%		10.39	%
Net interest margin		3.88	%			3.62	%			3.87	%		3.64	%
	December 31 2011				December 31 2010				December 31 2009			September 30 2011
PERIOD END BALANCES:
Assets	$	8,451,470			$	7,155,719			$	7,805,101		$	8,577,886
Earning assets		7,498,333				6,334,914				6,956,322			7,607,225
Loans, net of unearned income		6,236,710				5,260,326				5,736,809			6,259,228
Loans held for sale		3,902				6,869				5,284			7,378
Investment securities		824,219				794,715				966,920			871,898
Total deposits		6,819,010				5,713,534				5,971,100			6,927,975
Shareholders' equity		968,844				793,012				761,550			972,753

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				December				September				June				March
	2011				2010				2011				2011				2011
Interest & Loan Fees Income	$	85,529			$	77,208			$	84,701			$	72,435			$	73,857
Tax equivalent adjustment		1,732				1,415				1,765				1,637				1,453
Interest & Fees Income (FTE)		87,261				78,623				86,466				74,072				75,310
Interest Expense		13,537				18,647				13,949				13,814				14,494
Net Interest Income (FTE)		73,724				59,976				72,517				60,258				60,816
Provision for Loan Losses		4,268				(5,618	)			3,637				4,800				4,436
Non-Interest Income:
Fees from trust & brokerage services		3,316				3,689				3,280				3,437				3,310
Fees from deposit services		10,581				9,781				10,462				10,341				9,631
Bankcard fees and merchant discounts		1,192				1,573				1,237				683				555
Other charges, commissions, and fees		559				562				455				381				454
Income from bank owned life insurance		1,339				1,178				1,544				1,228				1,175
Mortgage banking income		382				303				205				131				234
Other non-interest revenue		841				1,669				1,272				599				851
Net other-than-temporary impairment losses		(6,286	)			(5,369	)			(7,922	)			(4,096	)			(2,110	)
Net (losses) gains on sales/calls of investment securities		(50	)			(30	)			445				630				551
Total Non-Interest Income		11,874				13,356				10,978				13,334				14,651
Non-Interest Expense:
Employee compensation		17,756				16,202				16,970				15,015				14,870
Employee benefits		4,488				3,795				4,361				4,131				4,378
Net occupancy		5,018				4,114				5,051				4,140				4,387
Other expenses		18,560				17,611				17,194				14,477				15,347
Amortization of intangibles		832				411				860				354				383
OREO expense		1,879				4,862				2,129				1,233				1,767
FDIC expense		1,496				2,380				2,308				2,327				2,337
Total Non-Interest Expense		50,029				49,375				48,873				41,677				43,469
Income Before Income Taxes (FTE)		31,301				29,575				30,985				27,115				27,562
Tax equivalent adjustment		1,732				1,415				1,765				1,637				1,453
Income Before Income Taxes		29,569				28,160				29,220				25,478				26,109
Income taxes		9,312				8,870				9,204				8,026				8,224
Net Income	$	20,257			$	19,290			$	20,016			$	17,452			$	17,885
MEMO: Effective Tax Rate		31.49	%			31.50	%			31.50	%			31.50	%			31.50	%

