StellarOne Q4 net income increases

StellarOne Corporation, a provider of time deposit accounts, commercial and consumer loans, residential mortgages, credit card services and deposit services, has reported net income available to common shareholders of $6.22 million, or $0.27 per share, for the fourth quarter ended December 31, 2012, compared to $3.8 million, or $0.17 per share, for the fourth quarter ended December 31, 2011.

Net interest income for the fourth quarter ended December 31, 2012 was $24.2 million, compared to $24.27 million for the fourth quarter ended December 31, 2011.

Net income available to common shareholders for the year ended December 31, 2012 was $22.16 million, or $0.96 per share, compared to $13.43 million, or $0.59 per share, for the year ended December 31, 2011.

Net interest income for the year ended December 31, 2012 was $96.58 million, compared to $96.42 million for the year ended December 31, 2011.

"2012 was a rewarding year for StellarOne," said O. R. Barham, Jr., president and CEO. "We achieved significantly improved profitability in large part due to asset quality improvement, but also saw noninterest income grow 10.6% annually led by our mortgage line of business, with solid contributions from commercial and retail banking as well as wealth management. We continued to strengthen our talented team, and opened three strategic branch locations in Charlottesville, Richmond and Virginia Beach. Loan growth was stronger in the second half of the year, and we have some positive momentum heading into 2013."