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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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Union First Market’s Q4 results up from 2009

Union First Market Bankshares Corp. earned 15 cents per share in the fourth quarter and 83 cents per share for all of 2010, the Richmond-based bank announced late this afternoon. Those topped results from the 2009 fourth quarter and year by 15 cents and 64 cents per share, respectively.

“Union First Market Bankshares delivered strong earnings to our shareholders in 2010 and we are proud of what our teammates were able to accomplish,” Union CEO William Beale said in a prepared statement.

Union’s net income of $22.9 million for 2010 was its highest in four years. Nonperforming loans as a percentage of total loans increased to 2.17 percent from 1.81 percent in the third quarter, however, and the company attributed it to “continued softness in residential home builder real estate markets we serve.”

Union is the second-biggest bank by customer deposits in the Fredericksburg market, trailing only BB&T. It is a large employer throughout the region but particularly in Caroline County.

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Permalink: http://news.fredericksburg.com/businessbrowser/2011/01/26/union-first-markets-q4-results-up-from-2009/

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