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Union Bankshares, Inc - UNB STOCK NEWS

Welcome to our dedicated page for Union Bankshares news (Ticker: UNB), a resource for investors and traders seeking the latest updates and insights on Union Bankshares stock.

Union Bankshares, Inc (symbol: UNB) is a distinguished community bank serving the financial needs of northern Vermont and northern New Hampshire. With headquarters in Morrisville, Vermont, Union Bank is dedicated to providing a comprehensive range of financial services tailored to both personal and commercial clients. The bank's commitment to building lasting relationships with its customers allows it to offer personalized banking experiences that cater to individual financial goals.

Union Bank offers a wide array of services including retail and commercial banking, investment and trust services, and various digital banking solutions such as telebanking and internet banking. These services are designed to help individuals manage their finances on the go, purchase or build homes, and save for retirement. For local businesses, Union Bank plays a pivotal role in fostering growth by providing the necessary financial support to create jobs, expand operations, and achieve prosperity.

The bank's Asset Management Group specializes in fiduciary and asset management services, catering to the financial planning and investment needs of its clients. Union Bank's extensive network of branches and ATMs ensures convenient access to banking services across its operational regions.

Union Bank is not just a financial institution; it is a vital part of the community, actively contributing to local success and growth through its financial expertise, quality products, and exceptional personal service. Its unwavering commitment to local development has made it an integral partner for individuals, businesses, nonprofit organizations, local municipalities, and school districts within its market area.

Stay updated with the latest news and events related to Union Bankshares, Inc. to understand its continuous efforts in enhancing community banking experiences and achieving financial milestones.

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Union Bankshares, Inc. (NASDAQ: UNB) has completed a strategic balance sheet repositioning involving its investment securities portfolio. The company's subsidiary, Union Bank, sold $38.8 million in book value of lower-yielding available-for-sale debt securities, resulting in an estimated after-tax realized loss of $1.0 million for Q3 2024. The proceeds were reinvested in higher-yielding bonds and loans, expected to yield 341 basis points more than the sold securities. This move is projected to be earnings accretive, improve net interest margin and return on assets, and enhance balance sheet management flexibility. The loss is estimated to be recouped within a year and has a neutral impact on stockholders' equity and book value per share.

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Union Bankshares (NASDAQ: UNB) reported Q2 2024 earnings with consolidated net income of $2.0 million, or $0.45 per share, down from $2.7 million, or $0.60 per share, in Q2 2023. For the six months ended June 30, 2024, net income was $4.4 million, or $0.98 per share, compared to $5.7 million, or $1.26 per share, in the same period of 2023.

Key highlights:

  • Total assets increased 4.8% to $1.40 billion
  • Total loans grew to $1.01 billion, including $6.2 million in loans held for sale
  • Deposits were $1.05 billion, including $65.0 million in brokered deposits
  • Book value per share improved to $14.16
  • The Board declared a quarterly cash dividend of $0.36 per share
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Union Bankshares, Inc. (NASDAQ: UNB) reported a consolidated net income of $2.4 million for the first quarter of 2024, with a decrease of 18.8% compared to the same period in 2023. Total assets increased by 4.1% to $1.42 billion, driven by loan growth. The company's investment securities faced unrealized losses of $44.7 million due to the interest rate environment. Total deposits decreased to $1.17 billion, and Federal Home Loan Bank advances increased to $115.7 million. The company's equity capital rose to $63.8 million, with a book value per share of $14.12. The Board of Directors declared a cash dividend of $0.36 per share for the quarter.
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Union Bankshares, Inc. (NASDAQ - UNB) announced a decrease in net income for the three months and year ended December 31, 2023, compared to the same periods in 2022. Total assets increased to $1.5 billion, representing a 9.9% growth. However, the company reported unrealized losses of $41.0 million in its investment portfolio due to the interest rate environment. The company also declared a regular quarterly cash dividend of $0.36 per share.
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Union Bankshares, Inc. announces Q3 2023 results with consolidated net income of $2.5 million, a decrease of 32.6% compared to Q3 2022. The decrease in net income is primarily due to changes in interest rates and increased funding costs. The company remains focused on gathering deposits and maintaining strong asset quality. Total assets increased by 7.3% to $1.4 billion.
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Union Bankshares, Inc. announces Q2 2023 results with consolidated net income of $2.7 million, a decrease of 7.9% compared to Q2 2022. Net interest income decreased by $53 thousand and noninterest expenses increased by $653 thousand. The company's total assets increased by 12.0% to $1.3 billion. The Board of Directors declared a cash dividend of $0.36 per share.
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Union Bankshares, Inc. (NASDAQ - UNB) reported consolidated net income of $3.0 million or $0.66 per share for Q1 2023, marking a 20% increase from $2.5 million or $0.55 per share in Q1 2022. Interest income rose to $13.0 million, a 34.1% increase from $9.7 million, driven by higher volumes and yields. However, interest expense surged to $3.1 million, up 302.5% from $763 thousand, mainly due to increased rates on deposits. Total assets grew to $1.4 billion, a 10.4% increase year-over-year, primarily due to loan growth. The company declared a cash dividend of $0.36 per share payable May 4, 2023. Although total equity capital declined to $60.6 million, the book value per share is at $13.44.

