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

United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2008

WASHINGTON & CHARLESTON, W.Va.--(Business Wire)--
United Bankshares, Inc. (NASDAQ: UBSI), announced today earnings
for the third quarter and first nine months of 2008. Third quarter
earnings were $19.6 million or $0.45 per diluted share while earnings
for the first nine months of 2008 were $70.4 million or $1.62 per
diluted share. As previously reported, these results included a
noncash before-tax other-than-temporary impairment charge of $9.0
million on a corporate debt holding and a positive tax adjustment of
$1.4 million due to the expiration of the statute of limitations for
examinations of certain years.

Richard M. Adams, United's Chairman of the Board and Chief
Executive Officer stated "On a relative basis, United's earnings
continue to be solid. While many banking companies have reported
losses and reduced or suspended dividends, United's income before
income taxes was $100.3 million for the first nine months of 2008 and
the annualized dividend for 2008 would represent the thirty-fifth
consecutive year of dividend increases for United shareholders."

Earnings for the third quarter of 2007 were $25.8 million or $0.60
per diluted share while earnings for the first nine months of 2007
were $74.7 million or $1.79 per diluted share. During the third
quarter of 2007, United recorded a positive tax adjustment of $1.1
million due to the expiration of the statute of limitations for
examinations of certain years.

Tax-equivalent net interest income for the third quarter of 2008
was $67.6 million, an increase of $4.3 million or 7% from the third
quarter of 2007. This increase in tax-equivalent net interest income
was primarily attributable to an increase of $523.8 million or 8% in
average earning assets as average net loans grew $463.9 million or 9%
from the third quarter of 2007. In addition, the average cost of funds
declined 129 basis points for the third quarter of 2008 as compared to
the third quarter of 2007. The decrease in the average cost of funds
was due mainly to a decrease in market interest rates and the
refinancing of long-term debt during the fourth quarter of 2007.
Partially offsetting these increases in net interest income was a
decline of 112 basis points in the average yield on earning assets due
to the decrease in market interest rates. The net interest margin for
the third quarter of 2008 was 3.71%, a slight decrease of 4 basis
points from a net interest margin of 3.75% for the third quarter of
2007.

Tax-equivalent net interest income for the first nine months of
2008 was $200.6 million, an increase of $23.7 million or 13% from the
first nine months of 2007. This increase in tax-equivalent net
interest income was primarily attributable to a $951.2 million or 15%
increase in average earning assets resulting partially from the loan
growth mentioned above and the July 2007 acquisition of Premier
Community Bankshares, Inc. (Premier). Additionally, the average cost
of funds for the first nine months of 2008 declined 99 basis points
from the first nine months of 2007 due to a decrease in market
interest rates and the refinancing of long-term debt during the second
and fourth quarters of 2007. However, the average yield on earning
assets declined 84 basis points due to the decrease in market interest
rates. The net interest margin for the first nine months of 2008 was
3.72%, down 6 basis points from a net interest margin of 3.78% for the
first nine months of 2007.

On a linked-quarter basis, United's tax-equivalent net interest
income for the third quarter of 2008 increased $798 thousand or 1%
from the second quarter of 2008 due mainly to a decline of 9 basis
points in the average cost of funds. In addition, average earning
assets increased $53.3 million or 1% for the quarter as average net
loans grew $86.4 million or 1.5%. The average yield on earning assets
declined 8 basis points. The net interest margin of 3.71% for the
third quarter of 2008 was equal to the net interest margin for the
second quarter of 2008.

For the quarters ended September 30, 2008 and 2007, the provision
for credit losses was $6.5 million and $1.6 million, respectively,
while the provision for the first nine months of 2008 was $12.9
million as compared to $2.8 million for 2007. Net charge-offs were
$6.3 million and $12.3 million for the third quarter and first nine
months of 2008, respectively, as compared to $1.8 million and $4.2
million for the third quarter and first nine months of 2007. These
higher amounts of provision expense and net charge-offs in 2008
reflect a weakened credit environment due to a deterioration of
economic conditions. Annualized net charge-offs as a percentage of
average loans were 0.42% and 0.28% for the third quarter and first
nine months of 2008, respectively. As of September 30, 2008, the
allowances for loan losses and lending-related commitments totaled
$59.4 million or 1.00% of loans, net of unearned income, as compared
to $58.7 million or 1.01% of loans, net of unearned income at December
31, 2007.

