Union Bankshares Announces Earnings for the three months and year ended December 31, 2022 and Declares Quarterly Dividend

About this update from Union Bankshares, Inc.

[{"type":"text","content":"MORRISVILLE, Vt., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months and year ended December 31, 2022. Net income was $3.4 million and $12.6 million for the three months and year ended December 31, 2022 resulting in earnings per share of $0.77 and $2.81 for the same periods, respectively. The Board of Directors also declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. Fourth Quarter Highlights Consolidated net income increased $66 thousand, or 2.0%, to $3.4 million for the fourth quarter of 2022 compared to the fourth quarter of 2021 due to an increase in net interest income of $1.1 million and a decrease in noninterest expenses of $76 thousand, partially offset by a decrease in noninterest income of $702 thousand and an increase in income tax expense of $189 thousand. Also, a credit of $225 thousand was recorded for the provision for loan losses for the fourth quarter of 2021, which represented the reversal of the provision recorded during the first half of 2021. No provision for loan losses was recorded for the three and twelve months ended December 31, 2022. Interest income increased $2.3 million to $12.4 million for the three months ended December 31, 2022 compared to $10.0 million for the three months ended December 31, 2021 due to the larger earning asset base coupled with upward movement in interest rates. Interest expense increased $1.2 million to $2.0 million for the three months ended December 31, 2022 compared to $779 thousand for the three months ended December 31, 2021 due to an increase in rates paid on customer deposits, the utilization of wholesale funding which is at a higher cost and the larger funding base. These changes resulted in net interest income $10.4 million for the three months ended December 31, 2022 compared to $9.2 million for the three months ended December 31, 2021, an increase of $1.1 million, or 12.0%. The decrease in noninterest income was primarily related to a decrease in the gain on sale of residential loans of $726 thousand for the comparison period. Loan sales were $17.8 million for the three months ended December 31, 2022 compared to sales of $52.6 million for...

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