Union Bankshares Announces Earnings for the three months ended March 31, 2024 and Declares Quarterly Dividend

MORRISVILLE, Vt., April 17, 2024 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months ended March 31, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended March 31, 2024 was $2.4 million, or $0.53 per share, compared to $3.0 million, or $0.66 cents per share, for the same period in 2023, a decrease of $560 thousand, or 18.8%.

Balance Sheet

Total assets were $1.42 billion as of March 31, 2024 compared to $1.36 billion as of March 31, 2023, an increase of $55.5 million, or 4.1%. Loan growth was the primary driver of asset growth during the first quarter with total loans of $1.04 billion as of March 31, 2024 including $3.4 million in loans held for sale, compared to $976.6 million as of March 31, 2023, with $2.8 million in loans held for sale. Asset quality remains strong with minimal past due loans and no charge-offs for the three months ended March 31, 2024.

Investment securities were $259.3 million at March 31, 2024 compared to $276.8 million at March 31, 2023. The Company classifies its investment portfolio as available-for-sale and is required to report balances at their fair market value. As a result of the fair market value adjustment, unrealized losses in the investment portfolio were $44.7 million as of March 31, 2024. The unrealized losses in the portfolio are due to the interest rate environment as current rates remain above the coupon rates on these securities resulting in fair market values less than current book values. The offset to recording the unrealized losses is an increase in deferred taxes included in other assets and accumulated other comprehensive losses included in total equity as discussed below.

Total deposits were $1.17 billion as of March 31, 2024 and include $100.0 million of purchased brokered deposits compared to deposits of $1.23 billion as of March 31, 2023 with $108.0 million of purchased deposits. Federal Home Loan Bank advances of $115.7 million were outstanding as of March 31, 2024 compared to $45.1 million outstanding as of March 31, 2023. In addition to borrowings from the Federal Home Loan Bank, $35.0 million in advances from the Federal Reserve's Bank Term Funding Program were outstanding as of March 31, 2024.