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Investor
Presentation
Nasdaq: UBSH
May/June 2018
Exhibit 99.1
Certain statements in this presentation which are not statements of historical fact constitute forward-
looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities
Act of 1933, as amended, or the “Securities Act,” and Section 21E of the Exchange Act. Forward-looking
statements include statements with respect to our beliefs, plans, objectives, goals, targets, expectations,
anticipations, assumptions, estimates, intentions and future performance and involve known and
unknown risks, many of which are beyond our control and which may cause our actual results,
performance or achievements or the commercial banking industry or economy generally, to be materially
different from future results, performance or achievements expressed or implied by such forward-looking
statements.
All statements other than statements of historical fact are forward-looking statements. You can identify
these forward-looking statements through our use of words such as “believes,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,”
“plans,” “potential” and other similar words and expressions of the future or otherwise regarding the
outlook for our future business and financial performance and/or the performance of the commercial
banking industry and economy in general. Forward-looking statements may include, without limitation:
• projections of revenues, expenses, income, income per share, net interest margins, asset growth,
loan production, asset quality, deposit growth and other performance measures;
• statements regarding the anticipated benefits from or other effects of the merger between Union
and Xenith;
• statements regarding expansion of operations, including branch openings, entrance into new
markets, development of products and services, and execution of strategic initiatives; and
• discussions of the future state of the economy, competition, regulation, taxation, our business
strategies, subsidiaries, investment risk and policies.
Forward-looking statements are subject to various risks and uncertainties, which change over time, are
based on management’s expectations and assumptions at the time the statements are made and are
not guarantees of future results. Actual future performance, outcomes and results may differ materially
from those expressed in or contemplated by these forward-looking statements due to certain risks,
uncertainties and assumptions, many of which are beyond our ability to control or predict. Certain factors
that may affect our future results include, but are not limited to:
• the possibility that any of the anticipated benefits of the merger of Xenith with and into the
Company, with the Company surviving, will not be realized or will not be realized within the
expected time period, the businesses of the Company and Xenith may not be integrated
successfully or such integration may be more difficult, time-consuming or costly than expected, the
expected revenue synergies and cost savings from the merger may not be fully realized or realized
within the expected time frame, revenues following the merger may be lower than expected, or
customer and employee relationships and business operations may be disrupted by the merger;
• changes in interest rates;
• general economic and financial market conditions;
• the Company’s ability to manage its growth or implement its growth strategy;
• the incremental cost and/or decreased revenues associated with exceeding $10 billion in assets;
• levels of unemployment in the Bank’s lending area;
• real estate values in the Bank’s lending area;
• an insufficient allowance for loan losses;
• the quality or composition of the Company’s loan or investment portfolios;
• concentrations of loans secured by real estate, particularly commercial real estate;
• the effectiveness of the Company’s credit processes and management of the Company’s credit risk;
• demand for loan products and financial services in the Company’s market area;
• the Company’s ability to compete in the market for financial services;
• technological risks and developments, and cyber attacks or events;
• performance by the Company’s counterparties or vendors;
• deposit flows;
• the availability of financing and the terms thereof;
• the level of prepayments on loans and mortgage-backed securities;
• legislative or regulatory changes and requirements;
• the impact of the federal Tax Cuts and Jobs Act (the “Tax Act”) signed into law on December 22,
2017, including, but not limited to, the effect of the lower federal corporate income tax rate,
including on the valuation of our tax assets and liabilities;
• any future refinements to our preliminary analysis of the impact of the Tax Act on us;
• changes in the effect of the Tax Act due to issuance of interpretive regulatory guidance or
enactment of corrective or supplemental legislation;
• monetary and fiscal policies of the U.S. government including policies of the U.S. Department of the
Treasury and the Federal Reserve;
• accounting principles and guidelines; and
• the risks outlined in “Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2017, in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2018,
and in other annual, quarterly and current reports that we may file with the Securities and Exchange
Commission.
Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those described in the forward-looking statements.
Forward-looking statements included herein should not be relied upon as representing our expectations
or beliefs as of any date subsequent to the date of this presentation. Except as required by law, we
undertake no obligation to update or revise any forward-looking statements contained in this
presentation, whether as a result of new information, future events or otherwise. The factors discussed
herein are not intended to be a complete summary of all risks and uncertainties that may affect our
businesses. Though we strive to monitor and mitigate risk, we cannot anticipate all potential economic,
operational and financial developments that may adversely impact our operations and our financial
results. Forward-looking statements should not be viewed as predictions and should not be the primary
basis upon which investors evaluate an investment in our securities.
