Excellence. Partnership. Service

Investor Presentation

First Quarter 2010

Ed Barham, President and Chief

Executive Officer

Jeff Farrar, Executive Vice President

and Chief Financial Officer

EXHIBIT 99.1

Excellence. Partnership. Service

Forward-Looking

Statements

•

StellarOne Corporation (StellarOne) may from time to time make written or oral

statements, including statements in this presentation which may constitute forward-

looking statements within the meaning of Section 27A of the Securities Act of 1933,

as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements are subject to certain risks and uncertainties, which

could cause actual results to differ materially from historical results, or those

anticipated.

When

we

use

words

such

as

“believes”,

“expects”,

“anticipates”

or

similar

expressions, we are making forward-looking statements. Readers are cautioned not

to place undue reliance on these forward-looking statements, which reflect

management’s analysis only as of the date thereof. StellarOne wishes to caution the

reader that factors, such as those listed below, in some cases have affected and

could affect StellarOne’s actual results, causing actual results to differ materially from

those in any forward-looking statement. These factors include: (i) continuation of the

historically low short-term interest rates, (ii) a change in real estate or capital market

conditions which could lead to asset quality deterioration or asset impairments

including

intangibles,

(iii)

the

inability

of

StellarOne

to

grow

its

portfolio

at

historical

growth rates, (iv) the impact of governmental restrictions on entities participating in

the US Treasury Department Capital Purchase Program, and (v) mergers and

acquisitions. Please refer to StellarOne’s filings with the Securities and Exchange

Commission for additional information, which may be accessed at

www.stellarone.com.

Excellence. Partnership. Service

Corporate Profile

•

$3.0 billion bank

holding company

headquartered in

Charlottesville,

Virginia.

•

Legacy bank

established in 1900.

•

Fifty-five financial

centers.

•

Commercial and

mortgage loan

production office in

Richmond, Virginia.

•

Combination of eight

legacy community

banks with significant

market share in their

respective markets.

Excellence. Partnership. Service

Strong Position In Strong

Virginia Market

2009 Total Market

Share (%)

2009 Total Deposits

in Market ($M)

2009 Number

of Branches

Source: SNL Financial 

16.73%

$25,666

292

Bank

Wells Fargo (CA)

13.32%

20,427

91

Bank

Capital One Financial (VA)

13.05%

20,014

392

Bank

BB&T Corp. (NC)

12.10%

18,554

207

Bank

Bank of America Corp.

(NC)

9.88%

15,162

247

Bank

SunTrust Banks Inc. (GA)

2.13%

3,263

95

Bank

Union First Market Corp.

(VA)

1.70%

2,605

18

Bank

Townebank (VA)

1.61%

2,464

89

Bank

Carter Bank & Trust (VA)

1.60%

2,447

56

Bank

StellarOne Corporation

(VA)

1.43%

2,191

28

Bank

Virginia Commerce (VA)

Excellence. Partnership. Service

Deposit

Franchise

Total Deposits:

Total Deposits:

$2.41 billion

$2.41 billion

Note: Deposit composition as of March 31, 2010

NOW –

23%

MMDA –

17%

Savings –

9%

Time Deposits –

39%

Non-interest

bearing –

12%

Excellence. Partnership. Service

$3,050,000

$1,387,000

$985,000

$325,000

$3,003,000

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

1998 MOE with

Virginia Heartland

Bank

2001 MOE with

Virginia Financial

Corporation

2003 Purchase of

Eight First VA

Branches

2008 MOE with

FNB Corporation

Current

Merger of Equals -

Strategy for Growth

(Dollars in thousands)

Excellence. Partnership. Service

$437,134

$170,175

$452,616

$209,075

$476,509

$218,501

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2008

2009

1Q 2010

Fiduciary

Brokerage

Wealth Management

(AUM)

(Dollars in thousands)

Excellence. Partnership. Service

$150,652

$162,768

$364,785

$392,387

$394,006

$0

$75,000

$150,000

$225,000

$300,000

$375,000

$450,000

2006

2007

2008

2009

1Q 2010

Common Equity

(Dollars in thousands)

Excellence. Partnership. Service

$12.32

$13.49

$12.47

$12.30

$11.94

$0.00

$4.00

$8.00

$12.00

$16.00

$20.00

2006

2007

2008

2009

1Q - 2010

Tangible Book Value

per Common Share

Excellence. Partnership. Service

Capital Ratios

StellarOne

Peer Median

Tier 1 Risk-based

Capital to Risk

Adjusted Assets

13.67%

13.21%

Tangible Equity to

Tangible Assets

10.45%

8.31%

Total Equity to

Total Assets

14.07%

10.40%

Excellence. Partnership. Service

Loan Diversification

Commercial

and

Industrial

10%

Commercial

R/E

39%

Consumer

2%

Const. &

Development

13%

1-4 Family

R/E

36%

Gross Loans:

Gross Loans:

$2.16 billion

$2.16 billion

Loan/Deposit Ratio:

Loan/Deposit Ratio:

89.7%

89.7%

Note: Loan composition as of March 31, 2010

Excellence. Partnership. Service

2006

2007

2008

2009

2010

1st Qtr.

