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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, 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.
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.
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