Business
Union Bankshares Announces Earnings for the three and six months ended June 30, 2020 and Declares Quarterly Dividend
MORRISVILLE, Vt., July 15, 2020 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30,
About this update from Union Bankshares, Inc.
[{"type":"text","content":"MORRISVILLE, Vt., July 15, 2020 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2020 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2020 were $2.7 million, or $0.60 per share, compared to $2.5 million, or $0.56 per share, for the same period in 2019 and $4.9 million, or $1.09 per share, for the six months ended June 30, 2020, compared to $5.2 million, or $1.15 per share, for the same period in 2019.\n Second Quarter Highlights Consolidated net income increased $138 thousand, or 5.4%, to $2.7 million for the second quarter of 2020 compared to the second quarter of 2019 due to increases in net interest income of $271 thousand and noninterest income of $517 thousand, partially offset by increases in the provision for loan losses of $350 thousand and noninterest expenses of $311 thousand. Union originated $68.5 million in Paycheck Protection Program (\"PPP\") loans to assist customers during the economic disruption caused by COVID-19. Interest income and origination fees from PPP loans was $368 thousand for the three months ended June 30, 2020. Additionally, sales of qualifying residential loans to the secondary market for the second quarter of 2020 were $55.4 million resulting in gain on sales of $1.4 million, compared to sales of $35.2 million and gain on sales of $683 thousand for the second quarter of 2019. Year-to-Date Highlights Consolidated net income was $4.9 million, or $1.09 per share, compared to $5.2 million, or $1.15 per share, for the six months ended June 30, 2020 and 2019, respectively. The reduction in earnings from the 2019 comparison period was due to increases of $600 thousand in the provision for loan losses and $956 thousand in noninterest expenses partially offset by increases in net interest income of $412 thousand and $803 thousand in noninterest income. Net interest income increased $412 thousand, or 2.8%, to $15.3 million for the six months ended June 30, 2020 compared to $14.9 million for the six months ended June 30, 2019. Despite the Federal Reserve initiating a 150 basis point reduction in short term interest rates in March 2020, interest income increased $606 thousand primarily due to higher volumes of loans during the first six months of 2020 compared to the same ...