Noninterest income for the third quarter of 2008 was $10.3 million
which included the previously mentioned noncash before-tax
other-than-temporary impairment charge. Excluding the results of
security transactions, noninterest income for the third quarter of
2008 would have increased $2.3 million or 14% from the third quarter
of 2007. This increase primarily resulted from an increase in fees
from deposit services of $1.2 million or 13% due mainly to the High
Performance Checking program. In addition, revenue from trust and
brokerage services for the third quarter of 2008 grew $734 thousand or
19% from the third quarter of 2007 due to an increase in volume while
bank-owned life insurance income increased $443 thousand or 38% due to
an increase in the cash surrender value.

Noninterest income for the first nine months of 2008 was $48.1
million. Included in noninterest income for the first nine months of
2008 was the noncash before-tax other-than-temporary impairment charge
and a $917 thousand gain recorded in the first quarter of 2008 related
to Visa's initial public offering and the partial redemption of Visa
shares held by United. Noninterest income for the first nine months of
2007 was $48.8 million which included a before-tax gain of $787
thousand on the termination of two interest rate swap transactions.
Excluding the results of security transactions and swap terminations,
noninterest income would have increased $8.9 million or 19% from the
first nine months of 2007. This increase primarily resulted from an
increase in fees from deposit services of $5.2 million or 22% due
mainly to the High Performance Checking program and the Premier
acquisition. In addition, revenue from trust and brokerage services
grew $1.9 million or 17% for the first nine months of 2008 due to
higher volume. Other income increased $1.3 million from the first nine
months of 2007 due mainly to an increase of $2.0 million from
derivatives not in a hedging relationship. A corresponding amount of
expense is included in other expense in the income statement.

On a linked-quarter basis, noninterest income for the third
quarter of 2008 decreased $8.9 million from the second quarter of 2008
due to the previously mentioned other-than-temporary impairment
charge. Excluding the results of security transactions, noninterest
income would have increased $268 thousand or 1% due mainly to higher
income from bank owned life insurance of $610 thousand as a result of
an increase in the cash surrender value.

Noninterest expense for the third quarter of 2008 was $41.6
million, an increase of $2.6 million or 7% from the third quarter of
2007 due mainly to an increase in salaries and benefits expense of
$1.2 million or 7% due to the timing of the Premier merger. Net
occupancy expense increased $340 thousand or 9% due mainly to
increases in building maintenance and utilities expense. Several other
general operating expenses increased, none of which were individually
significant.

Noninterest expense for the first nine months of 2008 was $124.5
million, an increase of $21.5 million or 21% from the first nine
months of 2007. Salaries and employee benefits expense increased $9.5
million, net occupancy expense increased $2.0 million, core deposits
amortization increased $957 thousand and armored car expense increased
$726 thousand due mainly to the Premier merger. Equipment expense
including other real estate owned (OREO) increased $1.2 million due
mainly to increased losses as a result of a decline in values
associated with OREO properties. Data processing expense increased
$1.3 million due to an outsourcing of functions, a change in
processing procedures as well as the Premier merger. Several other
general operating expenses increased due primarily to the Premier
merger, none of which were individually significant.

On a linked-quarter basis, noninterest expense for the third
quarter of 2008 was relatively flat from the second quarter of 2008,
increasing $161 thousand or less than 1%. Salaries and employee
benefits expense was flat, decreasing $175 thousand or less than 1%.
Net occupancy expense increased $189 thousand or 5% due to increases
in building maintenance and utilities expense. Equipment expense
decreased $698 thousand due mainly to fewer OREO losses. Several other
general operating expenses increased, none of which were individually
significant.

