Business
Union Bankshares Announces Earnings for the three months and year ended December 31, 2024 and Declares Quarterly Dividend
MORRISVILLE, Vt., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months and year ended December
About this update from Union Bankshares, Inc.
[{"type":"text","content":"MORRISVILLE, Vt., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months and year ended December 31, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended December 31, 2024 was $3.00 million, or $0.67 per share, compared to $3.05 million, or $0.68 per share, for the same period in 2023, and $8.8 million, or $1.94 per share, for the year ended December 31, 2024, compared to $11.3 million, or $2.50 per share for the same period in 2023. The decrease in earnings for the comparison periods was impacted by the previously announced strategic balance sheet repositioning executed during the third quarter. The Company's wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024. Balance Sheet Total assets were $1.53 billion as of December 31, 2024 compared to $1.47 billion as of December 31, 2023, an increase of $59.5 million, or 4.0%. Loan demand was robust in 2024 resulting in an increase of $130.0 million, or 12.6%, to reach $1.16 billion as of December 31, 2024 including $5.2 million in loans held for sale, compared to $1.03 billion as of December 31, 2023, with $3.1 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $7 thousand and $22 thousand for the three months and year ended December 31, 2024, respectively. In addition to the balance sheet growth in loans, qualifying residential loans of $113.5 million were sold during 2024 compared to sales of $75.6 million in 2023. Total deposits were $1.17 billion as of December 31, 2024 compared to deposits of $1.31 billion as of December 31, 2023 that include $153.0 million of purchased brokered deposits. There were no purchased deposits as of December 31, 2024. Federal Home Loan Bank advances of $259.7 million were outstanding as of December 31, 2024 compared to $55.7 million outstanding as of December 31, 2023. There were also $10.0 million in advances from the Federal Reserve's Bank Term Funding Program outstanding as of December 31, 2023. The Company had total equity capital of $66.5 million and a book value per share of $14.65 as of December ...