Latest news with #UnionBankshares
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
Yahoo
28-03-2025
- Business
- Yahoo
Union Bankshares Full Year 2024 Earnings: EPS: US$1.94 (vs US$2.50 in FY 2023)
Revenue: US$47.2m (down 2.3% from FY 2023). Net income: US$8.76m (down 22% from FY 2023). Profit margin: 19% (down from 23% in FY 2023). The decrease in margin was primarily driven by higher expenses. EPS: US$1.94 (down from US$2.50 in FY 2023). The end of cancer? These 15 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's. Net interest margin (NIM): 2.77% (down from 2.88% in FY 2023). Cost-to-income ratio: 77.6% (up from 72.8% in FY 2023). Non-performing loans: 0.16% (down from 0.20% in FY 2023). All figures shown in the chart above are for the trailing 12 month (TTM) period Union Bankshares shares are up 5.1% from a week ago. Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Union Bankshares that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
07-03-2025
- Business
- Yahoo
Retail investors account for 59% of Union Bankshares, Inc.'s (NASDAQ:UNB) ownership, while institutions account for 23%
Significant control over Union Bankshares by retail investors implies that the general public has more power to influence management and governance-related decisions The top 25 shareholders own 39% of the company Insiders have been buying lately Every investor in Union Bankshares, Inc. (NASDAQ:UNB) should be aware of the most powerful shareholder groups. The group holding the most number of shares in the company, around 59% to be precise, is retail investors. Put another way, the group faces the maximum upside potential (or downside risk). And institutions on the other hand have a 23% ownership in the company. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. In the chart below, we zoom in on the different ownership groups of Union Bankshares. See our latest analysis for Union Bankshares Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. Union Bankshares already has institutions on the share registry. Indeed, they own a respectable stake in the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Union Bankshares' historic earnings and revenue below, but keep in mind there's always more to the story. Union Bankshares is not owned by hedge funds. Susan Mercia is currently the largest shareholder, with 8.6% of shares outstanding. In comparison, the second and third largest shareholders hold about 6.6% and 6.3% of the stock. In addition, we found that David Silverman, the CEO has 0.9% of the shares allocated to their name. A deeper look at our ownership data shows that the top 25 shareholders collectively hold less than half of the register, suggesting a large group of small holders where no single shareholder has a majority. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our most recent data indicates that insiders own a reasonable proportion of Union Bankshares, Inc.. Insiders have a US$23m stake in this US$130m business. We would say this shows alignment with shareholders, but it is worth noting that the company is still quite small; some insiders may have founded the business. You can click here to see if those insiders have been buying or selling. The general public, who are usually individual investors, hold a substantial 59% stake in Union Bankshares, suggesting it is a fairly popular stock. With this amount of ownership, retail investors can collectively play a role in decisions that affect shareholder returns, such as dividend policies and the appointment of directors. They can also exercise the power to vote on acquisitions or mergers that may not improve profitability. While it is well worth considering the different groups that own a company, there are other factors that are even more important. To that end, you should be aware of the 1 warning sign we've spotted with Union Bankshares . Of course this may not be the best stock to buy. So take a peek at this free free list of interesting companies. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