Income tax expense for the third quarter and first nine months of
2008 was $6.7 million and $29.8 million, respectively, as compared to
$10.1 million and $32.9 million for the third quarter and first nine
months of 2007, respectively. During the third quarter of 2008, United
reduced its income tax reserve by $1.4 million due to the expiration
of the statute of limitations for examinations of certain years as
compared to $1.1 million in the third quarter of 2007. As a result,
United's effective tax rate was 25.60% and 29.75% for the third
quarter and first nine months of 2008, respectively, as compared to
28.06% and 30.55% for the third quarter and first nine months of 2007,
respectively.

At September 30, 2008, nonperforming loans were $49.0 million or
0.83% of loans, net of unearned income, stable from nonperforming
loans of $49.4 million or 0.84% of loans, net of unearned income at
June 30, 2008 but higher than $28.3 million or 0.49% of loans, net of
unearned income at December 31, 2007, respectively. The increase in
nonperforming loans since year-end is indicative of the decline in
economic conditions. These nonperforming loans are not of one
particular portfolio, but rather represent several customer segments.
Higher unemployment levels, increased energy prices, and declines in
real estate values have impacted the performance of both consumer and
commercial portfolios. The loss potential on these loans has been
properly evaluated and allocated within the company's allowance for
loan losses. Total nonperforming assets of $62.4 million, including
OREO of $13.3 million at September 30, 2008, represented 0.77% of
total assets which compares favorably to the most recently reported
percentage of 0.96% at June 30, 2008 for United's peer group.

During the third quarter of 2008, United's Board of Directors
declared a cash dividend of $0.29 per share, which represented a 4%
increase over the $0.28 per share dividend paid for the third quarter
of 2007. Dividends per share of $0.87 for the first three quarters of
2008 also represented a 4% increase over the $0.84 per share paid for
the first three quarters of 2007. The annualized first three quarters'
dividend of $0.87 per share equals $1.16 which would represent the
thirty-fifth consecutive year of dividend increases for United
shareholders.

United has consolidated assets of approximately $8.1 billion with
114 full service offices in West Virginia, Virginia, Maryland, Ohio
and Washington, D.C. United Bankshares stock is traded on the NASDAQ
Global Select Market under the quotation symbol "UBSI".

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.

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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
2008 2007 2008 2007
------------ ------------ ------------- ------------
EARNINGS SUMMARY:
Interest income,
taxable
equivalent $ 110,211 $ 121,519 $ 337,773 $ 331,940
Interest expense 42,623 58,197 137,158 155,039
Net interest
income, taxable
equivalent 67,588 63,322 200,615 176,901
Taxable
equivalent
adjustment 3,451 4,210 11,048 12,307
Net interest
income 64,137 59,112 189,567 164,594
Provision for
credit losses 6,497 1,550 12,948 2,750
Noninterest
income 10,330 17,326 48,123 48,767
Noninterest
expense 41,638 39,022 124,473 103,013
Income taxes 6,740 10,063 29,834 32,876
Net income 19,592 25,803 70,435 74,722

PER COMMON SHARE:
Net income:
Basic 0.45 0.60 1.63 1.80
Diluted 0.45 0.60 1.62 1.79
Cash dividends $ 0.29 $ 0.28 0.87 0.84
Book value 17.86 17.49
Closing market
price $ 35.00 $ 30.44
Common shares
outstanding:
Actual at
period end,
net of
treasury
shares 43,283,927 43,182,328
Weighted
average-
basic 43,276,962 42,731,909 43,262,926 41,458,388
Weighted
average-
diluted 43,421,333 42,998,484 43,418,755 41,811,493

FINANCIAL RATIOS:
Return on average
assets 0.97% 1.37% 1.18% 1.45%
Return on average
shareholders'
equity 9.94% 13.91% 12.05% 14.81%
Average equity to
average assets 9.75% 9.82% 9.78% 9.81%
Net interest
margin 3.71% 3.75% 3.72% 3.78%

September 30 September 30 December 31 June 30
2008 2007 2007 2008
------------ ------------ --------------------------
PERIOD END
BALANCES:
Assets $ 8,095,553 $ 7,685,688 $ 7,994,739 $ 8,048,472
Earning assets 7,261,723 6,897,429 7,167,127 7,227,167
Loans, net of
unearned income 5,911,618 5,586,326 5,793,484 5,845,984
Loans held for
sale 718 954 1,270 4,199
Investment
securities 1,377,677 1,323,269 1,394,764 1,396,888
Total deposits 5,504,471 5,346,226 5,349,750 5,472,979
Shareholders'
equity 773,109 755,269 761,199 772,864
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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
---------------------------------------
September September June March
2008 2007 2008 2008
--------- --------- --------- ---------