Forward Looking Statements
2
Unaudited Pro Forma Financial Information
The unaudited pro forma financial information included herein is
presented for informational purposes only and does not necessarily
reflect the financial results of the combined company had the
companies actually been combined during periods presented. The
adjustments included in this unaudited pro forma financial
information are preliminary and may be significantly revised and
may not agree to actual amounts finally recorded by Union. This
financial information does not reflect the benefits of the merger’s
expected cost savings and expense efficiencies, opportunities to
earn additional revenue, potential impacts of current market
conditions on revenues or asset dispositions, among other factors,
and includes various preliminary estimates and may not necessarily
be indicative of the financial position or results of operations that
would have occurred if the merger had been completed on the date
or at the beginning of the period indicated or which may be attained
in the future.
Non-GAAP Financial Measures
Union reports its results in accordance with United States generally
accepted accounting principles (“GAAP”). However, management
believes that certain non-GAAP performance measures used in
managing the business may provide meaningful information about
underlying trends in its business. Non-GAAP financial measures
should be viewed in addition to, and not as an alternative for,
Union’s reported results prepared in accordance with GAAP.
Please see “Reconciliation of Non-GAAP Disclosures” at the end of
this presentation for a reconciliation to the nearest GAAP financial
measure.
No Offer or Solicitation
This presentation does not constitute an offer to sell or a solicitation
of an offer to buy any securities. This presentation has been
prepared primarily for security analysts and investors to serve as a
convenient and useful reference document. Any offers to sell,
solicitations of offers to buy or sales of securities, if any, will be
made in accordance with the requirements of the Securities Act of
1933, as amended.
About Union Bankshares Corporation
Headquartered in Richmond, Virginia, Union Bankshares
Corporation (Nasdaq: UBSH) is the holding company for Union
Bank & Trust. Union Bank & Trust has 150 branches, 39 of which
are operated as Xenith Bank, a division of Union Bank & Trust of
Richmond, Virginia, and approximately 216 ATMs located
throughout Virginia, and in portions of Maryland and North Carolina.
Union Bank & Trust also operates Shore Premier Finance, a
specialty marine lender. Non-bank affiliates of the holding
company include: Union Mortgage Group, Inc., which provides a full
line of mortgage products, Old Dominion Capital Management, Inc.
and Dixon, Hubard, Feinour, & Brown, Inc., which both provide
investment advisory services, and Union Insurance Group, LLC,
which offers various lines of insurance products.
Additional Information
3
North Carolina
Virginia
Maryland
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Highlights (3/31/18)
$13.1 billion in assets $9.8 billion in loans
$2.5 billion market capitalization $9.7 billion in deposits
• Largest regional banking company headquartered in Virginia
• Statewide Virginia footprint of 141 branches in all major
markets
• #1 regional bank deposit market share in Virginia
• Positioned for growth with organic and acquisition opportunities
throughout the region
• Strong balance sheet and capital levels
• Committed to top-tier financial performance
• New and highly experienced management team
Our Company
Pricing data as of 4/24/18
4
UBSH (150)
UBSH LPO (2)
Investment Highlights
Source: SNL Financial and FDIC deposit data
(1) Excludes branches with deposits greater than $1.0 billion
The Right
Scale
The Right
Markets
The Right
Team
The Right
Targets
• Largest Virginia headquartered regional banking company ($13.1 billion in assets)
• #1 deposit market share ranking in Virginia among Virginia-based banks (1)
• Operating with a statewide Virginia footprint of 141 branches in all major markets with 9
additional branches in North Carolina and Maryland
• Diversified business model
• Uniquely positioned in one of the most attractive markets in the U.S.