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Union Bank has upgraded to Baker Hill NextGen®, enhancing its commercial lending processes across Vermont and New Hampshire. This transition to a unified platform aims to improve efficiency in loan origination, credit approval, and portfolio monitoring. The bank anticipates a better experience for both borrowers and staff through optimized decision-making and communication. Founded in 1891, Union Bank has a strong commitment to community service and has been recognized for its compliance with the Community Reinvestment Act. The partnership with Baker Hill is expected to further support Union Bank's customer service goals.

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Union Bankshares, Inc. (NASDAQ - UNB) reported its financial results for the fourth quarter and the year ended December 31, 2022, with net income of $3.4 million for Q4 and $12.6 million for the year, translating to earnings per share of $0.77 and $2.81, respectively. The board declared a 2.9% increase in cash dividends to $0.36 per share. Key highlights include a 12% increase in net interest income to $10.4 million for Q4, driven by higher interest rates and a larger earning asset base. However, noninterest income declined significantly, primarily due to lower residential loan sales. Total assets grew by 10.9% to $1.3 billion, with significant loan and deposit increases.

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Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $3.8 million for Q3 2022, a 4.3% decrease from Q3 2021. Earnings per share dropped to $0.84, down from $0.87. For the nine months ending September 30, 2022, net income was $9.2 million, or $2.04 per share, compared to $9.8 million, or $2.18 per share in 2021. Key factors included a $1.7 million decrease in noninterest income, offset by a $1.3 million rise in net interest income. Total assets grew to $1.3 billion, driven by increased customer deposits, while total loans outstanding rose 19.3% to $942.5 million.

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FAQ

What is the current stock price of Union Bankshares (UNB)?

The current stock price of Union Bankshares (UNB) is $26 as of October 9, 2024.

What is the market cap of Union Bankshares (UNB)?

The market cap of Union Bankshares (UNB) is approximately 114.9M.

What services does Union Bankshares, Inc offer?

Union Bankshares, Inc offers retail and commercial banking, investment and trust services, telebanking, internet banking, and asset management services.

Where is Union Bankshares, Inc headquartered?

Union Bankshares, Inc is headquartered in Morrisville, Vermont.

Who does Union Bank serve?

Union Bank serves individuals, small and medium-sized businesses, partnerships, sole proprietorships, nonprofit organizations, local municipalities, and school districts in northern Vermont and northern New Hampshire.

How can I access Union Bank's services?

Union Bank's services can be accessed through its branches, ATMs, telebanking, and internet banking systems.

What is the Asset Management Group?

The Asset Management Group at Union Bank specializes in fiduciary and asset management services, helping clients with financial planning and investments.

What is Union Bank's commitment to the community?

Union Bank is committed to local success and growth, working closely with customers to achieve their financial goals and support local businesses in creating jobs and expanding operations.

How does Union Bank support local businesses?

Union Bank provides financial services to help local businesses create jobs, expand their operations, and achieve prosperity.

Can Union Bank assist with home loans?

Yes, Union Bank helps individuals purchase or build homes through its comprehensive range of banking services.

What digital banking solutions does Union Bank offer?

Union Bank offers telebanking and internet banking systems for easy and convenient access to financial services.

How can I stay updated with Union Bank's latest news?

You can stay updated with Union Bank's latest news and events by visiting their website or following their announcements on financial news platforms.

Union Bankshares, Inc

Nasdaq:UNB

UNB Rankings

UNB Stock Data

114.91M
4.52M
19.95%
16.25%
0.16%
Banks - Regional
State Commercial Banks
Link
United States of America
MORRISVILLE