Interest & Loan Fees Income $106,760 $117,309 $106,419 $113,546
Tax Equivalent Adjustment 3,451 4,210 3,638 3,960
--------- --------- --------- ---------
Interest & Fees Income
(FTE) 110,211 121,519 110,057 117,506
Interest Expense 42,623 58,197 43,267 51,268
--------- --------- --------- ---------
Net Interest Income
(FTE) 67,588 63,322 66,790 66,238

Credit Loss Provision 6,497 1,550 4,351 2,100

Non-Interest Income:
Investment Securities
Transactions (9,167) 172 (46) 955
Fees from Trust & Brokerage
Services 4,522 3,788 4,553 3,939
Fees from Deposit Services 10,251 9,087 10,002 9,083
Bankcard Fees and Merchant
Discounts 1,543 1,716 1,734 1,558
Other Charges, Commissions,
and Fees 450 569 589 488
Income from Bank Owned Life
Insurance 1,622 1,179 1,012 1,309
Income from Mortgage
Banking 93 124 156 93
Gain on Termination of
Interest Rate
Swaps Associated with
Prepayment of FHLB
Advances --- --- --- ---
Other Non-Interest Revenue 1,016 691 1,183 1,185
--------- --------- --------- ---------
Total Non-Interest
Income 10,330 17,326 19,183 18,610
--------- --------- --------- ---------

Non-Interest Expense:
Salaries and Employee
Benefits 18,766 17,559 18,941 19,028
Net Occupancy 4,163 3,823 3,974 4,297
Other Expense 17,361 16,292 16,428 16,619
Prepayment Penalties on
FHLB Advances --- --- --- ---
Amortization of Intangibles 789 1,000 940 1,018
OREO Expense 271 202 1,043 242
FDIC Expense 288 146 151 154
--------- --------- --------- ---------
Total Non-Interest
Expense 41,638 39,022 41,477 41,358
--------- --------- --------- ---------

Income Before Income Taxes
(FTE) 29,783 40,076 40,145 41,390

Tax Equivalent Adjustment 3,451 4,210 3,638 3,960
--------- --------- --------- ---------

Income Before Income Taxes 26,332 35,866 36,507 37,430

Taxes 6,740 10,063 11,360 11,734
--------- --------- --------- ---------

Net Income $ 19,592 $ 25,803 $ 25,147 $ 25,696
========= ========= ========= =========

MEMO: Effective Tax Rate 25.60% 28.06% 31.12% 31.35%

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 to Date
--------------------
September September
2008 2007
---------- ---------

Interest & Loan Fees Income $326,725 $319,633
Tax Equivalent Adjustment 11,048 12,307
---------- ---------
Interest & Fees Income (FTE) 337,773 331,940
Interest Expense 137,158 155,039
---------- ---------
Net Interest Income (FTE) 200,615 176,901

Credit Loss Provision 12,948 2,750

Non-Interest Income:
Investment Securities Transactions (8,258) 494
Fees from Trust & Brokerage Services 13,014 11,097
Fees from Deposit Services 29,336 24,134
Bankcard Fees and Merchant Discounts 4,835 4,522
Other Charges, Commissions, and Fees 1,527 1,247
Income from Bank Owned Life Insurance 3,943 3,965
Income from Mortgage Banking 342 447
Gain on Termination of Interest Rate
Swaps Associated with Prepayment of FHLB
Advances --- 787
Other Non-Interest Revenue 3,384 2,074
---------- ---------
Total Non-Interest Income 48,123 48,767
---------- ---------

Non-Interest Expense:
Salaries and Employee Benefits 56,735 47,207
Net Occupancy 12,434 10,393
Other Expense 50,408 41,799
Prepayment Penalties on FHLB Advances --- 786
Amortization of Intangibles 2,747 1,790
OREO Expense 1,556 604
FDIC Expense 593 434
---------- ---------
Total Non-Interest Expense 124,473 103,013
---------- ---------

