Business
Union Bankshares Announces Earnings for the three months and six months ended June 30, 2023 and Declares Quarterly Dividend
MORRISVILLE, Vt., July 19, 2023 (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 19, 2023 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2023 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2023 was $2.7 million, or $0.60 per share, compared to $2.9 million, or $0.65 cents per share, for the same period in 2022, and $5.7 million, or $1.26 per share, for the six months ended June 30, 2023, compared to $5.4 million, or $1.20 per share for the same period in 2022. Second Quarter Highlights Consolidated net income decreased $232 thousand, or 7.9%, to $2.7 million for the second quarter of 2023 compared to the second quarter of 2022 due to a decrease in net interest income of $53 thousand and an increase of $653 thousand in noninterest expense, partially offset by an increase in noninterest income of $203 thousand, a reduction of $96 thousand in credit loss expense and a decrease in income tax expense of $175 thousand. Net interest income was $9.6 million for the three months ended June 30, 2023 compared to $9.7 million for the three months ended June 30, 2022, a decrease of $53 thousand, or 0.5%. Interest income was $13.8 million for the three months ended June 30, 2023 compared to $10.4 million for the same period in 2022, an increase of $3.4 million, or 32.7%, due to the larger earning asset base and higher interest rates on new loan volume. Interest expense increased $3.5 million to $4.2 million for the three months ended June 30, 2023 compared to the same period in 2022 due to customers seeking higher returns on their savings and utilization of wholesale funds which often are at higher rates. Noninterest income was $2.5 million for the three months ended June 30, 2023 compared to $2.3 million for the same period in 2022 an increase of $203 thousand, or 8.9%. Noninterest expenses were $9.1 million for the three months ended June 30, 2023 compared to $8.4 million for the same period in 2022, an increase of $653 thousand, or 7.8%. Year-to-Date Highlights Consolidated net income increased $263 thousand, or 4.9%, to $5.7 million for the first six months of 2023 compared to the first six months of 2022 due to increases of $959 thousand in net interest income and $258 thousand in noninterest income, a reduction in credit loss expense of $22 thousand, and a...