Please wait while we load the requested 10-K report or click the link below:
|Contact:||Robert M. Gorman - (804) 523-7828|
|Executive Vice President / Chief Financial Officer|
UNION BANKSHARES REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Richmond, Va., January 28, 2015 - Union Bankshares Corporation (the “Company” or “Union”) (NASDAQ: UBSH) today reported net income of $15.1 million and earnings per share of $0.33 for its fourth quarter ended December 31, 2014. Excluding after-tax acquisition-related expenses of $563,000, operating earnings(1) for the quarter were $15.6 million and operating earnings per share(1) was $0.34. Net income for the year ended December 31, 2014 was $52.6 million and earnings per share was $1.14. For the year ended December 31, 2014, operating earnings were $66.3 million and operating earnings per share was $1.44.
“2014 was a year of significant progress and transformation for Union as a result of the StellarOne acquisition in January, which created the largest community bank headquartered in Virginia,” said G. William Beale, president and chief executive officer of Union Bankshares Corporation, “In 2014, the company was focused on smoothly integrating StellarOne into Union, achieving our cost savings targets and generating sustainable growth in the combined community banking franchise. I am pleased to note that our integration efforts have been successful as we delivered on each of the financial metrics we laid out when we announced the acquisition, experienced lower than projected customer attrition, and in the fourth quarter, generated the strong loan growth we expected as our lending team began to assert itself in our markets. Looking forward, we believe that work done this past year 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.”
Select highlights for the fourth quarter include:
|·||Operating earnings(1) for the community bank segment, which excludes after-tax acquisition-related expenses of $563,000, were $16.5 million, or $0.36 per share, for the fourth quarter compared to $16.7 million, or $0.36 per share for the third quarter. For the year ended December 31, 2014, the community bank segment’s operating earnings were $69.8 million, or $1.52 per share.|
|·||The mortgage segment reported a net loss of $889,000, or $0.02 per share, for the fourth quarter compared to a net loss of $628,000, or $0.01 per share, for the third quarter. For the year ended December 31, 2014, the mortgage segment reported a net loss of $3.5 million, or $0.08 per share.|
|·||Operating Return on Average Tangible Common Equity(1) (“ROTCE”) was 9.51% and 10.19% for the quarter and year ended December 31, 2014, respectively. The operating ROTCE(1) of the community bank segment was 10.10% for the fourth quarter and 10.84% for the full year.|
|·||Operating Return on Average Assets(1) (“ROA”) was 0.86% and 0.91% for the quarter and year ended December 31, 2014, respectively. The operating ROA(1) of the community bank segment was 0.91% for the fourth quarter and 0.96% for the full year.|
|·||Operating efficiency ratio(1) improved to 64.8% for the current quarter from 69.8% in the prior quarter. The operating efficiency ratio for the community bank segment was 62.1% for the fourth quarter.|
|·||Loan growth was strong during the quarter. Ending loan balances increased $175.0 million, or 13.5% on an annualized basis, from September 30, 2014 and $68.4 million, or 1.3%, from December 31, 2013, on a pro forma basis (including StellarOne loans). Average loans outstanding increased $24.1 million from the prior quarter.|
|·||On January 31, 2014, the Company’s Board of Directors authorized a share repurchase program to purchase up to $65.0 million worth of the Company’s common stock on the open market or in privately negotiated transactions. The repurchase program is authorized through December 31, 2015. As of January 23, 2015, approximately 2.2 million common shares had been repurchased and approximately $10.0 million remained available under the repurchase program.|
The following information was filed by Union Bankshares Corp (UBSH) on Wednesday, January 28, 2015 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.
View differences made from one year to another to evaluate Union Bankshares Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Union Bankshares Corp.