Latest news with #FederalHomeLoanBank
Yahoo
08-05-2025
- Business
- Yahoo
Residential developer eyes D&D lots to build homes for seniors and veterans
May 8—Six single-family homes could be constructed on city-owned D&D lots so long as the developer is awarded funds from the Federal Home Loan Bank Homebuyer program. If Paramount Development grant is successful in obtaining its grant, the homes will target people with lower incomes, senior citizens and veterans. Jerry Floyd of Paramount Development told members of the Newton City Council that he won't know until December whether he received the awarded funds. The six homes would be built with two bedrooms over basements. Floyd said in order to score well enough in the program, the homes need to target certain populations. "In our particular case, all of these homes will be reserved for seniors for purchase," he said. "Seniors are defined as someone 62 and older. On top of that we have some additional targeting that three of these homes must be sold to a veteran. So that will be our targeted market." It would cost around $280,000 to build each of these houses. Floyd said the Federal Home Loan Bank comes in with a $150,000 subsidy, allowing the developer to sell the homes for $125,000-$140,000. These prices, he said, are affordable for seniors, and he expects they would be sold before they are built. "They will have a five-year period to sign," he said. "If they try to re-sell the home in that time, the Federal Home Loan Bank will recapture some of that money it receives over that period of time. But they're kind of in for five years, and once they're there that $150,000 for their benefits is no longer over their head." According to city documents, the developer anticipates the construction and sale of these homes to occur over a 24- to 30-month period. The D&D lots were purchased for $30,000 under the condition the developer is awarded funds. Otherwise the sale is null and void. The properties included: 1017 West 4th Street South, 1219 South 4th Avenue East, 902 1st Avenue West, 625 East 5th Street South, 917 1st Avenue West and 717 West 6th Street South. Council member Randy Ervin praised the idea of establishing new houses for seniors and veterans, but he asked Floyd why he chose Newton. Floyd said he has ties to the Iowa town. While he is not originally from Iowa, his wife was born in Skiff Medical Center and lived in Newton until the third grade. "Newton has been a special place in my heart," the Texas-raised Floyd said. "...But you guys are doing a phenomenal job with these D&D lots. We can't go buy $60,000-$70,000 lots in Waukee and do what we're doing. It just doesn't work. We're offering $5,000 which is pretty much the most I can offer." Paramount Development also purchased four other D&D lots in Newton, but with the same contingency that the sale is approved if its Iowa Finance Authority HOME Program Rental application is accepted. These three-bedroom, single-family homes are only targeted to those who have lower income. Unlike the earlier six homes, these four residences will be rentals owned and operated by Paramount Development for a 20-year period. Those properties include: 509 West 2nd Street South, 514 South 2nd Avenue West, 315 East 4th Street South and 616 West 4th Street South.
Associated Press
16-04-2025
- Business
- Associated Press
Union Bankshares Announces Earnings for the three months ended March 31, 2025 and Declares Quarterly Dividend
MORRISVILLE, Vt., April 16, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months ended March 31, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended March 31, 2025 was $2.5 million, or $0.55 per share, compared to $2.4 million, or $0.53 per share, for the same period in 2024. Balance Sheet Total assets were $1.52 billion as of March 31, 2025 compared to $1.42 billion as of March 31, 2024, an increase of $107.2 million, or 7.6%. Loan demand was strong in 2024 and through the first three months of 2025 resulting in an increase of $128.0 million, or 12.3 %, to reach $1.16 billion as of March 31, 2025 including $4.1 million in loans held for sale, compared to $1.04 billion as of March 31, 2024, with $3.4 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $1 thousand for each of the periods ended March 31, 2025 and March 31, 2024. In addition to the balance sheet growth in loans, qualifying residential loans of $25.8 million were sold to the secondary market for the three months ended March 31, 2025 compared to sales of $21.7 million for the three months ended March 31, 2024. Total deposits were $1.18 billion as of March 31, 2025 compared to deposits of $1.17 billion as of March 31, 2024, and included brokered deposits of $31.0 million and $101.5 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $240.7 million as of March 31, 2025 compared to $115.7 million as of March 31, 2024. There were also $35.0 million in advances from the Federal Reserve's Bank Term Funding Program outstanding as of March 31, 2024. The Company had total equity capital of $70.1 million and a book value per share of $15.44 as of March 31, 2025 compared