Exhibit 99.1

UNION BANKSHARES REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

Richmond, Va., January 28, 2015 - Union Bankshares Corporation (the “Company” or “Union”) (NASDAQ: UBSH) today reported net income of $15.1 million and earnings per share of $0.33 for its fourth quarter ended December 31, 2014. Excluding after-tax acquisition-related expenses of $563,000, operating earnings⁽¹⁾ for the quarter were $15.6 million and operating earnings per share⁽¹⁾ was $0.34. Net income for the year ended December 31, 2014 was $52.6 million and earnings per share was $1.14. For the year ended December 31, 2014, operating earnings were $66.3 million and operating earnings per share was $1.44.

“2014 was a year of significant progress and transformation for Union as a result of the StellarOne acquisition in January, which created the largest community bank headquartered in Virginia,” said G. William Beale, president and chief executive officer of Union Bankshares Corporation, “In 2014, the company was focused on smoothly integrating StellarOne into Union, achieving our cost savings targets and generating sustainable growth in the combined community banking franchise. I am pleased to note that our integration efforts have been successful as we delivered on each of the financial metrics we laid out when we announced the acquisition, experienced lower than projected customer attrition, and in the fourth quarter, generated the strong loan growth we expected as our lending team began to assert itself in our markets. Looking forward, we believe that work done this past year provides Union with the growth opportunities, asset base and footprint to continue to deliver a best-in-class customer experience, offer superior financial services and solutions, provide a rewarding experience for our teammates and generate top-tier financial performance for our shareholders.”

Select highlights for the fourth quarter include:

⁽¹⁾For a reconciliation of the non-GAAP measures operating earnings, earnings per share (“EPS”), ROTCE, ROA, and efficiency ratio, see “Alternative Performance Measures (non-GAAP)” section of the Key Financial Results.

NET INTEREST INCOME

Tax-equivalent net interest income was $65.1 million, a decrease of $1.5 million from the third quarter of 2014. The fourth quarter tax-equivalent net interest margin decreased 10 basis points to 4.01% from 4.11% in the previous quarter. Core tax-equivalent net interest margin (which excludes the 13 basis points impact of acquisition accounting accretion) decreased by 4 basis points from 3.92% in the previous quarter to 3.88%. The decrease in the core tax-equivalent net interest margin was principally due to a decrease in interest-earning asset yields (-5 basis points), outpacing the decline in cost of funds (+1 basis points). The decline in interest-earning asset yields was primarily driven by reinvestment of excess cash flows at lower rates during the quarter and lower loan yields, as new and renewed loans were originated and re-priced at lower rates.

The Company continues to believe that core net interest margin will decline modestly over the next several quarters as decreases in interest-earning asset yields are projected to outpace declines in interest-bearing liabilities rates.

The Company’s fully taxable equivalent net interest margin includes the impact of acquisition accounting fair value adjustments. The third and fourth quarters of 2014, full year 2014, and remaining estimated discount/premium and net accretion impact are reflected in the following table (dollars in thousands):

ASSET QUALITY/LOAN LOSS PROVISION

Overview

During the fourth quarter, the Company experienced declines in both nonaccrual loan and other real estate owned (“OREO”) balances from the prior quarter. The decline in OREO balances was mostly attributable to sales of closed bank premises and foreclosed commercial real estate property during the quarter. The provision increased from the prior quarter due to increases in net charge-offs and loan growth. The allowance for loan losses to total loans ratio remained consistent with the prior quarter and was down from the prior year, while the allowance for loan losses to total loans, adjusted for acquisition accounting, ratio was down from both the prior quarter and the prior year. The magnitude of any change in the real estate market and its impact on the Company is still largely dependent upon continued recovery of residential housing and commercial real estate and the pace at which the local economies in the Company’s operating markets improve. All nonaccrual and past due loan metrics discussed below excludes purchased credit impaired loans (“PCI”) aggregating $105.8 million (net of fair value mark).

Nonperforming Assets (“NPAs”)

At December 31, 2014, nonperforming assets totaled $47.4 million, a decrease of $1.8 million, or 3.6%, from a year ago and a decline of $10.7 million, or 18.4%, from September 30, 2014. In addition, NPAs as a percentage of total outstanding loans declined 73 basis points from 1.62% a year earlier and 23 basis points from 1.12% last quarter to 0.89% in the current quarter. The following table shows a summary of asset quality balances at the quarter ended (dollars in thousands):

The following table shows the activity in nonaccrual loans for the quarter ended (dollars in thousands):

The following table shows the activity in OREO for the quarter ended (dollars in thousands):

During the fourth quarter of 2014, the majority of sales of OREO were related to closed bank premises and commercial real estate.