• Xenith acquisition accelerated growth in the attractive Hampton Roads market
• C&I platform primed for growth, with an opportunity to leverage platform and commercial deposit
gathering expertise across our footprint
• New management team led by John Asbury (25+ years of banking experience)
• Experienced executives with a proven track record from larger institutions and experience in
M&A integration
• Union is an attractive destination for top tier talent, leading to successful recruiting efforts and an
improved competitive position
• Focus on top tier performance metrics and profitability to drive upside
– Committed to realizing cost savings and achieving business synergy opportunities
– Operating Targets: ROA: 1.3% - 1.5% / ROTCE: 15% - 17% / Efficiency Ratio: < 55%
5
Virginia’s Bank
Virginia: Banks Headquartered in VA Virginia: All Banks
Source: SNL Financial and FDIC deposit data
Deposit data as of 6/30/17; pro forma for announced transactions
Note: Excludes branches with deposits greater than $1.0 billion
Deposits Market
Rank Institution ($mm) Share Branches
1 Wells Fargo & Co. $27,452 16.8 % 275
2 BB&T Corp. 23,236 14.2 327
3 Bank of America Corp. 18,010 11.0 131
4 SunTrust Banks Inc. 16,551 10.1 190
5 Union Bankshares Corp. 8,902 5.4 141
6 United Bankshares Inc. 7,062 4.3 70
7 TowneBank 6,093 3.7 32
8 Capital One Financial Corp. 6,017 3.7 55
9 PNC Financial Services Group Inc. 3,833 2.3 96
10 Carter Bank & Trust 3,428 2.1 87
Top 10 Banks $120,584 73.7 % 1,404
All Institutions in Market $163,549 100.0 % 2,349
Deposits Market
Rank Institution ($mm) Share Branches
1 Union Bankshares Corp. $8,902 16.2 % 141
2 TowneBank 6,093 11.1 32
3 Ca ital One Financial Corp. 6,017 10.9 55
4 Carter Bank & Trust 3,428 6.2 87
5 Burke & Herbert Bank & Trust Co. 2,343 4.3 25
6 Access National Corp. 2,201 4.0 15
7 Southern National Bancorp of Virginia Inc. 1,721 3.1 41
8 First Bancorp Inc. 1,243 2.3 20
9 C&F Financial Corp. 1,12 2.0 26
10 National Bankshares Inc. 1,062 1.9 25
Top 10 Virginia Banks $34,138 62.0 % 467
All Virginia Institutions in Market $55,104 100.0 % 949
Statewide branch footprint brings unique franchise value
6
Diversity Supports Growth In Virginia
Northern
Virginia
Richmond
• State Capital, Fortune 500 headquarters (6), VCU & VCU Medical Center
• $2.6 billion in-market deposits and total deposit market share of 11.4%
• Nation’s capital, Defense and security contracts, Associations (lobbyists), High-Tech
• Only two branches in Virginia’s largest market
Roanoke -
Blacksburg
• Virginia Tech, Healthcare, Fortune 500 headquarters (1), Retail
• $1.1 billion in-market deposits and total deposit market share of 10.3%
Virginia Beach
- Norfolk
• Military, Shipbuilding, Fortune 500 headquarters (3), Tourism
• $1.2 billion in-market deposits and total deposit market share of 4.9%
Fredericksburg
• Defense and security contractors, Healthcare, Retail, Real Estate development
• $997 million in-market deposits and total deposit market share of 23.5%
Charlottesville
• University of Virginia, High-tech and professional businesses, Real Estate development
• $497 million in-market deposits and total deposit market share of 10.2%
Source: SNL Financial
Deposit data as of 6/30/17; pro forma for announced transactions; Fredericksburg market defined as Caroline, Fredericksburg City, King George, Spotsylvania and
Stafford counties; all other markets per MSA definitions in SNL
7
Among The Most Attractive
Markets in USA
Source: SNL Financial; Bureau of Economic Analysis; Bureau of Labor Statistics, Statista.com, U.S. News & World Report; Forbes, U.S. Small Business Administration, USA Today
Unemployment data as of 11/17/17, and GDP data as of 11/21/17
2018 Median HHI ($) 2018 Population (mm) GDP ($bn)
# State HHI ($) # State Population (mm)
1 District of Columbia $82,192 1 California 39.7
2 Maryland 81,294 2 Texas 28.5
3 Hawaii 80,637 3 Florida 21.1
4 Alaska 79,735 4 New York 19.8
5 New Jersey 78,317 5 Pennsylvania 12.8
