Union Bankshares Announces Earnings for the three months and nine months ended September 30, 2022 and Declares Quarterly Dividend

About this update from Union Bankshares, Inc.

[{"type":"text","content":"MORRISVILLE, Vt., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2022 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2022 was $3.8 million, or $0.84 per share, compared to $3.9 million, or $0.87 cents per share, for the same period in 2021, and $9.2 million, or $2.04 per share, for the nine months ended September 30, 2022, compared to $9.8 million, or $2.18 per share for the same period in 2021. Third Quarter Highlights Consolidated net income decreased $167 thousand, or 4.3%, to $3.8 million for the third quarter of 2022 compared to the third quarter of 2021 due to a decrease in noninterest income of $1.7 million partially offset by an increase in net interest income of $1.3 million and decreases in noninterest expenses of $182 thousand and income tax expense of $91 thousand. The decrease in noninterest income was primarily related to a decrease in the gain on sale of residential loans of $1.5 million for the comparison period due to lower sales volume and lower premiums related to the increase in interest rates. Net interest income improved to $10.4 million for the three months ended September 30, 2022 compared to $9.1 million for the three months ended September 30, 2021, an increase of $1.3 million, or 14.1%. Interest income increased $1.6 million to $11.5 million for the three months ended September 30, 2022 compared to $9.9 million for the three months ended September 30, 2021 due to the larger earning asset base coupled with upward movement in interest rates. Interest expense increased $317 thousand to $1.0 million for the three months ended September 30, 2022 compared to $706 thousand for the three months ended September 30, 2021 due to the larger funding base and an increase in rates paid on customer deposits and other sources. No provision for loan losses was recorded for the three and nine months ended September 30, 2022 compared to no provision for the three months ended September 30, 2021 and $225 thousand for the nine months ended September 30, 2021. The allowance for loan losses as of September 30, 2022 is determined to be sufficient based on the current size and mix of the loan portfolio and positive asset quality metrics. Noninterest expenses were $8...

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