Non-Performing

Assets / Total

Assets

0.19%

0.44%

1.66%

2.18%

2.07%

Net Charge-offs

/ Average

Loans

(0.01)%

0.12%

0.80%

1.24%

1.13%

Allowance /

Loans

1.19%

1.23%

1.35%

1.84%

1.88%

Asset Quality

Excellence. Partnership. Service

Gross

Gross

Non

Non

–

–

Performing

Performing

Loans

Loans

-

-

$59.2

$59.2

million

million

or

or

2.74%

2.74%

of

of

Gross

Gross

Loans

Loans

Receivable

Receivable

Non-Performing Loans

(dollars in thousands)

Note: Nonaccrual loan composition as of March 31, 2010

Commercial

and Industrial

$5,263, 9%

Commercial

R/E, $6,857

12%

Const &

Development 

$27,864, 47%

1-4 Family R/E,

$19,044 32%

Excellence. Partnership. Service

Non-Performing Loans –

Acquisition and Development

Component (dollars in thousands)

Nonperforming

Acquistion and

Development

(SML) - $16.2

million

Nonperforming

Acquisition &

Development

(Exclusive of

SML) - $11.7

million

Gross

Gross

Non

Non

–

–

Performing

Performing

A&D

A&D

Loans:

Loans:

$27.9 million

$27.9 million

Note: Nonaccrual A&D loan composition as of March 31, 2010

Excellence. Partnership. Service

Non-Performing Assets

(dollars in thousands)

OREO, $2,267

LHFS, $608

TDR's, $1,810

Nonaccrual

loans, $57,343

NPA’s

as a

Percentage of Loans

and OREO –

2.87%

Note: Data as of March 31, 2010

Excellence. Partnership. Service

Asset Quality Metrics

•

Largest NPL’s:

–

$10.1 million in loans to a SML developer

(mixed use property, lots and single-family

dwellings).

–

$10.2

million

residential

A&D

construction

relationship on a highly attractive and

established project (non-SML) which will likely

move to OREO in 2

nd

Quarter.

Excellence. Partnership. Service

1

st

Quarter Highlights

•

Earnings improvement that exceeded

consensus estimate.

•

Significant improvement in PTPP earnings.

•

Decrease in total non-performing assets for the

second consecutive quarter.

•

Continued improvement in net interest margin

for second consecutive quarter.

•

Improved contributions from mortgage and

wealth management units.

Excellence. Partnership. Service

$5,689

$5,112

$3,572

$8,766

$0

$5,000

$10,000

$15,000

2Q - 2009

3Q - 2009

4Q - 2009

1Q - 2010

PPPT (Pre-provision, pre-tax)

Earnings by Quarter

(Dollars in thousands)

Excellence. Partnership. Service

3.25%

3.25%

3.25%

3.25%

3.52%

3.45%

3.30%

3.34%

3.50%

3.25%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

1Q 2009

2Q 2009

3Q 2009

4Q 2009

1Q 2010

Net Interest Margin Versus

Prime Rate

Excellence. Partnership. Service

Overhead by Quarter

(Dollars in thousands)

$22,224

$24,057

$22,748

$24,875

$22,547

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

1Q - 2009

2Q - 2009

3Q - 2009

4Q - 2009

1Q -2010

Excellence. Partnership. Service

•

Offense vs. defense on lending front.

•

Reduce NPA’s as soon as practical.

•

Continue initiatives to leverage overhead

structure.

•

Accelerate growth in non-interest revenues.

•

Repay TARP as soon as practical.

•

Initiate acquisition strategy in higher growth

markets.

Strategic Outlook

Excellence. Partnership. Service

Final

Considerations

•

Reliable track record for merger integration and

growth.

•

Highly liquid and well-capitalized balance sheet

with minimal intangibles when compared to

peer.

•

Franchise sits in most stable portion of a good

Virginia market.

•

Opportunity for growth in Richmond and

Tidewater are compelling.

Excellence. Partnership. Service

Investor Presentation

First Quarter 2010

Thank you!