6 Massachusetts 77,248 6 Illinois 12.8
7 Connecticut 76,633 7 Ohio 11.6
8 New Hampshire 75,742 8 Georgia 10.5
9 Virginia 71,167 9 North Carolina 10.3
10 California 71,061 10 Michigan 9.9
11 Washington 69,697 11 New Jersey 9.0
12 Utah 69,694 12 Virginia 8.5
13 Colorado 69,546 13 Washington 7.4
14 Minnesota 68,744 14 Arizona 7.1
15 New York 66,418 15 Massachusetts 6.9
GDP ($bn) Fortune 500 Companies
# State GDP ($bn) # State # of Companies
1 California $2,717 1 New York 54
2 Texas 1,678 2 California 53
3 e York 1,539 3 Texas 50
4 Florida 965 4 Illinois 36
5 Illinois 812 5 Ohio 25
6 Pennsylvania 742 6 Virginia 23
7 Ohio 647 7 New Jersey 21
8 New Jersey 586 8 Pennsylvania 21
9 Georgia 551 9 Connecticut 18
10 orth Carolina 539 10 innesota 18
11 Massachusetts 523 11 Michigan 17
12 Michigan 511 12 Florida 17
13 Virginia 508 13 Georgia 17
14 Washington 500 14 Massachusetts 13
15 Maryland 393 15 North Carolina 12
ranked Virginia the 5th Best State for Business
• 3rd in Labor Supply
• 2nd in Regulatory Environment
• 14th in Growth Prospects
Virginia has the 20th lowest Unemployment Rate of any state
ranked Virginia #11 for Economic Opportunity
• 11th lowest Poverty Rate
• Virginia is home to 706,626 Small Businesses
ranked Virginia 10th of America’s Best States to Live In
8th most educated state in America and home to more than 10 elite
colleges and universities
8
Balance Sheet and
Net Income Trends (GAAP)
Deposits ($M) Loans ($M)
Assets ($M) Net Income ($)
9
Balance Sheet and
Operating Net Income Trends
Deposits ($M) Loans ($M)
(1) Excludes merger-related costs and nonrecurring tax expenses unrelated to normal operations
Assets ($M) Operating Net Income1 ($)
10
Strong Track Record of Performance
(GAAP)
NIM (%) ROA (%)
Data as of or for the twelve months ended each respective year, except for Q118 data which is as of or for the three months ended March 31, 2018
ROE (%) Efficiency Ratio (%)
11
0.85%
0.72%
0.90% 0.96%
0.83%
0.52%
2013 2014 2015 2016 2017 Q1 18
Strong Track Record of Performance
(Non-GAAP)
NIM (FTE) (2) (%) Operating ROA (1) (2) (%)
Data as of or for the twelve months ended each respective year, except for Q118 data which is as of or for the three months ended March 31, 2018
(1) Excludes merger-related costs and nonrecurring tax expenses unrelated to normal operations
(2) Non-GAAP financial measure; See reconciliation to most directly comparable GAAP measure in "Appendix -- Reconciliation of Non-GAAP Disclosures”
Operating ROTCE (1) (2) (%) Operating Efficiency Ratio (FTE) (1) (2)
(%)
12
Financial Targets
Financial Targets
ROA
ROTCE
Efficiency
Ratio
1.3% - 1.5%
15% - 17%
< 55%
Committed to top-tier financial performance
13
• Union is committed to achieving top tier
financial performance and providing our
shareholders with above average
returns on their investment
• Key financial performance metrics
benchmarked against top quartile peers
• Adjusted for 21% federal corporate tax
rate
Capital information presented herein is based on estimates and subject to change pending the Company’s filing of its FR Y-9C
1) Non-GAAP financial measure; See reconciliation to most directly comparable GAAP measure in "Appendix -- Reconciliation of Non-GAAP Disclosures“
2) Calculated as UBSH’s most recent quarterly dividend per share of $0.21 annualized divided by UBSH per share stock price of $37.69 as of 4/24/18, expressed as a percentage
Solid Capital Position
Capital Position Regulatory Capital Composition
Total Risk Based Capital: $1,336 mm
14
TCE / TA (1) 8.5%
CET1 Ratio 9.0%
Tier 1 Capital Ratio 10.2%
Total Capital Ratio 12.0%
Leverage Ratio 9.3%
CRE / Total Risk-Based Capital 318%
Dividend Yield (2) 2.2%
Loan Portfolio and Target
Composition by Type
Loan Composition at March 31, 2018 - $9.8 Billion
Note: Figures may not total to 100% due to rounding, (1) Other includes loans to non-profits (not secured by real estate), Obligations of States and Political Subdivisions, farm land and all other loans.
