Union Bankshares, Inc - UNB STOCK NEWS

Union Bankshares, Inc. (NASDAQ: UNB) has completed a strategic balance sheet repositioning involving its investment securities portfolio. The company's subsidiary, Union Bank, sold $38.8 million in book value of lower-yielding available-for-sale debt securities, resulting in an estimated after-tax realized loss of $1.0 million for Q3 2024. The proceeds were reinvested in higher-yielding bonds and loans, expected to yield 341 basis points more than the sold securities. This move is projected to be earnings accretive, improve net interest margin and return on assets, and enhance balance sheet management flexibility. The loss is estimated to be recouped within a year and has a neutral impact on stockholders' equity and book value per share.

Union Bankshares (NASDAQ: UNB) reported Q2 2024 earnings with consolidated net income of $2.0 million, or $0.45 per share, down from $2.7 million, or $0.60 per share, in Q2 2023. For the six months ended June 30, 2024, net income was $4.4 million, or $0.98 per share, compared to $5.7 million, or $1.26 per share, in the same period of 2023.

Key highlights:

• Total assets increased 4.8% to $1.40 billion
• Total loans grew to $1.01 billion, including $6.2 million in loans held for sale
• Deposits were $1.05 billion, including $65.0 million in brokered deposits
• Book value per share improved to $14.16
• The Board declared a quarterly cash dividend of $0.36 per share

Union Bankshares, Inc. (NASDAQ: UNB) reported a consolidated net income of $2.4 million for the first quarter of 2024, with a decrease of 18.8% compared to the same period in 2023. Total assets increased by 4.1% to $1.42 billion, driven by loan growth. The company's investment securities faced unrealized losses of $44.7 million due to the interest rate environment. Total deposits decreased to $1.17 billion, and Federal Home Loan Bank advances increased to $115.7 million. The company's equity capital rose to $63.8 million, with a book value per share of $14.12. The Board of Directors declared a cash dividend of $0.36 per share for the quarter.

Union Bankshares, Inc. (NASDAQ - UNB) announced a decrease in net income for the three months and year ended December 31, 2023, compared to the same periods in 2022. Total assets increased to $1.5 billion, representing a 9.9% growth. However, the company reported unrealized losses of $41.0 million in its investment portfolio due to the interest rate environment. The company also declared a regular quarterly cash dividend of $0.36 per share.

Union Bankshares, Inc. announces Q3 2023 results with consolidated net income of $2.5 million, a decrease of 32.6% compared to Q3 2022. The decrease in net income is primarily due to changes in interest rates and increased funding costs. The company remains focused on gathering deposits and maintaining strong asset quality. Total assets increased by 7.3% to $1.4 billion.

Union Bankshares, Inc. announces Q2 2023 results with consolidated net income of $2.7 million, a decrease of 7.9% compared to Q2 2022. Net interest income decreased by $53 thousand and noninterest expenses increased by $653 thousand. The company's total assets increased by 12.0% to $1.3 billion. The Board of Directors declared a cash dividend of $0.36 per share.

Union Bankshares, Inc. (NASDAQ - UNB) reported consolidated net income of $3.0 million or $0.66 per share for Q1 2023, marking a 20% increase from $2.5 million or $0.55 per share in Q1 2022. Interest income rose to $13.0 million, a 34.1% increase from $9.7 million, driven by higher volumes and yields. However, interest expense surged to $3.1 million, up 302.5% from $763 thousand, mainly due to increased rates on deposits. Total assets grew to $1.4 billion, a 10.4% increase year-over-year, primarily due to loan growth. The company declared a cash dividend of $0.36 per share payable May 4, 2023. Although total equity capital declined to $60.6 million, the book value per share is at $13.44.

Union Bank has upgraded to Baker Hill NextGen®, enhancing its commercial lending processes across Vermont and New Hampshire. This transition to a unified platform aims to improve efficiency in loan origination, credit approval, and portfolio monitoring. The bank anticipates a better experience for both borrowers and staff through optimized decision-making and communication. Founded in 1891, Union Bank has a strong commitment to community service and has been recognized for its compliance with the Community Reinvestment Act. The partnership with Baker Hill is expected to further support Union Bank's customer service goals.

Union Bankshares, Inc. (NASDAQ - UNB) reported its financial results for the fourth quarter and the year ended December 31, 2022, with net income of $3.4 million for Q4 and $12.6 million for the year, translating to earnings per share of $0.77 and $2.81, respectively. The board declared a 2.9% increase in cash dividends to $0.36 per share. Key highlights include a 12% increase in net interest income to $10.4 million for Q4, driven by higher interest rates and a larger earning asset base. However, noninterest income declined significantly, primarily due to lower residential loan sales. Total assets grew by 10.9% to $1.3 billion, with significant loan and deposit increases.