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Union First Market Bankshares in Richmond, Va., has agreed to acquire StellarOne in Charlottesville, Va.
June 10 -
Union First Market Bankshares (UBSH) in Richmond, Va., reported in a dip in quarterly profit because of costs tied to its purchase of StellarOne in Charlottesville, Va.
April 22 -
Bank investors may be softening their antipathy for long earn-back periods. When Union First Market Bankshares promised five years of dilution but a big boost to earnings from its deal for StellarOne, its stock declined only a little.
June 10
Union First Market Bankshares in Richmond, Va., is seeing the benefits of its
The $7.2 billion-asset company's earnings almost doubled from a year earlier, to $14.9 million, or 33 cents a share, despite $1.1 million in acquisition-related costs.
Net interest income rose 70%, to $64.5 million. Community banking income rose 69%, to $15.5 million.
Total loans rose 72%, to almost $5.2 billion, driven by a surge in consumer loans, which almost doubled to $1.5 billion. Total deposits rose 75%, to $5.6 billion. The net interest margin compressed by 9 basis points, to 4.11%.
Noninterest income soared 82%, to $16.7 million. Noninterest expenses increased 76%, to nearly $60 million.
Nonperforming assets rose 4%, to $58 million.