Income Before Income Taxes (FTE) 111,317 119,905

Tax Equivalent Adjustment 11,048 12,307
---------- ---------

Income Before Income Taxes 100,269 107,598

Taxes 29,834 32,876
---------- ---------

Net Income $ 70,435 $ 74,722
========== =========

MEMO: Effective Tax Rate 29.75% 30.55%
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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
2008 2007
Q-T-D Average Q-T-D Average
------------- -------------

Cash & Cash Equivalents $ 191,535 $ 243,752

Securities Available for Sale 1,161,361 1,054,112
Held to Maturity Securities 137,450 161,971
Other Investment Securities 81,773 60,723
------------- -------------
Total Securities 1,380,584 1,276,806
------------- -------------
Total Cash and Securities 1,572,119 1,520,558
------------- -------------

Loans Held for Sale 1,750 1,659

Commercial Loans 3,808,538 3,241,440
Mortgage Loans 1,751,651 1,817,068
Consumer Loans 353,644 383,813
------------- -------------

Gross Loans 5,913,833 5,442,321

Unearned Income (6,773) (7,065)
------------- -------------

Loans, Net of Unearned Income 5,907,060 5,435,256

Allowance for Loan Losses (57,041) (49,088)

Goodwill 312,371 292,076
Other Intangibles 8,559 16,702
------------- -------------
Total Intangibles 320,930 308,778

Real Estate Owned 10,605 4,519
Other Assets 288,051 275,283
------------- -------------

Total Assets $8,043,474 $7,496,965
============= =============

MEMO: Earning Assets $7,261,479 $6,737,658
============= =============

Interest-bearing Deposits $4,571,745 $4,391,017
Noninterest-bearing Deposits 880,569 876,034
------------- -------------
Total Deposits 5,452,314 5,267,051

Short-term Borrowings 830,170 712,609
Long-term Borrowings 921,568 714,870
------------- -------------
Total Borrowings 1,751,738 1,427,479

Other Liabilities 55,569 66,534
------------- -------------
Total Liabilities 7,259,621 6,761,064
------------- -------------

Common Equity 783,853 735,901
------------- -------------
Total Shareholders' Equity 783,853 735,901
------------- -------------

Total Liabilities & Equity $8,043,474 $7,496,965
============= =============

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 December 31 September 30
2008 2007 2007
------------- ----------- ------------

Cash & Cash Equivalents $ 224,478 $ 230,651 $ 204,461

Securities Available for Sale 1,169,998 1,156,561 1,098,548
Held to Maturity Securities 127,123 157,228 158,252
Other Investment Securities 80,556 80,975 66,469
------------- ----------- ------------
Total Securities 1,377,677 1,394,764 1,323,269
------------- ----------- ------------
Total Cash and Securities 1,602,155 1,625,415 1,527,730
------------- ----------- ------------

Loans Held for Sale 718 1,270 954

Commercial Loans 3,813,651 3,648,999 3,423,202
Mortgage Loans 1,752,523 1,772,441 1,783,319
Consumer Loans 352,088 379,121 386,724
------------- ----------- ------------

Gross Loans 5,918,262 5,800,561 5,593,245

Unearned Income (6,644) (7,077) (6,919)
------------- ----------- ------------

Loans, Net of Unearned
Income 5,911,618 5,793,484 5,586,326

Allowance for Loan Losses (57,556) (50,456) (50,353)

Goodwill 312,371 312,111 312,857
Other Intangibles 8,131 10,878 11,955
------------- ----------- ------------
Total Intangibles 320,502 322,989 324,812

Real Estate Owned 13,340 6,365 5,338
Other Assets 304,776 295,672 290,881
------------- ----------- ------------

Total Assets $8,095,553 $7,994,739 $7,685,688
============= =========== ============

MEMO: Earning Assets $7,261,723 $7,167,127 $6,897,429
============= =========== ============

Interest-bearing Deposits $4,581,987 $4,436,323 $4,471,530
Noninterest-bearing Deposits 922,484 913,427 874,696
------------- ----------- ------------
Total Deposits 5,504,471 5,349,750 5,346,226

