Business
Union Bankshares Announces Earnings for the three months and six months ended June 30, 2022 and Declares Quarterly Dividend
MORRISVILLE, Vt., July 20, 2022 (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 20, 2022 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2022 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2022 was $2.9 million, or $0.65 per share, compared to $3.0 million, or $0.67 cents per share, for the same period in 2021, and $5.4 million, or $1.20 per share, for the six months ended June 30, 2022, compared to $5.9 million, or $1.31 per share for the same period in 2021. Second Quarter Highlights Consolidated net income decreased $60 thousand, or 2.0%, to $2.9 million for the second quarter of 2022 compared to the second quarter of 2021 due to a decrease in noninterest income of $974 thousand and an increase of $7 thousand in income tax expense, partially offset by an increase in net interest income of $752 thousand, a reduction of $75 thousand in the provision for loan losses and a decrease in noninterest expenses of $94 thousand. The decrease in noninterest income was primarily related to a decrease in the gain on sale of residential loans of $865 thousand for the comparison period due to lower sales volume and lower premiums related to the increase in interest rates. Net interest income improved to $9.7 million for the three months ended June 30, 2022 compared to $8.9 million for the three months ended June 30, 2021, an increase of $752 thousand, or 8.4%. The larger earning asset base coupled with stable deposit costs have improved net interest income. No provision for loan losses was recorded for the three and six months ended June 30, 2022 compared to $75 thousand and $225 thousand for the three and six months ended June 30, 2021, respectively. The allowance for loan losses as of June 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 $8.3 million for the three months ended June 30, 2022 compared to $8.4 million for the same period in 2021, a decrease of $94 thousand, or 1.1%. Year-to-Date Highlights Consolidated net income was $5.4 million, or $1.20 per share, compared to $5.9 million, or $1.31 per share, for the six months ended June 30, 2022 and 2021, respectively. The decrease in earnings was due a decrease of $1.5 million in noninterest income...