StellarOne Profit Rises - Quick Facts

(RTTNews) - StellarOne Corp. (STEL) Monday reported third-quarter net income of $6.3 million or $0.28 net income per share, up 13% from $5.6 million or $0.24 per share in the prior year.

Operating earnings for the quarter, excluding the impact of merger costs, were $6.9 million or $0.30 per share for the quarter.

On average, five analysts polled by Thomson Reuters estimated earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter totaled $32 million, up from $31.7 million last year. Analysts estimated revenues of $32.93 million for the quarter.

"Our third quarter results were indicative of continued positive momentum with improving asset quality measures, solid loan growth, expense management and stable revenues," said CEO Barham, Jr.

In June, StellarOne said it will merge with Union First Market Bankshares Corp. (UBSH). As per the terms, Union will acquire StellarOne, with common shareholders of StellarOne receiving 0.9739 shares of Union common stock for each share of StellarOne. The deal is epcted to close on or around January 1, 2014.