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Union Bankshares Corporation
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About Union
Income Statement
 2013 Y2014 Y2015 Y2016 Y2017 Q1 YTD
Source Document12/31/201512/31/201612/31/201612/31/20163/31/2017
(in thousands)     
Interest and dividend income 
Interest and fees on loans 155,548246,366247,587262,56768,084
Interest on deposits in other banks 17609424471
Interest and dividends on securities 
Taxable 8,20215,22615,60618,3194,923
Nontaxable 8,36013,29313,48413,7903,562
Total interest and dividend income 172,127274,945276,771294,92076,640
Interest expense 
Interest on deposits 14,09711,03415,55317,7315,077
Interest on federal funds purchased 89NANANANA
Interest on short-term borrowings 2655669442,894950
Interest on long-term borrowings 6,0508,3278,4409,1454,046
Total interest expense 20,50119,92724,93729,77010,073
Net interest income 151,626255,018251,834265,15066,567
Provision for credit losses 6,0567,8009,5719,1002,122
Net interest income after provision for credit losses 145,570247,218242,263256,05064,445
Noninterest income 
Service charges on deposit accounts 9,49217,72118,90419,4964,829
Other service charges and fees 8,60714,98315,57517,1754,408
Fiduciary and asset management fees 5,1839,0369,14110,1992,794
Mortgage banking income, net 11,9009,7079,76710,9532,025
Gains on securities transactions, net 211,6951,486205481
Other-than-temporary impairment losses 00(300)0NA
Bank owned life insurance income 2,3114,6484,5935,5132,125
Loan-related interest rate swap fees NA2934124,2541,180
Other operating income 1,2143,2045,4293,112997
Total noninterest income 38,72861,28765,00770,90718,839
Noninterest expenses 
Salaries and benefits 70,369107,804104,192117,10332,168
Occupancy expenses 11,54320,13620,05319,5284,903
Furniture and equipment expenses 6,88411,87211,67410,4752,603
Printing, postage, and supplies 2,9704,9245,1244,6921,150
Communications expense 2,6814,9024,6343,850910
Technology and data processing 7,75412,46513,66715,3683,900
Professional services 3,4195,5946,3098,0851,658
Marketing and advertising expense 4,3126,4067,2157,7841,740
FDIC assessment premiums and other insurance 3,1106,1255,3765,406706
Other taxes 3,1815,7846,2275,4562,022
Loan-related expenses 2,4473,4694,0974,7901,329
OREO and credit-related expenses 4,88010,1648,9112,602541
Amortization of intangible assets 3,8319,7958,4457,2101,637
Training and other personnel costs 2,0622,8933,6753,435969
Acquisition and conversion costs 2,13220,34500NA
Other expenses 5,4725,5387,2836,9191,159
Total noninterest expenses 137,047238,216216,882222,70357,395
Income before income taxes 47,25170,28990,388104,25425,889
Income tax expense 12,88518,12523,30926,7786,765
Net income 34,36652,16467,07977,47619,124
Basic earnings per common share 1.381.131.491.770.44
Diluted earnings per common share 1.371.131.491.770.44
Dividends declared per common share 0.540.580.680.770.2
Basic weighted average number of common shares outstanding 24,975,07746,036,02345,054,93843,784,19343,654,498
Diluted weighted average number of common shares outstanding 25,030,71146,130,89545,138,89143,890,27143,725,923
Net income 34,36652,16467,07977,47619,124
Other comprehensive income (loss) 
Cash flow hedges 
Change in fair value of cash flow hedges 583(2,393)(1,394)270(31)
Reclassification adjustment for losses (gains) included in net income 524591621508180
AFS securities 
Unrealized holding gains (losses) arising during period (13,367)17,089(3,640)(8,186)3,637
Reclassification adjustment for losses (gains) included in net income (14)(842)(771)(133)(313)
HTM securities 
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM 00(819)(1,055)(184)
Bank owned life insurance 
Unrealized holding losses arising during period NA00(1,728)NA
Reclassification adjustment for losses included in net income NA00263109
Other comprehensive income (loss) (12,274)14,445(6,003)(10,061)3,398
Comprehensive income 22,09266,60961,07667,41522,522

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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