Union Bankshares Corp. (UBSH, Financial) filed Quarterly Report for the period ended 2011-09-30.
Union First Market Bankshares Corp. has a market cap of $336.8 million; its shares were traded at around $12.93 with a P/E ratio of 13.8 and P/S ratio of 1.4. The dividend yield of Union First Market Bankshares Corp. stocks is 2.2%.
For the quarter ended September 30, 2011, noninterest income decreased $809,000, or 6.5%, to $11.5 million from $12.4 million in the prior years same quarter. Gains on sales of loans in the mortgage segment decreased $1.1 million, or 18.5%, due to lower origination volume than the record levels a year earlier. During the current quarter, the Company sold securities for a gain of $499,000 compared to a gain of $38,000 in the prior years same quarter. Also during the quarter, the Company incurred a credit-related OTTI loss of $400,000 as mentioned above. Other service charges and fees increased $394,000, which included higher debit card income, ATM fees, and brokerage commissions. During the current quarter, the Company recorded gains on sales of OREO of $118,000, compared to $332,000 in the prior years same quarter. Excluding the mortgage segment operations, current quarter net gain on securities transactions, and current and prior period real estate transactions, noninterest income increased $442,000, or 7.2%, from the same period a year ago, primarily as a result of higher account service charge fees.
For the nine months ending September 30, 2011, noninterest income decreased $2.1 million, to $32.1 million, from $34.2 million a year ago. Gains on sales of loans in the mortgage segment decreased $1.6 million due to lower origination volume. The Company sold a branch building as mentioned above and accrued a loss on the sale of $626,000 of company owned real estate. In addition, the Company recorded $404,000 gains on sales of OREO property in 2010, compared to losses on sales of $327,000 during 2011. As a result, gains on sales of OREO and Company owned real estate declined $1.3 million. Service charges on deposit accounts decreased $227,000 primarily related to lower overdraft and account service charges. Other service charges and fees increased $1.2 million, generally related to higher debit card fee income, brokerage commissions, and higher ATM fee income, while other operating income decreased $234,000
Noninterest income increased $1.0 million, or 17.7%, to $6.8 million from $5.8 million in the second quarter. Gains on sales of OREO and Company owned real estate increased $298,000 and $611,000, respectively. During the prior quarter, the Company reached agreement to sell a branch building previously closed in connection with the FMB merger and a loss of $626,000 was accrued in the second quarter. Gains on sales of securities increased $499,000 related to sales of municipals and mortgage backed securities mentioned above. Also during the quarter, a single issuer Trust Preferred security was determined to be impaired and the Company recorded an OTTI loss of $400,000.
Noninterest income increased $289,000, or 4.4%, to $6.8 million from $6.5 million in the prior years same quarter. During the current quarter, the Company sold securities for a gain of $499,000 compared to a gain of $38,000 in the prior years same quarter. Also during the quarter, the Company incurred a credit-related OTTI loss of $400,000 as mentioned above which was recognized in earnings. Other service charges and fees increased $394,000, which included higher debit card income, ATM fees, and brokerage commissions. During the current quarter, the Company recorded gains on sales of other real estate owned of $118,000, compare to $332,000 in the prior years same quarter.
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Union First Market Bankshares Corp. has a market cap of $336.8 million; its shares were traded at around $12.93 with a P/E ratio of 13.8 and P/S ratio of 1.4. The dividend yield of Union First Market Bankshares Corp. stocks is 2.2%.
Highlight of Business Operations:
On a linked quarter basis, noninterest income increased $1.6 million, or 15.9%, to $11.5 million from $9.9 million in the second quarter. Gains on sales of OREO and Company owned real estate increased $298,000 and $611,000, respectively. During the second quarter, the Company reached an agreement to sell a previously closed branch building and a loss of $626,000 was accrued in the second quarter. Gains on the sales of loans in the mortgage segment increased $558,000, or 13.0%, and were driven by higher volume in loan originations. Increases in mortgage loan refinancing volume accounted for most of the volume increase as refinanced loans as a percentage of originations in the mortgage segment increased from 20.2% in the second quarter to 35.7%. Gains on sales of securities increased $499,000 and included the sale of municipals with lower credit ratings and the sale of low residual balance mortgage backed securities with administrative costs that generally exceed interest earned. Also during the quarter, a single issuer Trust Preferred security was determined to be impaired, and the Company recorded an OTTI loss of $400,000, which was recognized in earnings. Excluding mortgage segment operations, the current quarter net gain on securities transactions, and current and prior period real estate transactions, noninterest income increased $14,000 or 0.2%, essentially flat from the second quarter.For the quarter ended September 30, 2011, noninterest income decreased $809,000, or 6.5%, to $11.5 million from $12.4 million in the prior years same quarter. Gains on sales of loans in the mortgage segment decreased $1.1 million, or 18.5%, due to lower origination volume than the record levels a year earlier. During the current quarter, the Company sold securities for a gain of $499,000 compared to a gain of $38,000 in the prior years same quarter. Also during the quarter, the Company incurred a credit-related OTTI loss of $400,000 as mentioned above. Other service charges and fees increased $394,000, which included higher debit card income, ATM fees, and brokerage commissions. During the current quarter, the Company recorded gains on sales of OREO of $118,000, compared to $332,000 in the prior years same quarter. Excluding the mortgage segment operations, current quarter net gain on securities transactions, and current and prior period real estate transactions, noninterest income increased $442,000, or 7.2%, from the same period a year ago, primarily as a result of higher account service charge fees.
For the nine months ending September 30, 2011, noninterest income decreased $2.1 million, to $32.1 million, from $34.2 million a year ago. Gains on sales of loans in the mortgage segment decreased $1.6 million due to lower origination volume. The Company sold a branch building as mentioned above and accrued a loss on the sale of $626,000 of company owned real estate. In addition, the Company recorded $404,000 gains on sales of OREO property in 2010, compared to losses on sales of $327,000 during 2011. As a result, gains on sales of OREO and Company owned real estate declined $1.3 million. Service charges on deposit accounts decreased $227,000 primarily related to lower overdraft and account service charges. Other service charges and fees increased $1.2 million, generally related to higher debit card fee income, brokerage commissions, and higher ATM fee income, while other operating income decreased $234,000
Noninterest income increased $1.0 million, or 17.7%, to $6.8 million from $5.8 million in the second quarter. Gains on sales of OREO and Company owned real estate increased $298,000 and $611,000, respectively. During the prior quarter, the Company reached agreement to sell a branch building previously closed in connection with the FMB merger and a loss of $626,000 was accrued in the second quarter. Gains on sales of securities increased $499,000 related to sales of municipals and mortgage backed securities mentioned above. Also during the quarter, a single issuer Trust Preferred security was determined to be impaired and the Company recorded an OTTI loss of $400,000.
Noninterest income increased $289,000, or 4.4%, to $6.8 million from $6.5 million in the prior years same quarter. During the current quarter, the Company sold securities for a gain of $499,000 compared to a gain of $38,000 in the prior years same quarter. Also during the quarter, the Company incurred a credit-related OTTI loss of $400,000 as mentioned above which was recognized in earnings. Other service charges and fees increased $394,000, which included higher debit card income, ATM fees, and brokerage commissions. During the current quarter, the Company recorded gains on sales of other real estate owned of $118,000, compare to $332,000 in the prior years same quarter.
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