Union Bankshares Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017
January 23, 2018 at 08:25 pm IST
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Union Bankshares Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $87,482,000 compared with $76,957,000 for the same period a year ago. Net interest income was $73,392,000 compared with $68,615,000 for the same period a year ago. Income before income taxes was $27,280,000 compared with $28,675,000 for the same period a year ago. Net income was $15,185,000 or $0.35 per basic and diluted share compared with $20,776,000 or $0.48 per basic and diluted share for the same period a year ago. Return on average assets was 0.66% compared with 0.99% for the same period a year ago. Return on average equity was 5.75% compared with 8.22% for the same period a year ago. Return on average tangible common equity was 8.20% compared with 12.05% for the same period a year ago.
For the full year, the company reported total interest and dividend income of $330,194,000 compared with $294,920,000 for the same period a year ago. Net interest income was $280,157,000 compared with $265,150,000 for the same period a year ago. Income before income taxes was $106,310,000 compared with $104,254,000 for the same period a year ago. Net income was $72,923,000 or $1.67 per basic and diluted share compared with $77,476,000 or $1.77 per basic and diluted share for the same period a year ago. Return on average assets was 0.83% compared with 0.96% for the same period a year ago. Return on average equity was 7.07% compared with 7.79% for the same period a year ago. Return on average tangible common equity was 10.20% compared with 11.45% for the same period a year ago. Book value per common share as on December 31, 2017 was $24.10 compared with $23.15 for the same period a year ago. Tangible book value per common share as on December 31, 2017 was $16.88 compared with $15.78 for the same period a year ago.
For the fourth quarter of 2017, net charge-offs were $2.7 million against $824,000 for the same quarter last year.
Atlantic Union Bankshares Corporation is the holding company for Atlantic Union Bank. The Company's segments include Wholesale Banking, Consumer Banking and Corporate Other. The Wholesale Banking segment provides loan, leasing and deposit services, as well as treasury management, small business administration (SBA) lending and capital market services to its wholesale customers primarily throughout Virginia, Maryland, North Carolina, and South Carolina. These customers include commercial real estate and commercial and industrial customers. This segment also includes its equipment finance subsidiary, Atlantic Union Equipment Finance. The private banking and trust businesses also reside in the Wholesale Banking segment. The Consumer Banking segment provides loan and deposit services to consumers and small businesses throughout Virginia, Maryland and North Carolina. The Consumer Banking segment includes its home loan division and its investment management and advisory services businesses.
Union Bankshares Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017