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D. Anthony Peay - (804) 632-2112
Executive Vice President/ Chief Financial Officer
UNION FIRST MARKET BANKSHARES CORPORATION REPORTS FOURTH
QUARTER AND ANNUAL RESULTS
Richmond, Va., January 26, 2011 - Union First Market Bankshares Corporation (the Company) (NASDAQ: UBSH) today reported net income of $4.4 million and earnings per share of $0.15 for its fourth quarter and net income of $22.9 million and earnings per share of $0.83 for the year ended December 31, 2010. The quarterly results represent an increase of $1.6 million in net income and $0.15 in earnings per share from the prior year fourth quarter and an increase of $14.6 million in net income and a $0.64 increase in earnings per share from the year ended on December 31, 2009.
Union First Market Bankshares delivered strong earnings to our shareholders in 2010 and we are proud of what our teammates were able to accomplish including the acquisition of First Market Bank and the consolidation of our two affiliate banks into the Union First Market Bank brand, said G. William Beale, chief executive officer of Union First Market Bankshares. During the fourth quarter, we announced our agreement to acquire the Harrisonburg branch of NewBridge Bank and expect to close that acquisition in May 2011. We have increased our efforts to manage our nonperforming assets and work through issues with some of our borrowers. Our bank remains one of the strongest community banks in Virginia and is uniquely positioned to grow profitably through these challenging times.
Net income for the year ending December 31, 2010 was $22.9 millionthe highest level in four years. Net income excluding $9.4 million in one-time expenses amounted to approximately $29.8 million.
The core net interest margin for the fourth quarter was 4.29%, excluding the impact of acquisition accounting, an increase of 6 basis points from the third quarter and an increase of 32 basis points from the fourth quarter of 2009.
Due to additional earning assets from the First Market Bank (FMB) acquisition and significant reductions in the cost of funds, net interest income improved $16.6 million from the fourth quarter of 2009.
Nonperforming loans as a percentage of total loans increased to 2.17% from 1.81% in the third quarter of 2010. Nonaccrual loans and other real estate owned (OREO) experienced similar increases due principally to continued softness in residential home builder real estate markets we serve. Provision for loan losses increased $3.6 million from the third quarter and were principally related to charge-offs from continued weakness in the residential home builder real estate markets.
Mortgage segment net income for the fourth quarter was $854,000, a slight decline of $45,000 from the third quarter of 2010. This completed a year of strong performance in which the mortgage segment generated net income of $3.1 million.
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The following information was filed by Union Bankshares Corp (UBSH) on Thursday, January 27, 2011 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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