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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 23, 2013 - Union First Market Bankshares Corporation (the Company) (NASDAQ: UBSH) today reported net income of $9.4 million and earnings per share of $0.37 for its fourth quarter ended December 31, 2012. The quarterly results represent a decrease of $184,000, or 1.9%, in net income from the most recent quarter and an increase of $1.1 million, or 12.9%, from the same quarter ended December 31, 2011. Reported earnings per share of $0.37 for the current quarter were unchanged from the most recent quarter and increased $0.09, or 32.1%, from the prior years fourth quarter. Net income for the year ended December 31, 2012 was $35.4 million, an increase of $5.0 million, or 16.3%, from 2011 resulting in earnings per share of $1.37, an increase of $0.30, or 28.0%, from $1.07 for the year ended December 31, 2011. Earnings per share for the quarter and the year ended December 31, 2011 included preferred dividends and discount accretion on preferred stock of $1.1 million and $2.7 million, respectively.
The fourth quarter and full year results demonstrate the continued success and resilience of our business strategy as Union remains committed to achieving top quartile financial performance nationally and providing our shareholders with above average returns on their investment, said G. William Beale, Chief Executive Officer of Union First Market Bankshares. Our disciplined approach to loan and deposit growth and related pricing, focus on increasing revenues through new product and service offerings, our ongoing pursuit to more efficiently deliver best in class service to our customers and to diligently manage expenses, as well as our steadfast focus on asset quality served us well in 2012 and effectively positions us to deliver sustainable top tier financial performance in the future.
During the quarter, our growth strategy continued to yield results as the company experienced loan growth for the fifth consecutive quarter, customer deposit levels grew at a strong pace and Union Mortgage continued to increase its contribution to the Companys bottom line. In addition, asset quality trends remained positive during the quarter as nonperforming assets declined to their lowest levels in three years. As part of our ongoing efforts to improve the Companys efficiency ratio we completed the implementation of several initiatives that will result in increased non-interest income and expense savings in 2013. Finally, during the quarter we increased the Companys dividend for the third time in 2012 and repurchased 750,000 shares as part of our commitment to shareholder returns and effective capital management. All in all, it was another solid quarter and year for Union and one that we expect to build upon in the quarters ahead, Beale concluded.
The Company earned a Return on Average Equity (ROE) of 8.41% for the quarter ended December 31, 2012 compared to ROE of 8.70% and 7.49% for the prior quarter and the same quarter of the prior year. For the year ended December 31, 2012, ROE was 8.13% compared to 6.90% for the prior year.
The following information was filed by Union Bankshares Corp (UBSH) on Thursday, January 24, 2013 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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