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|Contact:||D. Anthony Peay - (804) 632-2112|
|Executive Vice President/ Chief Financial Officer|
UNION FIRST MARKET BANKSHARES REPORTS FOURTH QUARTER RESULTS
Richmond, Va., January 26, 2012 - Union First Market Bankshares Corporation (the Company) (NASDAQ: UBSH) today reported net income of $8.4 million and earnings per share of $0.28 for its fourth quarter ended December 31, 2011. The quarterly results represent a decrease of $711,000 in net income or $0.05 in earnings per share from the third quarter, but an increase of $3.9 million in net income or $0.13 in earnings per share from the quarter ended December 31, 2010. Net income available to common shareholders, which deducts dividends and discount accretion on preferred stock from net income, was $7.3 million compared to $3.9 million for the prior years fourth quarter. The fourth quarter decrease in net income was largely attributable to a decline in net interest income.
Asset quality trends remained positive as we continued to make progress on our efforts to reduce our non-performing assets. During the fourth quarter, we saw a significant number of new account openings as customers searched for a better place to bank and survey results indicated customer satisfaction with Union reached a new high, said G. William Beale, chief executive officer of Union First Market Bankshares. Finally, I was pleased that the Company was able to redeem the assumed CPP during the quarter, which clearly shows the financial strength of our bank. Our community banking management philosophy has benefited our shareholders, customers, and the communities we serve through these challenging economic times.
In December, the Company redeemed the Preferred Stock issued to the United States Treasury (the Treasury) under the Capital Purchase Program (CPP). The Preferred Stock was assumed by the Company as part of the 2010 merger with First Market Bank, FSB (FMB).
The Companys results generated a Return on Average Equity (ROE) of 7.49% and 6.90% and Return on Average Assets (ROA) of 0.84% and 0.79% for the quarter and year ended December 31, 2011, respectively. ROE and ROA were 5.50% and 0.61%, respectively, for the year ended December 31, 2010.
Provision for loan losses decreased $1.2 million from the most recent quarter, and decreased $7.6 million for the year ending December 31, 2011.
Nonperforming assets (which includes nonaccrual loans and other real estate owned (OREO)) decreased $9.3 million or 10.8% during the fourth quarter of 2011 and decreased $20.7 million for the year, or 21.1%.
Total deposits grew $105.0 million, or 3.4%, for the year ended December 31, 2011, and grew $40.2 million, or 1.3%, during the fourth quarter.
The following information was filed by Union Bankshares Corp (UBSH) on Monday, January 30, 2012 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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