Revenue during the quarter grew 8.10 percent to $83.28 million from $77.04 million in the previous year period. Net interest income for the quarter rose 4.45 percent over the prior year period to $66.57 million. Non-interest income for the quarter rose 18.38 percent over the last year period to $18.84 million.

Union Bankshares has made provision of $2.12 million for loan losses during the quarter, down 18.51 percent from $2.60 million in the same period last year.

Net interest margin contracted 16 basis points to 3.52 percent in the quarter from 3.68 percent in the last year period. Efficiency ratio for the quarter improved to 67.20 percent from 68.14 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"I am pleased with Unions start to the year as we delivered strong first quarter financial results,” said John C. Asbury, president and chief executive officer of Union Bankshares Corporation. "During the quarter, loans grew by 3.9% from the prior quarter, or 16% on an annualized basis, and deposits grew by 3.7% from the prior quarter, or 15% on an annualized basis, as we continued to generate sustainable, profitable growth for our shareholders. Im also pleased to note that we made solid progress during the quarter in each of our four 2017 key focus areas of diversifying our loan portfolio and income streams, growing core deposits to fund loan growth, improving efficiency, and finalizing our readiness to cross the $10 billion asset threshold. Going forward, we remain committed to achieving top tier financial performance and providing our shareholders with above average returns on their investment."

Deposits stood at $6,614.20 million as on Mar. 31, 2017, up 11.24 percent compared with $5,945.98 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $1,490.80 million or 22.54 percent of total deposits on Mar. 31, 2017, compared with $1,363.24 million or 22.93 percent of total deposits on Mar. 31, 2016.

Investments stood at $1,156.54 million as on Mar. 31, 2017, up 1.11 percent or $12.68 million from year-ago. Shareholders equity was at $1,015.63 million as on Mar. 31, 2017.

Return on average assets moved up 4 basis points to 0.92 percent in the quarter from 0.88 percent in the last year period. At the same time, return on average equity increased 79 basis points to 7.68 percent in the quarter from 6.89 percent in the last year period.

Nonperforming assets moved up 16.84 percent or $4.60 million to $31.94 million on Mar. 31, 2017 from $27.34 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.37 percent in the quarter, up from 0.35 percent in the last year period.