Union Bankshares lower after post-earnings downgrades

• It's a second day of losses post-earnings for Union Bankshares (UBSH -2.2%) as both Raymond James and Baird pull their buy recommendations on the stock.
• Speaking on the earnings call (transcript), CEO Billy Beale described the quarter as a noisy one. Earnings of $16M or $0.35 per share ($0.08 shy of estimates) would have been $20M and $0.44 with an after-tax OREO valuation adjustment, he notes. "We took a hard look at some of our long standing OREO properties ... Given the lack of movement on some of the properties for over five years, we elected to reappraise our OREO properties."