Union Bankshares Corporation (UBSH) has reported a 16.63 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $20.78 million, or $0.48 a share in the quarter, compared with $17.81 million, or $0.40 a share for the same period last year.

Revenue during the quarter grew 9.45 percent to $84.94 million from $77.61 million in the previous year period. Net interest income for the quarter rose 9.60 percent over the prior year period to $68.62 million. Non-interest income for the quarter rose 6.08 percent over the last year period to $18.05 million.

Union Bankshares Corporation has made provision of $1.72 million for loan losses during the quarter, down 14.28 percent from $2.01 million in the same period last year.

Net interest margin was stable at 3.63 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 64.92 percent from 68.42 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"2016 was a year of growth and change for Union," said John C. Asbury, president and chief executive officer for Union Bankshares Corporation. “With double digit gains in net income, earnings per share and loans for the year, the company showed impressive growth in 2016 and demonstrated the earnings power of the bank. Union made meaningful progress on its goal of achieving top tier financial performance by posting solid gains in our return on assets and return on tangible common equity profitability ratios from the prior year. Improving efficiency, along with diversifying the loan portfolio, growing core deposits to fund loan growth, and finalizing the work already underway to cross the $10 billion threshold will be focus areas for Union in 2017. I also want to personally thank Billy Beale for his service and dedication to Union over the past 25 years and for the remarkably smooth leadership transition. The company is well positioned to continue to deliver long term shareholder value thanks to Billy's leadership and we look forward to his continuing contributions to the Company as a board member and an advisor going forward."

Noninterest-bearing deposit liabilities were $1,393.62 million or 21.85 percent of total deposits on Dec. 31, 2016, compared with $1,372.94 million or 23.02 percent of total deposits on Dec. 31, 2015.

Investments stood at $1,148.29 million as on Dec. 31, 2016, up 3.57 percent or $39.62 million from year-ago. Shareholders equity stood at $1,001.03 million as on Dec. 31, 2016, up 0.57 percent or $5.67 million from year-ago.

Return on average assets moved up 6 basis points to 0.99 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 114 basis points to 8.22 percent in the quarter from 7.08 percent in the last year period.

Nonperforming assets moved down 26.36 percent or $7.18 million to $20.06 million on Dec. 31, 2016 from $27.24 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.24 percent in the quarter, down from 0.35 percent in the last year period.