Union First Market Bankshares Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs of Loans
January 23, 2013 at 07:01 pm IST
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Union First Market Bankshares Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported interest and dividend income of $45.183 million compared to $46.319 million a year ago. Net interest income was $39.160 million compared to $38.491 million a year ago. Income before income taxes was $13.359 million compared to $11.462 million a year ago. Net income was $9.442 million compared to $8.360 million a year ago. Diluted earnings per share was $0.37 compared to $0.28 a year ago. Return on average assets was 0.93% compared to 0.84% a year ago. Return on average equity was 8.41% compared to 7.49% a year ago.
For the year, the company reported interest and dividend income of $181.863 million compared to $189.073 million a year ago. Net interest income was $154.355 million compared to $156.360 million a year ago. Income before income taxes was $49.744 million compared to $41.709 million a year ago. Net income was $35.411 million compared to $30.445 million a year ago. Return on average assets was 0.89% compared to 0.79% a year ago. Return on average equity was 8.13% compared to 6.90% a year ago. Diluted earnings per share was $1.37 compared to $1.07 a year ago. Book value per common share was $17.30 as on December 31, 2012 compared to 16.17 as on December 31, 2011.
For the quarter ended December 31, 2012, net charge-offs of loans were $8.3 million, or 1.11% on an annualized basis, compared to $3.5 million, or 0.48%, for the third quarter and $4.2 million, or 0.59%, for the same quarter last year. The uptick in charge-offs from the prior quarter and prior year quarter relate to loans that were previously considered impaired and specifically reserved for in prior periods. Of the $8.3 million in net charge-offs in the current quarter, $6.7 million, or 81%, related to impaired loans specifically reserved for in prior periods including two loan relationships totaling $5.6 million that were charged off. Net charge-offs in the current quarter included commercial loans of $6.8 million and consumer loans of $1.5 million.
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 First Market Bankshares Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Net Charge-Offs of Loans