Business
Union Bankshares Announces Earnings for the three and nine months ended September 30, 2021 and Declares Quarterly Dividend
MORRISVILLE, Vt., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended
About this update from Union Bankshares, Inc.
[{"type":"text","content":"MORRISVILLE, Vt., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2021 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2021 was $3.9 million, or $0.87 per share, compared to $4.1 million, or $0.92 per share, for the same period in 2020 and $9.8 million, or $2.18 per share, for the nine months ended September 30, 2021, compared to $9.0 million, or $2.01 per share, for the same period in 2020. The Board of Directors declared a cash dividend of $0.33 per share for the quarter payable November 4, 2021 to shareholders of record as of October 30, 2021. Third Quarter Financial Highlights Total assets increased to $1.16 billion as of September 30, 2021 from $1.01 billion as of September 30, 2020 primarily due to increases of $96.4 million in investment securities and $55.7 million in federal funds sold. Total loans were $790.0 million as of September 30, 2021 compared to $798.3 million as of September 30, 2020, a decrease of $8.3 million primarily due to sales of residential loans and PPP forgiveness. Total deposits increased $130.6 million, or 14.3%, to $1.04 billion, since September 30, 2020 due to the general increase of money supply provided to our customers through various stimulus packages. The high level of customer deposit balances has allowed for less reliance on wholesale funding which was $7.0 million as of September 30, 2021 compared to $9.5 million as of September 30, 2020. Union Bankshares, Inc. announced on August 26, 2021 that it completed a private placement of $16.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2031 to certain qualified institutional buyers and accredited investors. Proceeds from the sale of the notes were used to provide additional capital support to the Company's wholly-owned subsidiary, Union Bank, to support growth and for other general corporate purposes. The Company had total equity capital of $83.7 million with a book value per share of $18.67 as of September 30, 2021 compared to $78.4 million with a book value of $17.52 per share as of September 30, 2020. Consolidated net income decreased $222 thousand, or 5.4%, to $3.9 million for the third quarter of 2021 compared to the third quarter of 2020...