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
	2011			2010			2009			2008
Interest & Loan Fees Income	$316,522			$323,382			$365,845			$429,911
Tax equivalent adjustment	6,587			5,906			11,199			14,229
Interest & Fees Income (FTE)	323,109			329,288			377,044			444,140
Interest Expense	55,794			85,196			120,374			177,119
Net Interest Income (FTE)	267,315			244,092			256,670			267,021
Provision for Loan Losses	17,141			13,773			46,065			25,155
Non-Interest Income:
Fees from trust & brokerage services	13,343			13,637			13,065			16,582
Fees from deposit services	41,015			39,220			40,289			39,189
Bankcard fees and merchant discounts	3,667			4,786			4,155			5,815
Other charges, commissions, and fees	1,849			1,918			1,906			1,932
Income from bank owned life insurance	5,286			4,673			3,416			4,093
Mortgage banking income	952			662			608			385
Other non-interest revenue	3,563			5,116			5,236			8,725
Net other-than-temporary impairment losses	(20,414	)		(9,815	)		(15,020	)		(10,489	)
Net gains on sales/calls of investment securities	1,576			2,006			315			1,071
Total Non-Interest Income	50,837			62,203			53,970			67,303
Non-Interest Expense:
Employee compensation	64,611			60,564			58,901			61,347
Employee benefits	17,358			16,749			19,192			13,680
Net occupancy	18,596			17,246			17,018			16,682
Other expenses	65,578			64,954			62,791			72,239
Amortization of intangibles	2,429			1,884			2,561			3,494
OREO expense	7,008			11,131			5,487			2,484
FDIC expense	8,468			9,684			9,177			1,147
Total Non-Interest Expense	184,048			182,212			175,127			171,073
Income Before Income Taxes (FTE)	116,963			110,310			89,448			138,096
Tax equivalent adjustment	6,587			5,906			11,199			14,229
Income Before Income Taxes	110,376			104,404			78,249			123,867
Income taxes	34,766			32,457			10,951			36,913
Net Income	$75,610			$71,947			$67,298			$86,954
MEMO: Effective Tax Rate	31.50	%		31.09	%		14.00	%		29.80	%

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		December 31
	2011		2010		December 31		December 31		December 31
	Q-T-D Average		Q-T-D Average		2011		2010		2009
Cash & Cash Equivalents	$669,533		$636,467		$636,003		$461,389		$449,767
Securities Available for Sale	692,540		704,758		696,518		653,276		811,777
Securities Held to Maturity	60,415		67,253		59,289		67,036		77,421
Other Investment Securities	69,096		76,690		68,412		74,403		77,722
Total Securities	822,051		848,701		824,219		794,715		966,920
Total Cash and Securities	1,491,584		1,485,168		1,460,222		1,256,104		1,416,687
Loans Held for Sale	5,582		6,470		3,902		6,869		5,284
Commercial Loans	4,377,276		3,550,037		4,378,345		3,533,559		3,801,254
Mortgage Loans	1,565,638		1,489,752		1,562,838		1,459,286		1,606,560
Consumer Loans	315,022		272,514		299,030		270,506		332,964
Gross Loans	6,257,936		5,312,303		6,240,213		5,263,351		5,740,778
Unearned Income	(5,263)		(3,089)		(3,503)		(3,025)		(3,969)
Loans, Net of Unearned Income	6,252,673		5,309,214		6,236,710		5,260,326		5,736,809
Allowance for Loan Losses	(73,562)		(72,759)		(73,874)		(73,033)		(67,853)
Goodwill	372,902		311,831		371,693		311,765		312,069
Other Intangibles	11,641		3,149		12,950		2,940		4,823
Total Intangibles	384,543		314,980		384,643		314,705		316,892
Real Estate Owned	51,729		48,939		51,760		44,770		40,058
Other Assets	399,503		336,501		388,107		345,978		357,224
Total Assets	$8,512,052		$7,428,513		$8,451,470		$7,155,719		$7,805,101
MEMO: Earning Assets	$7,551,646		$6,598,071		$7,498,333		$6,334,914		$6,956,322
Interest-bearing Deposits	$5,227,649		$4,474,950		$5,199,848		$4,510,279		$4,862,943
Noninterest-bearing Deposits	1,614,185		1,203,002		1,619,162		1,203,255		1,108,157
Total Deposits	6,841,834		5,677,952		6,819,010		5,713,534		5,971,100
Short-term Borrowings	285,747		288,873		254,766		193,214		222,944
Long-term Borrowings	353,220		620,156		345,366		386,458		771,935
Total Borrowings	638,967		909,029		600,132		579,672		994,879
Other Liabilities	47,436		47,614		63,484		69,501		77,572
Total Liabilities	7,528,237		6,634,595		7,482,626		6,362,707		7,043,551
Preferred Equity	---		---		---		---		---
Common Equity	983,815		793,918		968,844		793,012		761,550
Total Shareholders' Equity	983,815		793,918		968,844		793,012		761,550
Total Liabilities & Equity	$8,512,052		$7,428,513		$8,451,470		$7,155,719		$7,805,101
MEMO: Interest-bearing Liabilities	$5,866,616		$5,383,979		$5,799,980		$5,089,951		$5,857,822

