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Union Bankshares Q3 net income climbs YOY amid loan, deposit growth

Richmond, Va.-based Union Bankshares Corp. on Oct. 17 reported third-quarter net income of $38.2 million, or 58 cents per share, up from $20.7 million, or 47 cents per share, in the same quarter of 2017.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP EPS was 64 cents.

Total loans held for investment ticked up 36% year over year and rose 1% from the linked quarter to $9.41 billion. Loan growth increased in each month of the third quarter and the company's commercial and industrial banking build-out is largely complete, according to President and CEO John Asbury.

Total deposits increased 43% year over year and were flat quarter over quarter at $9.83 billion. Money market accounts grew to $2.70 billion from $1.62 billion a year ago.

The company consolidated seven branches during the third quarter, which resulted in additional after-tax branch closure costs of approximately $375,000 that were recorded in the third quarter.

In addition, the company incurred approximately $565,000 in after-tax costs related to executive management changes during the quarter.