15
Target Composition by Type
Target Composition Total Loan Portfolio at March 31, 2018
Diversified and Granular
Loan Portfolio
Composition by Type
Loan Composition at March 31, 2018 - $9.8 Billion
Total Portfolio Characteristics
Duration 1.6 years
Weighted Average Coupon (Tax Equivalent) 4.74%
Note: Figures may not total to 100% due to rounding
16
CRE Composition by Type
CRE Composition - $4.1 Billion Total Loan Portfolio
Attractive Core Deposit Base
Cost of deposits - 48 bps
92% core deposits (1)
44% transactional accounts
#1 in deposit market share for regional/community banks
in Richmond and Charlottesville MSAs and
Fredericksburg
#2 in deposit market share for regional/community banks
in Blacksburg-Christiansburg-Radford MSA
Deposit Composition Deposit Base Characteristics
17
(1) Core deposits defined as total deposits less jumbo time deposits
Deposit Composition at March 31, 2018 - $9.7 Billion
• Increase Commercial lending growth (Commercial & Industrial + Owner Occupied
Real Estate) in order to better balance the total loan portfolio over time
• Grow fee-based products and services
• Achieve and sustain top tier financial performance
• Invest in talent, develop a culture of coaching and development, and align total
rewards with corporate goals and objectives
• Leverage commercial expertise and new market opportunities
• Achieve cost saves and successful conversion
• Create differentiated client experiences that make banking easier
• Continue to build our brand in existing and new geographies
• Fund loan growth with deposit growth; attain a 95% loan to deposit ratio over time
• Grow core deposits with particular focus on increasing commercial and small
business operating accounts
• Leverage technology to lower cost, improve quality and support growth
• Build scalable, replicable processes
Manage to Higher Levels
of Performance
Diversify Loan Portfolio
and Revenue Streams
Integrate Xenith
Create a More Enduring
and Distinctive Brand
Grow Core Funding
Improve Efficiency
18
Union’s 2018 Strategic Priorities
Investment Thesis
The Right
Scale
The Right
Markets
The Right
Team
The Right
Targets
• Deep team with broad experience
• Experience in M&A integration
• Attractive destination for top tier talent
• Targeting top tier performance
• ROA: 1.3% - 1.5%
• ROTCE: 15% - 17%
• $13.1 billion in assets
• Strong market share
• Extensive product mix, enhanced C&I focus
• Growing, economically diversified
• Presence across state
• Scale in the sizable Richmond and Hampton Roads markets
19
Appendix
Executive Management Team
John C. Asbury
President & CEO
1 year at Union
25+ years of experience in the banking industry, primarily at Bank of America
and Regions Bank
Former President and CEO of First National Bank of Santa Fe
Robert M. Gorman
Executive Vice President & CFO
5 years at Union
25+ years of experience in the banking industry
Former Senior Vice President at SunTrust Banks, Inc.
David V. Ring
Executive Vice President,
Commercial Banking Executive
Recently hired by Union
25+ years of experience in the banking industry
Former Head of Commercial Banking – Atlantic Region at Wells Fargo
John G. Stallings
Senior Executive Vice President
Focused on business development and talent acquisition
25+ years of experience in the banking industry
Former CEO – Virginia Division at SunTrust Banks, Inc.
21
David G. Bilko
Executive Vice President,
Chief Risk Officer
4 years at Union
25+ years of experience in the banking industry
Former Chief Audit Executive at SunTrust Banks, Inc.
