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|Contact:||Robert M. Gorman - (804) 523-7828|
Executive Vice President / Chief Financial Officer
UNION FIRST MARKET BANKSHARES REPORTS FOURTH QUARTER
AND FULL YEAR RESULTS
Richmond, Va., January 28, 2014 - Union First Market Bankshares Corporation (the “Company” or “Union”) (NASDAQ: UBSH) today reported net income of $8.1 million and earnings per share of $0.32 for its fourth quarter ended December 31, 2013. Excluding after-tax acquisition-related expenses of $651,000, operating earnings(1) for the quarter were $8.8 million and operating earnings per share(1) was $0.35. The quarterly results represent an increase of $339,000, or 4.0%, in operating earnings from the prior quarter and a decrease of $686,000, or 7.3%, from the quarter ended December 31, 2012. Operating earnings per share of $0.35 for the current quarter increased $0.01, or 2.9%, from the most recent quarter and declined $0.02, or 5.4%, from the prior year’s fourth quarter.
For the year ended December 31, 2013 the Company reported net income of $34.5 million and earnings per share of $1.38. Excluding after-tax acquisition-related expenses of $2.0 million, operating earnings for 2013 were $36.5 million and operating earnings per share was $1.46. The annual results represent an increase of $1.1 million, or 3.2%, in operating earnings and $0.09 per share, or 6.6%, from 2012 levels. These fourth quarter and year to date financial results do not include the financial results of StellarOne Corporation (“StellarOne”), which the Company acquired on January 1, 2014, and are prior to the effective date of the merger with StellarOne.
“2013 was a year of significant progress and change at Union and with the closing of the StellarOne acquisition on January 1, 2014, Union became the largest community bank headquartered in Virginia,” said G. William Beale, president and chief executive officer of Union First Market Bankshares, “The combination of two of Virginia’s largest community banks provides Union with the growth opportunities, asset base and footprint to continue to deliver a best-in-class customer experience, offer superior financial services and solutions, provide a rewarding experience for our teammates and generate top-tier financial performance for our shareholders.”
“Union’s operating financial performance in the fourth quarter continued to be mixed as the sustained positive performance in the Company’s community banking segment was muted by the poor results from our mortgage segment. The community bank segment turned in another quarter of operating earnings growth fueled by gains in core deposit households, loan growth and improvements in credit quality. However, overall financial results were negatively impacted by continuing losses from the mortgage business driven by declining mortgage loan originations and the impact of a large, non-recurring indemnification charge in the fourth quarter. Although not included in Union’s 2013 consolidated financial results, StellarOne turned in solid financial results in its final quarter as a stand-alone company driven by strong loan growth and improving credit quality metrics.”
“Union remains committed to achieving top-quartile financial performance and providing our shareholders with above average returns on their investment. In 2014, the company is focused on smoothly integrating StellarOne into Union to achieve cost savings, generating sustainable growth in the combined community banking franchise and returning the mortgage banking segment to profitability as quickly as possible.”
The following information was filed by Union Bankshares Corp (UBSH) on Tuesday, January 28, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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