Union Bankshares Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest and dividend income of $131,363,000 against $84,499,000 a year ago. Net interest income was $105,963,000 against $70,847,000 a year ago. Net interest income after provision for credit losses was $102,623,000 against $67,791,000 a year ago. Income from continuing operations was $38,762,000 against $20,420,000 a year ago. Net income was $38,197,000 compared to $20,658,000 a year ago. Net operating earnings were $39,326,000 or $0.60 diluted per share against $21,319,000 or $0.49 diluted per share a year ago. Basic and diluted earnings per common share were $0.58 against $0.47 a year ago. Return on average assets was 1.17% against 0.91% a year ago. Return on average equity was 8.06% against 7.90% a year ago. Book value per common share was $28.68 against $24.00 for the same period a year ago. Tangible book value per common share was $16.79 against $16.76 for the same period a year ago.

For the nine months period, the company reported total interest and dividend income of $388,151,000 against $241,865,000 a year ago. Net interest income was $317,602,000 against $205,918,000 a year ago. Net interest income after provision for credit losses was $308,591,000 against $198,574,000 a year ago. Income from continuing operations was $105,136,000 against $57,084,000 a year ago. Net income was $102,163,000 compared to $57,737,000 a year ago. Net operating earnings were $132,065,000 or $2.01 diluted per share against $60,757,000 or $1.39 diluted per share a year ago. Basic and diluted earnings per common share were $1.55 against $1.32 a year ago. Return on average assets was 1.05% against 0.88% a year ago. Return on average equity was 7.38% against 7.53% a year ago. Book value per common share was $28.68 against $24.00 for the same period a year ago. Tangible book value per common share was $16.79 against $16.76 for the same period a year ago.

For the third quarter of 2018, net charge-offs were $3.2 million. The majority of net charge-offs in the third quarter of 2018 were related to consumer loans.

For the fourth quarter, the company expects an effective tax rate of approximately 17.5% going forward in the fourth quarter and beyond.