M. Dean Brown
Executive Vice President,
Chief Information Officer
3 years at Union
25+ years of experience in the banking industry
Former Chief Information Officer for Capital One Health Care Finance
Loreen A. LaGatta
Executive Vice President,
Chief Human Resource Officer
6 years at Union
20+ years of experience in the banking industry
Human Resources at Citigroup and Capital One
Delivering the Xenith Economics
Closed January 1, 2018
Focus on seamless
transition with systems
conversion targeted for May
2018
Leveraging experience of
successful conversions and
integrations at both
companies
Continued focus on
customer experience,
retention and growth
2018 Focus on
Successful Integration
40% Cost Savings +
Revenue Initiatives
Ramping
Savings target of 40% of the
Xenith expense base, or
approximately $28 million,
expected to be fully realized
in 2019
Intense focus on expanding
C&I platform across Virginia,
which has included several
key new hires
More intentional focus on
gathering commercial
deposits, with banker
incentives aligned
accordingly
Announced May 22, 2017
Nearly all commercial
bankers met by Union
management in 6 hours post
announcement
Multiple town hall meetings
Employee retention targets
currently met
Post Announcement
22
Data as of 3/31/18
Reconciliation of Non-GAAP
Disclosures
23
Tangible Common Equity
As of March 31, 2018
Tangible Common Equity
Shareholders' equity (GAAP) $ 1,831,077
Less: Intangibles 774,198
Tangible Shareholders' equity (non-GAAP) $ 1,056,879
Assets (GAAP) $ 13,149,292
Intangibles 774,198
Tangible assets (non-GAAP) $ 12,375,094
Tangible Common Equity Ratio
Shareholders' equity to assets (GAAP) 13.93%
Tangible common equity ratio (non-GAP) 8.54%
Reconciliation of Non-GAAP
Disclosures
24
Net Operating Income
Union Standalone
For the Twelve Months Ended 12/31
(Dollars in thousands) 2013 2014 2015 2016 2017 Three Months Ended 3/31/18
Net income (GAAP) $34,366 $52,164 $67,079 $77,476 $72,923 $16,639
Plus: Merger-related costs, net of tax 2,042 13,724 - - 4,405 $22,236
Plus: Nonr curri g tax expenses - - - - $6,250 -
Net operating earnings (non-GAAP) $36,408 $65,888 $67,079 $77,476 $83,578 $38,875
Weighted avg. common shares out., diluted 65,636,262
EPS (GAAP) $0.25
Operating EPS (non-GAAP) $0.59
Union
Reconciliation of Non-GAAP
Disclosures
25
Return on Assets (ROA)
Union Standalone
For the Twelve Months Ended 12/31
(Dollars in thousands) 2013 2014 2015 2016 2017 Three Months Ended 3/31/18
Average assets (GAAP) $4,051,850 $7,250,494 $7,492,895 $8,046,305 $8,820,142 $13,019,572
Net income (loss) (GAAP) $34,366 $52,164 $67,079 $77,476 $72,923 $16,639
Net operating earnings (non-GAAP) $36,408 $65,888 $67,079 $77,476 $83,578 $38,875
ROA (GAAP) 0.85% 0.72% 0.90% 0.96% 0.83% 0.52%
Operating ROA (non-GAAP) 0.90% 0.91% 0.90% 0.96% 0.95% 1.21%
Union
Reconciliation of Non-GAAP
Disclosures
26
Return on Tangible Common Equity (ROTCE)
Union Standalone
For the Twelve Months Ended 12/31
(Dollars in thousands) 2013 2014 2015 2016 2017 Three Months Ended 3/31/18
Average equity (GAAP) $435,635 $983,727 $991,977 $994,785 $1,030,847 $1,824,588
Less: Average intangibles 73,205 333,495 320,906 318,131 315,722 775,764
Average tangible common equity (non-GAAP) $362,430 $650,232 $671,071 $676,654 $715,125 $1,048,824
Net income (GAAP) $34,366 $52,164 $67,079 $77,476 $72,923 $16,639
Net operati g earnings (non-GAAP) $36,408 $65,888 $67,079 $77,476 $83,578 $38,875
ROE (GAAP) 7.89% 5.30% 6.76% 7.79% 7.07% 3.70%
ROTCE (non-GAAP) 9.48% 8.02% 10.00% 11.45% 10.20% 6.43%
Operating ROTCE (non-GAAP) 10.05% 10.13% 10.00% 11.45% 11.69% 15.03%
Union
Reconciliation of Non-GAAP
Disclosures
27
Efficiency Ratio
Union Standalone
For the Twelve Months Ended 12/31
(Dollars in thousands) 2013 2014 2015 2016 2017 Three Months Ended 3/31/18
Noninterest expense (GAAP) $137,047 $238,216 $216,882 $222,703 $234,765 $104,008
Less: Merger-related costs 2,132 20,345 - - 5,393 27,712
Operating noninterest expense (non-GAAP) $134,915 $217,871 $216,882 $222,703 $229,372 $76,296
Noninterest income (GAAP) $38,728 $61,287 $65,007 $70,907 $71,674 $22,309
Net interest income (FTE) (non-GAAP) $156,882 $263,145 $260,913 $275,394 $290,773 $105,310
Efficiency ratio (GAAP) 72.0% 75.3% 68.5% 66.3% 66.7% 82.5%
Efficiency ratio (FTE) (non-GAAP) 70.1% 73.4% 66.5% 64.3% 64.8% 81.5%
Operating eff iciency ratio (FTE) (non-GAAP) 69.0% 67.2% 66.5% 64.3% 63.3% 59.8%
Union