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:	2011				2010				2011				2011				2011
Earnings Per Share:
Basic	$	0.40			$	0.44			$	0.40			$	0.40			$	0.41
Diluted	$	0.40			$	0.44			$	0.40			$	0.40			$	0.41
Common Dividend Declared Per Share	$	0.31			$	0.30			$	0.30			$	0.30			$	0.30
High Common Stock Price	$	29.29			$	30.25			$	25.21			$	27.46			$	30.84
Low Common Stock Price	$	19.06			$	24.15			$	18.78			$	22.36			$	25.66
Average Shares Outstanding (Net of Treasury Stock):
Basic		50,207,410				43,606,591				49,628,087				43,645,541				43,629,364
Diluted		50,238,812				43,677,279				49,636,382				43,676,407				43,700,436
Memorandum Items:
Tax Applicable to Security Sales/Calls	$	(18	)		$	(11	)		$	156			$	220			$	193
Common Dividends	$	15,571			$	13,087			$	15,062			$	13,099			$	13,095
Dividend Payout Ratio		76.87	%			67.84	%			75.25	%			75.06	%			73.22	%
					Year Ended
					December				December				December				December
YTD Share Data:					2011				2010				2009				2008
Earnings Per Share:
Basic					$	1.62			$	1.65			$	1.55			$	2.01
Diluted					$	1.61			$	1.65			$	1.55			$	2.00
Common Dividend Declared Per Share					$	1.21			$	1.20			$	1.17			$	1.16
Average Shares Outstanding (Net of Treasury Stock):
Basic						46,803,432				43,547,965				43,410,431				43,286,894
Diluted						46,837,363				43,625,183				43,456,889				43,434,083
Memorandum Items:
Tax Applicable to Security Sales/Calls					$	552			$	702			$	110			$	375
Common Dividends					$	56,827			$	52,300			$	50,837			$	50,231
Dividend Payout Ratio						75.16	%			72.69	%			75.54	%			57.77	%
EOP Employees (full-time equivalent)						1,619				1,451				1,477				1,531

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
EOP Share Data:	2011		2010			2011			2011		2011
Book Value Per Share	$19.29		$18.18			$ 19.38			$ 18.43		$ 18.32
Tangible Book Value Per Share	$11.63		$10.96			$ 11.71			$ 11.24		$ 11.12
52-week High Common Stock Price	$30.84		$31.99			$ 30.84			$ 30.84		$ 31.99
Date	01/19/11		04/23/10			01/19/11			01/19/11		04/23/10
52-week Low Common Stock Price	$18.78		$20.15			$ 18.78			$ 22.09		$ 22.09
Date	09/22/11		01/06/10			09/22/11			08/24/10		08/24/10
EOP Shares Outstanding (Net of Treasury Stock):	50,212,948		43,621,635			50,205,691			43,645,485		43,645,650
	Three Months Ended
	December		December			September			June		March
	2011		2010			2011			2011		2011
Selected Yields and Net Interest Margin:
Net Loans	5.18%		5.24%			5.14%			5.18%		5.24%
Investment Securities	3.08%		4.33%			3.48%			3.73%		4.19%
Money Market Investments/FFS	0.23%		0.28%			0.27%			0.30%		0.37%
Average Earning Assets Yield	4.59%		4.74%			4.61%			4.71%		4.86%
Interest-bearing Deposits	0.69%		1.06%			0.74%			0.91%		0.99%
Short-term Borrowings	0.08%		0.04%			0.08%			0.04%		0.04%
Long-term Borrowings	4.85%		4.24%			4.73%			4.83%		4.75%
Average Liability Costs	0.92%		1.37%			0.95%			1.13%		1.20%
Net Interest Spread	3.67%		3.37%			3.66%			3.58%		3.66%
Net Interest Margin	3.88%		3.62%			3.87%			3.83%		3.92%
Selected Financial Ratios:
Return on Average Common Equity	8.17%		9.64%			8.26%			8.66%		9.04%
Return on Average Assets	0.94%		1.03%			0.95%			0.98%		1.02%
Efficiency Ratio	51.47%		56.02%			50.44%			52.03%		53.64%