to $63.8 million and a book value of $14.12 per share as of March 31, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of March 31, 2025 was $31.4 million compared to $34.9 million as of March 31, 2024. Income Statement Consolidated net income was $2.5 million for the first quarter of 2025 compared to $2.4 million for the first quarter of 2024, an increase of $84 thousand, or 3.5%. Interest income increased $2.7 million, or 17.1%, to $18.3 million for the three months ended March 31, 2025 compared to $15.6 million for the three months ended March 31, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.4 million, or 21.3%, to $8.0 million for the three months ended March 31, 2025 compared to $6.6 million for the three months ended March 31, 2024 due to an increase in rates paid on customer deposits and higher rates on wholesale funding and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $1.3 million, or 14.0%. Credit loss expense of $235 thousand was recorded for the three months ended March 31, 2025 compared to a benefit of $230 thousand recorded for the three months ended March 31, 2024. The increase in expense was to support loan growth and was not due to a deterioration in credit quality. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly. Noninterest income decreased $127 thousand,or 4.9% to $2.4 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The decrease was due to prepayment penalties of $117 thousand received in the first quarter of 2024 that did not recur in 2025, an increase in the loss on investment securities related to deferred compensation plans of $130 thousand, partially offset by an increase in gains on sale of qualifying loans to the secondary market of $102 thousand. Noninterest expenses increased $601 thousand, or 6.5%, to $9.8 million for the three months ended March 31, 2025 compared to $9.2 million for the same period in 2024. The increase during the comparison period was due to increases of $358 thousand in salaries and wages, $92 thousand in employee benefits, $83 thousand in occupancy expenses, and $106 thousand in equipment expenses, partially offset by a decrease of $38 thousand in other expenses. Income tax expense was $150 thousand for the three months ended March 31, 2025 a decrease of $15 thousand compared to income tax expense of $165 thousand for the three months ended March 31, 2024. Dividend Declared The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable May 1, 2025 to shareholders of record as of April 26, 2025. About Union Bankshares, Inc. Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint. Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank's employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and 'Outstanding' rating for its compliance with the Community Reinvestment Act ('CRA') in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values--combined with financial expertise, quality products and the latest technology--make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender. Forward-Looking StatementsContact: David S. Silverman (802) 888-6600
Yahoo
16-04-2025
- Business
- Yahoo
Union Bankshares Announces Earnings for the three months ended March 31, 2025 and Declares Quarterly Dividend
MORRISVILLE, Vt., April 16, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months ended March 31, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended March 31, 2025 was $2.5 million, or $0.55 per share, compared to $2.4 million, or $0.53 per share, for the same period in 2024. Balance Sheet Total assets were $1.52 billion as of March 31, 2025 compared to $1.42 billion as of March 31, 2024, an increase of $107.2 million, or 7.6%. Loan demand was strong in 2024 and through the first three months of 2025 resulting in an increase of $128.0 million, or 12.3 %, to reach $1.16 billion as of March 31, 2025 including $4.1 million in loans held for sale, compared to $1.04 billion as of March 31, 2024, with $3.4 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $1 thousand for each of the periods ended March 31, 2025 and March 31, 2024. In addition to the balance sheet growth in loans, qualifying residential loans of $25.8 million were sold to the secondary market for the three months ended March 31, 2025 compared to sales of $21.7 million for the three months ended March 31, 2024. Total deposits were $1.18 billion as of March 31, 2025 compared to deposits of $1.17 billion as of March 31, 2024, and included brokered deposits of $31.0 million and $101.5 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $240.7 million as of March 31, 2025 compared to $115.7 million as of March 31, 2024. There were also $35.0 million in advances from the Federal Reserve's Bank Term Funding Program outstanding as of March 31, 2024. The Company had total equity capital of $70.1 million and a book value per share of $15.44 as of March 31, 2025 compared to $63.8 million and a book value of $14.12 per share as of March 31, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of March 31, 2025 was $31.4 million compared to $34.9 million as of March 31, 2024. Income Statement Consolidated