Union First Market Bankshares Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs of Loans for the Fourth Quarter of 2013
For the year, the company reported interest and dividend income of $172,127,000 compared to $181,863,000 a year ago. Net interest income was $151,626,000 compared to $154,355,000 a year ago. Income before income taxes was $47,009,000 compared to $49,744,000 a year ago. Net income was $34,496,000 compared to $35,411,000 a year ago. Return on average assets was 0.85% compared to 0.89% a year ago. Return on average equity was 7.91% compared to 8.13% a year ago. Diluted earnings per share were $1.38 compared to $1.37 a year ago. Book value per common share was $17.56 as on December 31, 2013. Net operating earnings (non- GAAP) was $36,535,000 or $1.46 per diluted share compared to $35,411,000 or $1.37 per diluted share a year ago.
The company announced net charge-offs of loans were $4.9 million for the fourth quarter ended December 31, 2013.