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
			2011			2010		2009		2008
Selected Yields and Net Interest Margin:
Net Loans			5.18%			5.30%		5.46%		6.34%
Investment Securities			3.61%			4.65%		5.08%		5.46%
Money Market Investments/FFS			0.28%			0.31%		0.18%		1.94%
Average Earning Assets Yield			4.68%			4.91%		5.27%		6.15%
Interest-bearing Deposits			0.82%			1.21%		1.75%		2.71%
Short-term Borrowings			0.06%			0.06%		0.14%		1.69%
Long-term Borrowings			4.79%			4.30%		4.24%		4.49%
Average Liability Costs			1.04%			1.53%		1.98%		2.81%
Net Interest Spread			3.64%			3.38%		3.29%		3.34%
Net Interest Margin			3.87%			3.64%		3.59%		3.70%
Selected Financial Ratios:
Return on Average Common Equity			8.50%			9.19%		8.81%		11.12%
Return on Average Assets			0.97%			0.95%		0.85%		1.09%
Loan / Deposit Ratio			91.46%			92.07%		96.08%		106.48%
Allowance for Loan Losses/ Loans, Net of Unearned Income			1.18%			1.39%		1.18%		1.02%
Allowance for Credit Losses (1)/ Loans, Net of Unearned Income			1.21%			1.43%		1.22%		1.06%
Nonaccrual Loans / Loans, Net of Unearned Income			0.96%			1.14%		0.89%		0.70%
90-Day Past Due Loans/ Loans, Net of Unearned Income			0.26%			0.13%		0.35%		0.20%
Non-performing Loans/ Loans, Net of Unearned Income			1.28%			1.28%		1.26%		0.90%
Non-performing Assets/ Total Assets			1.56%			1.57%		1.44%		0.91%
Primary Capital Ratio			12.25%			12.00%		10.56%		9.80%
Shareholders' Equity Ratio			11.46%			11.08%		9.76%		9.09%
Price / Book Ratio			1.47	x		1.61	x	1.14	x	1.96		x
Price / Earnings Ratio			17.51	x		17.71	x	12.90	x	16.59		x
Efficiency Ratio			51.81%			53.87%		51.35%		48.03%
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:	2011				2010				2011				2011				2011
EOP Non-Accrual Loans	$	59,892			$	59,996			$	53,759			$	51,237			$	62,703
EOP 90-Day Past Due Loans		16,179				6,798				16,340				8,865				6,539
EOP Restructured Loans		3,592				437				3,624				3,886				3,716
Total EOP Non-performing Loans	$	79,663			$	67,231			$	73,723			$	63,988			$	72,958
EOP Other Real Estate & Assets Owned		51,760				44,770				52,657				45,671				44,362
Total EOP Non-performing Assets	$	131,423			$	112,001			$	126,380			$	109,659			$	117,320
	Three Months Ended								Year Ended
	December				December				December				December				December
Allowance for Credit Losses:(1)	2011				2010				2011				2010				2009
Beginning Balance	$	75,494			$	72,806			$	75,039			$	70,010			$	63,603
Provision for Credit Losses (3)		4,136				(5,618	)			16,988				13,773				46,065
		79,630				67,188				92,027				83,783				109,668
Gross Charge-offs		(4,398	)			(7,422	)			(19,605	)			(25,762	)			(41,077	)
Recoveries		495				15,273				3,305				17,018				1,419
Net (Charge-offs) Recoveries		(3,903	)			7,851				(16,300	)			(8,744	)			(39,658	)
Ending Balance	$	75,727			$	75,039			$	75,727			$	75,039			$	70,010
Notes:
(1) Includes allowances for loan losses and lending-related commitments.
(2) Restructured loans with an aggregate balance of $1,528, $1,549, $3,886 and $1,067 at December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively, were on nonaccrual status, but are not included in the "EOP Non-Accrual Loans." A restructured loan with a balance of $437 thousand at December 31, 2010 was past due 90 days or more, but was not included in the "EOP 90-Day Past Due Loans" category.
(3) Includes the Provision for Loan Losses and a provision for lending-related commitments included in Other Expenses.

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

Source: United Bankshares, Inc.