Short-term Borrowings 819,227 1,036,063 730,618
Long-term Borrowings 927,870 774,162 775,131
------------- ----------- ------------
Total Borrowings 1,747,097 1,810,225 1,505,749

Other Liabilities 70,876 73,565 78,444
------------- ----------- ------------
Total Liabilities 7,322,444 7,233,540 6,930,419
------------- ----------- ------------

Common Equity 773,109 761,199 755,269
------------- ----------- ------------
Total Shareholders' Equity 773,109 761,199 755,269
------------- ----------- ------------

Total Liabilities & Equity $8,095,553 $7,994,739 $7,685,688
============= =========== ============
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Three Months Ended
------------------------------------------------

Quarterly/Year-to- September September June March
Date Share Data: 2008 2007 2008 2008
------------ ---------- ------------ -----------

Earnings Per Share:
Basic $ 0.45 $0.60 $ 0.58 $ 0.59
Diluted $ 0.45 $0.60 $ 0.58 $ 0.59

Common Dividend
Declared Per Share:$ 0.29 $0.28 $ 0.29 $ 0.29

High Common Stock
Price $ 42.00 $32.98 $ 31.33 $ 33.07
Low Common Stock
Price $ 18.52 $25.70 $ 22.95 $ 24.00

Average Shares
Outstanding (Net of
Treasury Stock):
Basic 43,276,962 42,731,909 43,264,809 43,246,852
Diluted 43,421,333 42,998,484 43,419,616 43,418,571

Memorandum Items:

Tax Applicable to
Security
Transactions $ (3,208) $60 $ (16) $ 334

Common Dividends $ 12,552 $12,089 $ 12,548 $ 12,542

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Year to Date
-------------------------

September September
Quarterly/Year-to-Date Share Data: 2008 2007
------------- -----------

Earnings Per Share:
Basic $ 1.63 $ 1.80
Diluted $ 1.62 $ 1.79

Common Dividend Declared Per Share: $ 0.87 $ 0.84

High Common Stock Price $ 42.00 $ 39.50
Low Common Stock Price $ 18.52 $ 25.70

Average Shares Outstanding (Net of Treasury
Stock):
Basic 43,262,926 41,458,388
Diluted 43,418,755 41,811,493

Memorandum Items:

Tax Applicable to Security Transactions $ (2,890) $ 173

Common Dividends $ 37,642 $ 34,909

September September June March
EOP Share Data: 2008 2007 2008 2008
------------ ----------- ------------ -----------

Book Value Per
Share $ 17.86 $ 17.49 $ 17.86 $ 17.83
Tangible Book
Value Per Share $ 10.46 $ 9.97 $ 10.44 $ 10.39

52-week High
Common Stock
Price $ 42.00 $ 39.71 $ 33.61 $ 35.37
Date 09/19/08 12/28/06 10/05/07 04/03/07
52-week Low
Common Stock
Price $ 18.52 $ 25.70 $ 22.95 $ 24.00
Date 07/15/08 08/06/07 06/30/08 01/18/08

EOP Shares
Outstanding (Net
of Treasury
Stock): 43,283,927 43,182,328 43,270,277 43,260,951

Memorandum Items:

EOP Employees
(full-time
equivalent) 1,544 1,543 1,568 1,558
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UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Three Months Ended
---------------------------------

September September June March
2008 2007 2008 2008
--------- --------- ------ ------

Selected Yields and Net Interest
Margin:

Loans 6.21% 7.54% 6.34% 6.86%
Investment Securities 5.45% 5.76% 5.39% 5.68%
Money Market Investments/FFS 1.91% 4.76% 2.07% 3.10%
Average Earning Assets Yield 6.05% 7.17% 6.13% 6.61%
Interest-bearing Deposits 2.57% 3.63% 2.69% 3.16%
Short-term Borrowings 1.54% 4.58% 1.64% 2.77%
Long-term Borrowings 4.26% 5.44% 4.40% 4.80%
Average Liability Costs 2.68% 3.97% 2.77% 3.30%
Net Interest Spread 3.37% 3.20% 3.36% 3.31%
Net Interest Margin 3.71% 3.75% 3.71% 3.72%

