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Union Bankshares Corporation
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About Union
Cash Flow Statement
 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Operating activities 
Net income 34,36652,16467,07977,476
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities 
Depreciation of premises and equipment 6,02410,74210,77610,215
Writedown of OREO 7917,6466,0021,017
Other-than-temporary impairment recognized in earnings 003000
Amortization, net 12,31516,33714,95113,555
Amortization (accretion) related to acquisition, net 1,585(255)1,8231,534
Provision for credit losses 6,0567,8009,5719,100
Gains on securities transactions, net (21)(1,695)(1,486)(205)
Bank owned life insurance income NA(4,648)(4,593)(5,513)
Deferred tax expense (benefit) 2622,644(1,212)243
Decrease (increase) in loans held for sale, net 114,51321,5306,489(457)
Gains on sales of other real estate owned, net 461(1,381)(260)(342)
Losses on sales of premises, net 34018489125
Gains on sale of loans held for investment 00(470)0
Stock-based compensation expenses 8899791,3883,270
Issuance of common stock for services 477713564533
Net decrease (increase) in other assets (27,377)9,8962,692(14,810)
Net increase (decrease) in other liabilities 6,3484,564(2,780)(1,898)
Net cash and cash equivalents provided by operating activities 157,029127,220110,92393,843
Investing activities 
Purchases of securities available for sale and restricted stock (300,324)(411,916)(259,761)(259,020)
Purchases of securities held to maturity 00(9,830)(2,390)
Proceeds from sales of securities available for sale and restricted stock 43,354289,389101,15469,516
Proceeds from maturities, calls and paydowns of securities available for sale 129,942143,656142,644115,670
Proceeds from maturities, calls and paydowns of securities held to maturity 003,6802,686
Net increase in loans held for investment (91,911)(74,753)(356,300)(637,207)
Proceeds from sale of loans held for investment 0027,3510
Net increase in premises and equipment (4,759)(7,124)(3,870)(6,339)
Proceeds from sales of other real estate owned 7,56917,80810,3095,837
Improvements to other real estate owned (561)(686)(308)0
Purchases of BOLI policies 00(30,000)0
Cash paid for equity-method investments (2,000)(60)(355)0
Cash paid in acquisition NA00(4,077)
Cash acquired in bank acquisitions 049,9890207
Net cash and cash equivalents provided by (used in) investing activities (218,690)6,303(375,286)(715,117)
Financing activities 
Net increase in noninterest-bearing deposits 45,77395,664173,55920,688
Net increase (decrease) in interest-bearing deposits (106,698)(164,696)153,450394,865
Net increase in short-term borrowings 131,68574,2111,584187,804
Proceeds from issuance of long-term debt 2,23400178,000
Repayments of long-term debt NA0(10,000)(57,500)
Cash dividends paid - common stock (12,535)(25,494)(29,082)(33,672)
Repurchase of common stock (9,499)(52,599)(16,260)(33,177)
Issuance of common stock 9271,2309281,429
Vesting of restricted stock, including tax effects (105)(1,602)(416)(586)
Net cash and cash equivalents provided by (used in) financing activities 51,782(73,286)273,763657,851
Increase in cash and cash equivalents (9,879)60,2379,40036,577
Cash and cash equivalents at beginning of the period 82,90273,023133,260142,660
Cash and cash equivalents at end of the period 73,023133,260142,660179,237
Supplemental Disclosure of Cash Flow Information 
Cash payments for 
Interest 21,01328,39427,52629,576
Income taxes 11,50017,50021,40027,900
Supplemental schedule of noncash investing and financing activities 
Unrealized (losses) gains on securities available for sale (20,586)NANANA
Transfer from securities available for sale to securities held to maturity 00201,8220
Changes in fair value of interest rate swap loss 1,107NANANA
Transfers between loans and other real estate owned 8,5532,1417001,297
Transfers from bank premises to other real estate owned 98910,9292,2240
Issuance of common stock in exchange for net assets in acquisition 0549,5230453
Transactions related to bank acquisition 
Assets acquired 02,957,52104,668
Liabilities assumed 02,642,12004,807

Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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