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Union Bankshares Corporation
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About Union
Income Statement
 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Interest and dividend income 
Interest and fees on loans 155,548246,366247,587262,567
Interest on deposits in other banks 176094244
Interest and dividends on securities 
Taxable 8,20215,22615,60618,319
Nontaxable 8,36013,29313,48413,790
Total interest and dividend income 172,127274,945276,771294,920
Interest expense 
Interest on deposits 14,09711,03415,55317,731
Interest on federal funds purchased 89NANANA
Interest on short-term borrowings 2655669442,894
Interest on long-term borrowings 6,0508,3278,4409,145
Total interest expense 20,50119,92724,93729,770
Net interest income 151,626255,018251,834265,150
Provision for credit losses 6,0567,8009,5719,100
Net interest income after provision for credit losses 145,570247,218242,263256,050
Noninterest income 
Service charges on deposit accounts 9,49217,72118,90419,496
Other service charges, commissions and fees 8,60714,98315,57517,175
Fiduciary and asset management fees 5,1839,0369,14110,199
Mortgage banking income, net 11,9009,7079,76710,953
Gains on securities transactions, net 211,6951,486205
Other-than-temporary impairment losses 00(300)0
Bank owned life insurance income 2,3114,6484,5935,513
Loan-related interest rate swap fees NA2934124,254
Other operating income 1,2143,2045,4293,112
Total noninterest income 38,72861,28765,00770,907
Noninterest expenses 
Salaries and benefits 70,369107,804104,192117,103
Occupancy expenses 11,54320,13620,05319,528
Furniture and equipment expenses 6,88411,87211,67410,475
Printing, postage, and supplies 2,9704,9245,1244,692
Communications expense 2,6814,9024,6343,850
Technology and data processing 7,75412,46513,66715,368
Professional services 3,4195,5946,3098,085
Marketing and advertising expense 4,3126,4067,2157,784
FDIC assessment premiums and other insurance 3,1106,1255,3765,406
Other taxes 3,1815,7846,2275,456
Loan-related expenses 2,4473,4694,0974,790
OREO and credit-related expenses 4,88010,1648,9112,602
Amortization of intangible assets 3,8319,7958,4457,210
Training and other personnel costs 2,0622,8933,6753,435
Acquisition and conversion costs 2,13220,34500
Other expenses 5,4725,5387,2836,919
Total noninterest expenses 137,047238,216216,882222,703
Income before income taxes 47,25170,28990,388104,254
Income tax expense 12,88518,12523,30926,778
Net income 34,36652,16467,07977,476
Basic earnings per common share 1.381.131.491.77
Diluted earnings per common share 1.371.131.491.77
Dividends declared per common share 0.540.580.680.77
Basic weighted average number of common shares outstanding 24,975,07746,036,02345,054,93843,784,193
Diluted weighted average number of common shares outstanding 25,030,71146,130,89545,138,89143,890,271
Net income 34,36652,16467,07977,476
Other comprehensive income (loss) 
Cash flow hedges 
Change in fair value of cash flow hedges 583(2,393)(1,394)270
Reclassification adjustment for losses (gains) included in net income 524591621508
AFS securities 
Unrealized holding gains (losses) arising during period (13,367)17,089(3,640)(8,186)
Reclassification adjustment for losses (gains) included in net income (14)(842)(771)(133)
HTM securities 
Accretion of unrealized gain for AFS securities transferred to HTM 00(819)(1,055)
Bank owned life insurance 
Unrealized holding losses arising during period NA00(1,728)
Reclassification adjustment for losses included in net income NA00263
Other comprehensive income (loss) (12,274)14,445(6,003)(10,061)
Comprehensive income 22,09266,60961,07667,415

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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