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Union Bankshares, Inc. reports recurring community-bank developments through its wholly owned subsidiary, Union Bank. Company news centers on quarterly and annual earnings, regular cash dividend declarations, asset and loan growth, deposit trends, credit-loss activity, and asset-quality commentary for a banking franchise serving northern Vermont and New Hampshire.
Updates also cover Union Bank's commercial, retail, municipal banking, residential mortgage activity, wealth management services, investment securities portfolio management, and balance-sheet repositioning actions. Recurring releases describe how loan balances, securities holdings, federal funds sold, mortgage loans sold to the secondary market, equity capital, and accumulated other comprehensive loss affect the company's reported financial position.
Union Bankshares, Inc. (NASDAQ - UNB) reported Q3 2021 net income of $3.9 million ($0.87/share), down from $4.1 million ($0.92/share) in Q3 2020. Year-to-date results show an increase in net income to $9.8 million ($2.18/share) from $9.0 million ($2.01/share) in 2020. Total assets grew to $1.16 billion, while total loans decreased to $790 million due to residential loan sales and PPP forgiveness. Noninterest income dropped 23.6% YoY, primarily from reduced residential loan sales. A quarterly cash dividend of $0.33/share was declared, payable November 4, 2021.
Union Bankshares, Inc. (NASDAQ - UNB) has successfully completed a private placement of $16.5 million in fixed-to-floating rate subordinated notes due 2031. The notes will carry an initial interest rate of 3.25%, resetting to the Three-Month Term SOFR plus 263 basis points from September 2026. Proceeds will bolster the capital support for its subsidiary, Union Bank, enhancing growth and general corporate purposes. CEO David Silverman expressed satisfaction with the favorable pricing of the issuance, executed with the assistance of PNC FIG Advisory.
Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $3.0 million, or $0.67 per share, for Q2 2021, marking a 12.1% increase from $2.7 million in Q2 2020. For the six months ended June 30, 2021, net income reached $5.9 million, or $1.31 per share, up from $4.9 million, or $1.09 per share, in the same period in 2020. Net interest income rose to $8.9 million, a 14.7% increase due to a larger earning asset base despite low interest rates. Additionally, the bank originated $31.8 million in PPP loans in 2021, totaling $102.1 million since inception.
Union Bankshares, Inc. (NASDAQ - UNB) reported a consolidated net income of $2.9 million ($0.64 per share) for Q1 2021, marking a 30.9% increase from $2.2 million ($0.49 per share) in Q1 2020. Major factors include a $893 thousand increase in net interest income driven by higher interest earning assets, despite lower yields. Total assets rose 25.1% to $1.1 billion, largely due to PPP participation and increased deposits. The bank declared a cash dividend of $0.33 per share payable on May 6, 2021.
Union Bankshares, Inc. (NASDAQ: UNB) reported a net income of $3.8 million for Q4 2020, an increase of 37.5% year-over-year, resulting in an earnings per share (EPS) of $0.85. For the full year, net income reached $12.8 million with an EPS of $2.86, up from $10.6 million in 2019. A cash dividend of $0.33 per share was declared, marking a 3.1% increase. Total assets climbed 25.3% to $1.1 billion, driven by strong loan origination and customer deposits amid the pandemic.
Union Bankshares, Inc. (NASDAQ - UNB) reported consolidated net income of $4.1 million for Q3 2020, up 51.5% from $2.7 million in Q3 2019, equating to $0.92 per share. Year-to-date, net income reached $9.0 million compared to $7.9 million in the previous year. Key highlights include increased net interest income and noninterest income, alongside a rise in provision for loan losses due to COVID-19 impacts. Total assets rose to $1.009 billion, with total loans at $798.3 million, driven by Paycheck Protection Program loans. A quarterly cash dividend of $0.32 per share was declared.
Union Bankshares, Inc. (NASDAQ: UNB) reported a consolidated net income of $2.7 million, or $0.60 per share, for Q2 2020, a 5.4% increase from $2.5 million in Q2 2019. Year-to-date earnings were $4.9 million, or $1.09 per share, down from $5.2 million, or $1.15 per share, in 2019. The bank originated $68.5 million in PPP loans, contributing $368 thousand in interest income. Total assets grew to $917.1 million, with total deposits rising 10.1%. A cash dividend of $0.32 per share was declared, payable on August 6, 2020.