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Overview
Union Bankshares Inc (symbol: UNB) is a full-service community bank that combines traditional banking values with modern financial expertise. Operating primarily in northern Vermont and northern New Hampshire, the bank delivers a robust array of community banking, retail banking, and asset management services designed to meet the diverse needs of individuals, families, and local businesses. This comprehensive overview highlights the bank's commitment to personalized service, innovative banking solutions, and its integral role in supporting local economic growth.
Core Business Areas
At its core, Union Bankshares Inc operates as a financial services provider offering:
- Retail Banking: Catering to individual customers with personal checking and savings accounts, mortgage solutions, and digital banking platforms that enable convenient banking on the go.
- Commercial Banking: Providing tailored financial products and services to small and medium-sized enterprises, nonprofits, municipalities, and school districts. These services include business loans, lines of credit, and cash management solutions aimed at fostering local business expansion.
- Asset Management and Fiduciary Services: Through its dedicated Asset Management Group, the bank delivers asset management and trust services, ensuring that clients receive expert guidance in preserving and growing their assets.
Digital Innovations and Accessibility
Union Bankshares Inc has integrated various digital banking technologies to enhance customer experience and accessibility. Through its network of branches, ATMs, internet banking, and telebanking systems, customers have access to fast, efficient, and secure banking solutions. This blend of traditional and digital banking supports the evolving preferences of a tech-savvy clientele while maintaining community-oriented personal service.
Market Position and Local Impact
Positioned as a true community bank, Union Bankshares Inc capitalizes on its deep local insight to deliver banking solutions that resonate with regional needs. The bank fosters durable relationships with customers by offering personalized guidance and services, which in turn helps local businesses create jobs, expand operations, and prosper. Its unwavering commitment to local success is reinforced through traditional banking methods combined with modern financial strategies.
Comprehensive Financial Expertise
The bank distinguishes itself through its multifaceted approach to financial services. By merging fundamental banking with asset management and fiduciary expertise, Union Bankshares Inc provides an integrated financial experience. The bank’s operational philosophy underscores reliability, trustworthiness, and in-depth knowledge of local market dynamics, ensuring that every financial product is crafted to meet the unique challenges and opportunities present in its community.
Operational Philosophy and Client Relationships
Union Bankshares Inc emphasizes the importance of long-term relationships with its customers. With a focus on understanding the specific financial objectives and circumstances of each client, the bank designs solutions that are both practical and personalized. This philosophy is evident in its approach to assisting clients with home buying, retirement planning, and business financing, illustrating an active role in both personal and community financial growth.
Expertise and Trust in Financial Services
Backed by years of experience and a commitment to excellence, Union Bankshares Inc has built an authoritative presence in the community banking landscape. The bank’s comprehensive services, combined with local expertise, enable it to address complex financial needs with clarity and efficiency. It stands as a dependable financial partner, continuously adapting to the evolving banking environment while preserving the trusted values that have defined its operations for decades.
Overall, Union Bankshares Inc offers a detailed case study in how locally rooted banks can successfully merge traditional financial practices with modern innovations. The company remains a significant player in its market area by steadfastly maintaining a blend of personalized service, broad-range banking expertise, and digital capabilities.
Union Bankshares (UNB) reported Q4 2024 consolidated net income of $3.00 million ($0.67 per share), slightly down from $3.05 million ($0.68 per share) in Q4 2023. Full-year 2024 net income was $8.8 million ($1.94 per share), compared to $11.3 million ($2.50 per share) in 2023.
Total assets reached $1.53 billion, up 4.0% from 2023. Loan portfolio grew by 12.6% to $1.16 billion, while deposits were $1.17 billion. The company's strategic balance sheet repositioning included selling $38.8 million in lower-yielding securities, resulting in a $1.3 million pre-tax loss. Book value per share increased to $14.65.
The Board declared a quarterly cash dividend of $0.36 per share, payable February 6, 2025.
Union Bankshares, Inc. (NASDAQ: UNB) reported its financial results for Q3 2024 and declared a quarterly dividend. Key highlights include:
- Consolidated net income of $1.3 million ($0.29 per share) for Q3 2024, down from $2.5 million ($0.56 per share) in Q3 2023
- Total assets increased 8.9% to $1.52 billion
- Total loans grew to $1.13 billion, including $8.4 million in loans held for sale
- Total deposits were $1.17 billion, including $80.0 million of purchased brokered deposits
- Book value per share increased to $15.98
- Quarterly cash dividend of $0.36 per share declared
The decrease in earnings was primarily due to a strategic balance sheet repositioning, resulting in a $1.3 million pre-tax realized loss from the sale of $38.8 million in lower-yielding available-for-sale debt securities.
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 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.
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