Past Due Loans

Past due loans totaled $48.1 million, or 0.90% of total loans, at December 31, 2014 compared to $26.5 million, or 0.87%, a year ago and $58.4 million, or 1.13%, at September 30, 2014. At December 31, 2014, loans past due 90 days or more and accruing interest totaled $10.0 million, or 0.19% of total loans, compared to $6.7 million, or 0.22%, a year ago and $16.1 million, or 0.31%, at September 30, 2014.

Charge-offs

For the quarter ended December 31, 2014, net charge-offs were $4.2 million, or 0.31% on an annualized basis, compared to $4.9 million, or 0.65%, for the same quarter last year and $1.1 million, or 0.08%, for the third quarter of 2014. Of the $4.2 million in loans charged off in the fourth quarter, $1.2 million, or 28.6%, related to impaired loans specifically reserved for in the prior period. For the year ended December 31, 2014, net charge-offs were $5.6 million, or 0.10% on an annualized basis, compared to $10.8 million, or 0.36%, for the prior year.

Provision

The provision for loan losses for the current quarter was $4.5 million, an increase of $3.3 million compared to the same quarter a year ago and an increase of $2.7 million from the previous quarter. The increase in provision for loan losses in the current quarter compared to the prior quarter was driven by increases in charge-offs and loan growth during the quarter.

Allowance for Loan Losses

The allowance for loan losses (“ALL”) increased $275,000 from September 30, 2014 to $32.4 million at December 31, 2014. The ALL as a percentage of the total loan portfolio, adjusted for purchase accounting (non-GAAP), was 1.08% at December 31, 2014, a decrease from 1.12% from the prior quarter and from 1.10% at December 31, 2013. The allowance for loan losses as a percentage of the total loan portfolio was 0.61% at December 31, 2014, 0.62% at September 30, 2014, and 0.99% at December 31, 2013. In acquisition accounting, there is no carryover of previously established allowance for loan losses.

The nonaccrual loan coverage ratio was 168.2% at December 31, 2014, compared to 158.3% at September 30, 2014 and 200.4% at December 31, 2013. The current level of the allowance for loan losses reflects specific reserves related to nonperforming loans, current risk ratings on loans, net charge-off activity, loan growth, delinquency trends, and other credit risk factors that the Company considers important in assessing the adequacy of the allowance for loan losses.

NONINTEREST INCOME

Noninterest income declined $1.4 million from $16.3 million in the prior quarter to $14.9 million. Gains on sales of securities decreased $749,000 from the prior quarter to $246,000. Gains on sales of mortgage loans, net of commissions, decreased $815,000, or 31.4%, from the prior quarter, driven by decreased mortgage loan originations. Mortgage loan originations declined by $22.8 million, or 12.8%, in the current quarter to $155.2 million from $178.0 million in the third quarter. Of the loan originations in the current quarter, 37.8% were refinances, which was an increase from 28.6% in the prior quarter. These decreases in noninterest income were partially offset by increased fiduciary and asset management fees of $162,000, primarily due to higher gross brokerage commissions.

NONINTEREST EXPENSE

Noninterest expense decreased $6.9 million, or 11.5%, to $52.6 million from $59.5 million when compared to the prior quarter. Excluding acquisition-related costs, which were $821,000 and $1.7 million in the current and previous quarters, respectively, noninterest expense decreased $6.0 million, or 10.4%, from the prior quarter to $51.8 million. The decrease in noninterest expense is primarily driven by a $6.6 million decrease in OREO and credit-related expenses related to lower valuation write-downs of $5.7 million and increased gains on sale of OREO of $1.2 million offset by slightly higher credit-related costs of $247,000. Additionally, marketing expense declined $479,000 from the prior quarter. Partially offsetting these declines, professional fees increased $298,000 and other expenses increased primarily due to fraud-related losses of $515,000. The Company’s operating efficiency ratio declined to 64.8% from 69.8% in the third quarter.

BALANCE SHEET

At December 31, 2014, total assets were $7.4 billion, an increase of $3.2 billion from December 31, 2013, reflecting the impact of the StellarOne acquisition, and an increase of $164.8 million, or 2.29%, from September 30, 2014.

At December 31, 2014, loans net of unearned income were $5.3 billion, an increase of $175.0 million, or 13.5% (annualized), from September 30, 2014, while average loans increased $24.1 million, or 1.9% (annualized). On a proforma basis, including StellarOne loan balances, period end loan balances increased $68.4 million, or 1.3%, when compared to December 31, 2013.