Selected Financial Ratios:

Return on Average Common Equity 9.94% 13.91% 12.90% 13.35%
Return on Average Assets 0.97% 1.37% 1.27% 1.30%
Efficiency Ratio 46.60% 47.00% 45.91% 47.80%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)

Year to Date
--------------------

September September
2008 2007
---------- ---------

Selected Yields and Net Interest Margin:

Loans 6.47% 7.47%
Investment Securities 5.51% 5.71%
Money Market Investments/FFS 2.36% 5.11%
Average Earning Assets Yield 6.26% 7.10%
Interest-bearing Deposits 2.80% 3.56%
Short-term Borrowings 2.02% 4.50%
Long-term Borrowings 4.47% 5.65%
Average Liability Costs 2.92% 3.91%
Net Interest Spread 3.34% 3.19%
Net Interest Margin 3.72% 3.78%

Selected Financial Ratios:

Return on Average Common Equity 12.05% 14.81%
Return on Average Assets 1.18% 1.45%
Efficiency Ratio 46.76% 44.68%

September September June March
2008 2007 2008 2008
--------- --------- ------- -------
Loan / Deposit Ratio 107.40% 104.49% 106.82% 107.12%
Allowance for Loan Losses/
Loans, Net of Unearned Income 0.97% 0.90% 0.98% 0.98%
Allowance for Credit Losses
(1)/ Loans, Net of Unearned
Income 1.00% 1.05% 1.01% 1.02%
Nonaccrual Loans / Loans, Net
of Unearned Income 0.61% 0.16% 0.58% 0.43%
90-Day Past Due Loans/ Loans,
Net of Unearned Income 0.22% 0.25% 0.27% 0.21%
Non-performing Loans/ Loans,
Net of Unearned Income 0.83% 0.41% 0.84% 0.65%
Non-performing Assets/ Total
Assets 0.77% 0.37% 0.73% 0.56%
Primary Capital Ratio 10.21% 10.51% 10.26% 10.32%
Shareholders' Equity Ratio 9.55% 9.83% 9.60% 9.66%
Price / Book Ratio 1.96 x 1.74 x 1.28 x 1.50 x
Price / Earnings Ratio 19.39 x 12.68 x 9.91 x 11.26 x
*T

-0-
*T
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 Data: 2008 2007 2007 2008 2008
--------- --------- -------- -------- --------

EOP Non-Accrual Loans $36,065 $ 8,958 $14,115 $33,676 $25,103
EOP 90-Day Past Due
Loans 12,963 13,827 14,210 15,696 12,375
--------- --------- -------- -------- --------
Total EOP Non-
performing Loans $49,028 $22,785 $28,325 $49,372 $37,478

EOP Other Real Estate
& Assets Owned 13,340 5,338 6,365 9,618 7,043
--------- --------- -------- -------- --------
Total EOP Non-
performing Assets $62,368 $28,123 $34,690 $58,990 $44,521
========= ========= ======== ======== ========

Three Months Ended Year to Date
------------------------------------- -------------------

Allowance
for Credit September September June March September September
Losses:(1) 2008 2007 2008 2008 2008 2007
--------- --------- -------- -------- --------- ---------
Beginning
Balance $59,161 $51,220 $59,050 $58,744 $ 58,744 $52,371
Allowance
for
Acquired
Loans --- 7,648 --- --- --- 7,648
Provision
Expense 6,497 1,550 4,351 2,100 12,948 2,750
--------- --------- -------- -------- --------- ---------
65,658 60,418 63,401 60,844 71,692 62,769
Gross
Charge-offs (6,529) (2,104) (4,484) (2,033) (13,046) (4,952)
Recoveries 259 303 244 239 742 800
--------- --------- -------- -------- --------- ---------
Net Charge-
offs (6,270) (1,801) (4,240) (1,794) (12,304) (4,152)
--------- --------- -------- -------- --------- ---------
Ending
Balance $59,388 $58,617 $59,161 $59,050 $ 59,388 $58,617
========= ========= ======== ======== ========= =========

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

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

Copyright Business Wire 2008