net income was $2.5 million for the first quarter of 2025 compared to $2.4 million for the first quarter of 2024, an increase of $84 thousand, or 3.5%. Interest income increased $2.7 million, or 17.1%, to $18.3 million for the three months ended March 31, 2025 compared to $15.6 million for the three months ended March 31, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.4 million, or 21.3%, to $8.0 million for the three months ended March 31, 2025 compared to $6.6 million for the three months ended March 31, 2024 due to an increase in rates paid on customer deposits and higher rates on wholesale funding and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $1.3 million, or 14.0%. Credit loss expense of $235 thousand was recorded for the three months ended March 31, 2025 compared to a benefit of $230 thousand recorded for the three months ended March 31, 2024. The increase in expense was to support loan growth and was not due to a deterioration in credit quality. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly. Noninterest income decreased $127 thousand,or 4.9% to $2.4 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The decrease was due to prepayment penalties of $117 thousand received in the first quarter of 2024 that did not recur in 2025, an increase in the loss on investment securities related to deferred compensation plans of $130 thousand, partially offset by an increase in gains on sale of qualifying loans to the secondary market of $102 thousand. Noninterest expenses increased $601 thousand, or 6.5%, to $9.8 million for the three months ended March 31, 2025 compared to $9.2 million for the same period in 2024. The increase during the comparison period was due to increases of $358 thousand in salaries and wages, $92 thousand in employee benefits, $83 thousand in occupancy expenses, and $106 thousand in equipment expenses, partially offset by a decrease of $38 thousand in other expenses. Income tax expense was $150 thousand for the three months ended March 31, 2025 a decrease of $15 thousand compared to income tax expense of $165 thousand for the three months ended March 31, 2024. Dividend Declared The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable May 1, 2025 to shareholders of record as of April 26, 2025. About Union Bankshares, Inc. Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint. Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank's employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and "Outstanding" rating for its compliance with the Community Reinvestment Act ("CRA") in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values--combined with financial expertise, quality products and the latest technology--make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender. Forward-Looking Statements Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward- looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words 'believes,' 'expects,' 'anticipates' or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets' acceptance of and demand for the Company's products and services; technological changes, including the impact of the internet on the Company's business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company's reports filed with the Securities and Exchange Commission at or on our investor page at Contact: David S. Silverman(802) 888-6600
CBS News
23-02-2025
- Business
- CBS News
Pittsburgh launches initiative to protect housing affordability
The city of Pittsburgh showcased some new affordable housing in the Garfield neighborhood on Friday. The mayor said he's trying to counter predatory landlords that he says are destroying Pittsburgh's neighborhoods. New single-family dwellings on Hillcrest Street are part of an initiative the city is calling Keep Pittsburgh Home. "I believe that everybody has a right to decent affordable housing in this city," Pittsburgh Mayor Ed Gainey said. And that's what the Gainey administration hopes these homes will allow. The mayor also pointed out that in addition to community-driven housing, these homes will keep families in the city putting down roots and, in a way, weeding out entities Gainey says are destroying neighborhoods. "Y'all know who I'm talking about, who are buying up our existing housing stock and converting family homes into financial assets," he said. Gainey says predatory tactics by housing wholesalers represented 25 percent of housing transactions. Gainey says 4,000 were converted into short-term rentals, with 80 percent being absentee landlords. Open Hand Ministries is building the homes on Hillcrest Street after getting the property from the land bank. "In order for us to do this project, we had to get investment from the Federal Home Loan Bank as well as the URA," said Wayne Younger. "Our desire is that the people who live here and preserve these communities will be able to stay here to benefit from the communities as they improve," Younger added. The money used to help subsidize construction on these and other planned homes comes from a city $30 million housing bond and $36 million dollars in federal relief funding.