At December 31, 2014, total deposits were $5.6 billion, an increase of $4.7 million from September 30, 2014, while average deposits declined $39.7 million, or 2.8% (annualized). On a proforma basis, including StellarOne deposit balances, period end deposit balances declined $76.1 million, or 1.3%, when compared to December 31, 2013.

The Company’s capital ratios continued to be considered “well capitalized” for regulatory purposes. The Company’s estimated ratios of total capital to risk-weighted assets and Tier 1 capital to risk-weighted assets as of December 31, 2014 were 13.39% and 12.77%, respectively. As of December 31, 2013, the Company’s ratio of total capital to risk-weighted assets and Tier 1 capital to risk-weighted assets were 14.17% and 13.05%, respectively, and were 13.71% and 13.07%, respectively, as of September 30, 2014. The Company’s common equity to asset ratios at December 31, 2014, September 30, 2014 and December 31, 2013 were 13.29%, 13.59%, and 10.49%, respectively, while its tangible common equity to tangible assets ratio was 9.28%, 9.42%, and 8.94% at December 31, 2014, September 30, 2014, and December 31, 2013, respectively.

COMMUNITY BANK SEGMENT INFORMATION

The community bank segment reported net income of $16.0 million for the fourth quarter, an increase of $409,000, or 2.6%, from $15.6 million in the third quarter. Excluding after-tax acquisition-related expenses of $563,000 million and $1.1 million in the current and prior quarters, respectively, operating earnings decreased $130,000 from the prior quarter to $16.5 million. As previously discussed, the provision for loan losses increased $2.7 million from the prior quarter due to increased charge-off levels and loan growth during the quarter. Net interest income was $62.9 million, a decrease of $1.3 million from the third quarter due primarily to lower acquisition-related accretion income.

Noninterest income decreased $972,000 from $13.9 million in the prior quarter to $12.9 million. The primary driver of the decrease in noninterest income was the $749,000 decline in gains on sales of securities from $995,000 in the prior quarter to $246,000 in the current quarter. In addition, interest received on previously charged off loans declined $215,000 from the prior quarter.

Noninterest expense decreased $6.7 million from $55.8 million to $49.1 million. Excluding acquisition-related costs, which were $821,000 and $1.7 million in the current quarter and previous quarter, respectively, noninterest expense decreased $5.8 million, or 10.7%, compared to the prior quarter. The decrease in noninterest expense is primarily driven by a $6.6 million decrease in OREO and credit-related expenses related to lower valuation write-downs of $5.7 million and increased gains on sale of OREO of $1.2 million offset by slightly higher credit-related costs of $247,000. Additionally, marketing expense decreased $467,000 from the prior quarter. Partially offsetting these declines, professional fees increased $329,000 and other expenses increased primarily due to fraud-related losses of $515,000. The community banking segment’s operating efficiency ratio decreased to 62.1% in the fourth quarter from 67.5% in the prior quarter.

MORTGAGE SEGMENT INFORMATION

The mortgage segment reported a net loss of $889,000 for the fourth quarter, an increased loss of $261,000 from a net loss of $628,000 in the third quarter. Noninterest income declined $462,000 during the quarter due to lower gains on sales of mortgage loans, net of commissions, partially offset by nonrecurring income of $334,000. Gains on sales of mortgage loans, net of commissions, decreased $815,000, primarily related to lower mortgage loan originations.  Mortgage loan originations decreased by $22.8 million, or 12.8%, in the current quarter to $155.2 million from $178.0 million in the third quarter. Of the loan originations in the current quarter, 37.8% were refinances, which was an increase from 28.6% in the prior quarter. Noninterest expenses decreased $224,000, or 5.8%, from $3.9 million in the prior quarter to $3.7 million, primarily related to declines in salaries and occupancy expense. Included in noninterest expense is approximately $250,000 of nonrecurring costs incurred in the fourth quarter related to severance and lease terminations, as a result of management’s continued efforts to streamline the mortgage segment’s processes and cost structure to align with the overall lower mortgage origination levels it has been experiencing over the last several quarters. 

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ABOUT UNION BANKSHARES CORPORATION

Headquartered in Richmond, Virginia, Union Bankshares Corporation (NASDAQ: UBSH) is the holding company for Union First Market Bank, which has 131 banking offices and more than 200 ATMs located throughout Virginia. Non-bank affiliates of the holding company include: Union Investment Services, Inc., which provides full brokerage services; Union Mortgage Group, Inc., which provides a full line of mortgage products; and Union Insurance Group, LLC, which offers various lines of insurance products.

