LOGO

 

Contact:

    

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.”

Select highlights:

 

   

Net income for the year ending December 31, 2010 was $22.9 million—the 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.

 

- more -


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.

View differences made from one year to another to evaluate Union Bankshares Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Union Bankshares Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account