STELLARONE CORP
			Symbol			STEL

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StellarOne Corporation Reports Third Quarter Results

2009-10-28 07:01 ET - News Release

CHARLOTTESVILLE, Va., Oct. 28, 2009 (GLOBE NEWSWIRE) -- StellarOne Corporation (Nasdaq:STEL) (StellarOne) today reported a third quarter 2009 net loss of $7.7 million and a net loss available to common shareholders, which deducts from net loss the dividends and discount accretion on preferred stock, of $8.1 million, or $0.36 per diluted common share. Those results compare to net income of $2.0 million, or diluted earnings per share of $0.09 during the same period in the prior year, and a net loss to common shareholders of $785 thousand or $0.03 per diluted common share recognized for the second quarter of this year.

Highlights for the quarter include:

 * Continuing earnings impact from credit losses. As pre-announced on
   October 9, 2009, the results for the third quarter of 2009 were
   impacted by a provision for loan losses totaling $20.1 million for
   the period, which compares to a provision for loan losses of $6.5
   million during the second quarter of 2009 and $6.0 million for the
   same quarter in the prior year. Risk rating downgrades, increasing
   historical loss experience, the economic climate and other
   environmental factors necessitated the additional allowances.

 * Improvement in pre-tax pre-provision earnings sequentially.
   Pre-tax pre-provision earnings amounted to $7.0 million for the
   quarter, an increase of $1.3 million or 22.7% compared to second
   quarter of this year, and a decrease of $1.8 million or 20.2%
   compared to the same period prior year.

 * Reduction in non-performing assets and relatively stable levels
   excluding the benefit of charge-offs taken during the quarter;
   improved allowance for loan loss coverage for both performing
   (1.85%) and non-performing (67.0%) loans receivable.

 * Tax equivalent revenues of $30.3 million for the quarter,
   essentially flat with $30.4 million recorded in the second quarter
   of this year, and down from $32.5 million for the same quarter in
   the prior year. Margin compression abated during the quarter on
   the strength of liability re-pricing.

 * Efficiency improvement marked by stable revenues and reduced
   overhead as compared to second quarter. 

 * A continuance of strong levels of capital and liquidity, with a
   tangible common equity ratio of 9.35%, and tier 1 risk-based and
   total risk-based capital ratios of 13.14% and 14.40%, respectively,
   at September 30, 2009. 

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