Additional information on the Company is available at http://investors.bankatunion.com

Union Bankshares Corporation will hold a conference call on Wednesday, January 28th, at 9:00 a.m. Eastern Time during which management will review earnings and performance trends. Callers wishing to participate may call toll-free by dialing (877) 668-4908. The conference ID number is 66429855.

NON-GAAP MEASURES

In reporting the results of the quarter and year ended December 31, 2014, the Company has provided supplemental performance measures on an operating or tangible basis. Operating measures exclude acquisition costs unrelated to the Company’s normal operations. The Company believes these measures are useful to investors as they exclude non-operating adjustments resulting from acquisition activity and allow investors to see the combined economic results of the organization. Tangible common equity is used in the calculation of certain capital and per share ratios. The Company believes tangible common equity and the related ratios are meaningful measures of capital adequacy because they provide a meaningful base for period-to-period and company-to-company comparisons, which the Company believes will assist investors in assessing the capital of the Company and its ability to absorb potential losses.

These measures are a supplement to GAAP used to prepare the Company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the Company’s non-GAAP measures may not be comparable to non-GAAP measures of other companies.

FORWARD-LOOKING STATEMENTS

Certain statements in this report may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact.  Such statements are often characterized by the use of qualified words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” or words of similar meaning or other statements concerning opinions or judgment of the Company and its management about future events.  Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.  Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to, the effects of and changes in: general economic and bank industry conditions, the interest rate environment, legislative and regulatory requirements, competitive pressures, new products and delivery systems, inflation, the stock and bond markets, accounting standards or interpretations of existing standards, technology, consumer spending and savings habits, and mergers and acquisitions, including integration risk in connection with the Company’s acquisition of StellarOne such as potential deposit attrition, higher than expected costs, customer loss and business disruption, including, without limitation, potential difficulties in maintaining relationships with key personnel, and other integration related-matters.  More information is available on the Company’s website, http://investors.bankatunion.com. The information on the Company’s website is not a part of this press release. The Company does not intend or assume any obligation to update or revise any forward-looking statements that may be made from time to time by or on behalf of the Company.

(1) The core net interest margin, fully taxable equivalent (“FTE”) excludes the impact of acquisition accounting accretion and amortization adjustments in net interest income.

(2) The allowance for loan losses, adjusted for acquisition accounting (non-GAAP) ratio includes an adjustment for the credit mark on purchased performing loans. The purchased performing loans are reported net of the related credit mark in loans, net of unearned income, on the Company’s Consolidated Balance Sheet; therefore, the credit mark is added back to the balance to represent the total loan portfolio. The adjusted allowance for loan losses, including the credit mark, represents the total reserve on the Company’s loan portfolio. The PCI loans, net of the respective credit mark, are removed from the loans, net of unearned income, as these loans are not covered by the allowance established by the Company unless changes in expected cash flows indicate that one of the PCI loan pools are impaired, at which time an allowance for PCI loans will be established. GAAP requires the acquired allowance for loan losses not be carried over in an acquisition or merger. The Company believes the presentation of the allowance for loan losses, adjusted for acquisition accounting, ratio is useful to investors because the acquired loans were purchased at a market discount with no allowance for loan losses carried over to the Company, and the credit mark on the purchased performing loans represents the allowance associated with those purchased loans. The Company believes that this measure is a better reflection of the reserves on the Company’s loan portfolio.

(3) The Company has provided supplemental performance measures which the Company believes may be useful to investors as they exclude non-operating adjustments resulting from acquisition activity and allow investors to see the combined economic results of the organization. These measures are a supplement to GAAP used to prepare the Company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the Company’s non-GAAP measures may not be comparable to non-GAAP measures of other companies.

(4) Tangible common equity is used in the calculation of certain capital and per share ratios. The Company believes tangible common equity and the related ratios are meaningful measures of capital adequacy because they provide a meaningful base for period-to-period and company-to-company comparisons, which the Company believes will assist investors in assessing the capital of the Company and its ability to absorb potential losses.

(5) December 31, 2014 ratios are estimates and subject to change pending the filing of the FR Y9-C. All other periods presented as filed.

UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

UNION BANKSHARES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts)

UNION BANKSHARES CORPORATION AND SUBSIDIARIES

SEGMENT FINANCIAL INFORMATION

(Dollars in thousands)