Jul. 24--CHARLESTON -- United Bankshares reported earnings Thursday for the second quarter and the first half of 2009.

"We are pleased with the first half of 2009 financial performance results, especially in light of the very challenging economic times," said Richard M. Adams, United's chairman of the board and chief executive officer. "United continues to be well capitalized based upon regulatory guidelines with strong earnings as evidenced by a return on average assets of nearly 1 percent for the first half of 2009."

Second-quarter earnings were $8.2 million, or 19 cents per diluted share, while earnings for the first half of 2009 were $37.8 million, or 87 cents per diluted share.

Earnings for the second quarter of 2008 were $25.1 million, or 58 cents per diluted share, while earnings for the first half of 2008 were $50.8 million, or $1.17 per diluted share.

"While earnings are down compared to last year, United's earnings compare very favorably to most regional banking companies," Adams said "United is one of the few larger United States banking companies that hasn't reduced or suspended dividends to its shareholders. At year-end 2008, United ranked as the 40th largest banking company in the United States based on market capitalization."

Results for the second quarter of 2009 included a credit loss provision of $17.6 million for three loans with fraudulent collateral made to three affiliated companies of a commercial customer that United disclosed in its first-quarter 2009 Form 10-Q, an additional expense accrual of $3.6 million for a special FDIC assessment and an other-than-temporary impairment charge of $782,000 on an investment security.

All of these expense amounts are before-taxes. Excluding these additional expenses, United's adjusted net income would have been $21.3 million, or 49 cents per diluted share, for the second quarter. In addition, results for the first half of 2009 included an income tax benefit recorded in the first quarter associated with net operating loss carryforwards and a positive adjustment to income tax expense as a result of a concluded tax examination.

The total income tax benefit recorded related to these two events was $11.5 million. Excluding the income tax benefit and the additional expenses, United's adjusted net income would have been $39.5 million, or 91 cents per diluted share for the first six months of 2009.

United Bankshares, with $7.8 billion in assets, presently has 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."

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