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Union Bankshares, Inc (symbol: UNB) is a distinguished community bank serving the financial needs of northern Vermont and northern New Hampshire. With headquarters in Morrisville, Vermont, Union Bank is dedicated to providing a comprehensive range of financial services tailored to both personal and commercial clients. The bank's commitment to building lasting relationships with its customers allows it to offer personalized banking experiences that cater to individual financial goals.
Union Bank offers a wide array of services including retail and commercial banking, investment and trust services, and various digital banking solutions such as telebanking and internet banking. These services are designed to help individuals manage their finances on the go, purchase or build homes, and save for retirement. For local businesses, Union Bank plays a pivotal role in fostering growth by providing the necessary financial support to create jobs, expand operations, and achieve prosperity.
The bank's Asset Management Group specializes in fiduciary and asset management services, catering to the financial planning and investment needs of its clients. Union Bank's extensive network of branches and ATMs ensures convenient access to banking services across its operational regions.
Union Bank is not just a financial institution; it is a vital part of the community, actively contributing to local success and growth through its financial expertise, quality products, and exceptional personal service. Its unwavering commitment to local development has made it an integral partner for individuals, businesses, nonprofit organizations, local municipalities, and school districts within its market area.
Stay updated with the latest news and events related to Union Bankshares, Inc. to understand its continuous efforts in enhancing community banking experiences and achieving financial milestones.
Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $3.8 million for Q3 2022, a 4.3% decrease from Q3 2021. Earnings per share dropped to $0.84, down from $0.87. For the nine months ending September 30, 2022, net income was $9.2 million, or $2.04 per share, compared to $9.8 million, or $2.18 per share in 2021. Key factors included a $1.7 million decrease in noninterest income, offset by a $1.3 million rise in net interest income. Total assets grew to $1.3 billion, driven by increased customer deposits, while total loans outstanding rose 19.3% to $942.5 million.
Union Bankshares, Inc. (NASDAQ - UNB) reported a decrease in net income for Q2 2022, totaling $2.9 million, or $0.65 per share, compared to $3.0 million in Q2 2021. For the first half of 2022, net income was $5.4 million, down from $5.9 million year-over-year. Key factors include a decline in noninterest income by $974,000 and a rise in expenses. However, net interest income increased by 8.4% to $9.7 million due to a larger asset base. The company declared a dividend of $0.35 per share payable August 4, 2022.
Union Bankshares, Inc. (NASDAQ: UNB) reported a net income of $2.5 million ($0.55 per share) for Q1 2022, down 13.7% from $2.9 million ($0.64 per share) in Q1 2021. Interest income rose to $9.7 million, a 2.4% increase, while interest expense decreased 30.7% to $763 thousand. Noninterest income fell to $2.1 million, down 21.6%, primarily due to reduced gains on residential loan sales. Total assets increased to $1.2 billion, driven by a 12.5% rise in customer deposits. A regular cash dividend of $0.35 per share was declared, payable on May 5, 2022.
Union Bankshares, Inc. (NASDAQ - UNB) reported net income of $3.4 million for Q4 2021, down 11% year-over-year, leading to earnings per share of $0.76. For the full year, net income reached $13.2 million, or $2.94 per share, reflecting a growth in interest income by 6.9% to $39.3 million. The Board declared a cash dividend of $0.35, a 6.1% increase from prior quarters. Noninterest income fell 19% to $13.0 million, reflecting decreased gains on loan sales. Total assets grew 10.3% to $1.2 billion, fueled by a $100.8 million rise in deposits.
Union Bankshares, Inc. (NASDAQ - UNB) reported Q3 2021 net income of $3.9 million ($0.87/share), down from $4.1 million ($0.92/share) in Q3 2020. Year-to-date results show an increase in net income to $9.8 million ($2.18/share) from $9.0 million ($2.01/share) in 2020. Total assets grew to $1.16 billion, while total loans decreased to $790 million due to residential loan sales and PPP forgiveness. Noninterest income dropped 23.6% YoY, primarily from reduced residential loan sales. A quarterly cash dividend of $0.33/share was declared, payable November 4, 2021.
Union Bankshares, Inc. (NASDAQ - UNB) has successfully completed a private placement of $16.5 million in fixed-to-floating rate subordinated notes due 2031. The notes will carry an initial interest rate of 3.25%, resetting to the Three-Month Term SOFR plus 263 basis points from September 2026. Proceeds will bolster the capital support for its subsidiary, Union Bank, enhancing growth and general corporate purposes. CEO David Silverman expressed satisfaction with the favorable pricing of the issuance, executed with the assistance of PNC FIG Advisory.
Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $3.0 million, or $0.67 per share, for Q2 2021, marking a 12.1% increase from $2.7 million in Q2 2020. For the six months ended June 30, 2021, net income reached $5.9 million, or $1.31 per share, up from $4.9 million, or $1.09 per share, in the same period in 2020. Net interest income rose to $8.9 million, a 14.7% increase due to a larger earning asset base despite low interest rates. Additionally, the bank originated $31.8 million in PPP loans in 2021, totaling $102.1 million since inception.
Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $2.9 million ($0.64 per share) for Q1 2021, marking a 30.9% increase from $2.2 million ($0.49 per share) in Q1 2020. Major factors include a $893 thousand increase in net interest income driven by higher interest earning assets, despite lower yields. Total assets rose 25.1% to $1.1 billion, largely due to PPP participation and increased deposits. The bank declared a cash dividend of $0.33 per share payable on May 6, 2021.
Union Bankshares, Inc. (NASDAQ: UNB) reported a net income of $3.8 million for Q4 2020, an increase of 37.5% year-over-year, resulting in an earnings per share (EPS) of $0.85. For the full year, net income reached $12.8 million with an EPS of $2.86, up from $10.6 million in 2019. A cash dividend of $0.33 per share was declared, marking a 3.1% increase. Total assets climbed 25.3% to $1.1 billion, driven by strong loan origination and customer deposits amid the pandemic.
Union Bankshares, Inc. (NASDAQ - UNB) reported consolidated net income of $4.1 million for Q3 2020, up 51.5% from $2.7 million in Q3 2019, equating to $0.92 per share. Year-to-date, net income reached $9.0 million compared to $7.9 million in the previous year. Key highlights include increased net interest income and noninterest income, alongside a rise in provision for loan losses due to COVID-19 impacts. Total assets rose to $1.009 billion, with total loans at $798.3 million, driven by Paycheck Protection Program loans. A quarterly cash dividend of $0.32 per share was declared.
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