Union Bankshares’ earnings per share, on a diluted basis, decreased $0.21, or 43.8%, from $0.48 to $0.27 for the same quarter in 2006. Return on average equity for the fourth quarter was 6.80%, while return on average assets for the same period was 0.64%, compared to 13% and 1.22%, respectively, for the prior year’s same quarter.
For the 12 months ended December 31, 2007, net income was $19.8 million, down 24% from $26 million compared to the same period in 2006. This represents a decrease in earnings per share, on a diluted basis of $0.47, or 24.2%, from $1.94 to $1.47.
William Beale, president and CEO of Union Bankshares Corporation, said: When a bank faces a downturn of the economy in its marketplace, management’s first concerns are asset quality and declining growth of earning assets. I am encouraged that our asset quality has remained strong through 2007 and that loan staff has successfully transitioned from residential based lending to commercial oriented lending.
