Union Bankshares Announces Earnings for the three and nine months ended September 30, 2024 and Declares Quarterly Dividend
MORRISVILLE, Vt., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2024 was $1.3 million, or $0.29 per share, compared to $2.5 million, or $0.56 per share, for the same period in 2023, and $5.8 million, or $1.27 per share, for the nine months ended September 30, 2024, compared to $8.2 million, or $1.82 per share for the same period in 2023. The decrease in earnings for the comparison periods was primarily due to the impact of the previously announced strategic balance sheet repositioning executed during the third quarter. The Company's wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024.
Balance Sheet
Total assets were $1.52 billion as of September 30, 2024 compared to $1.40 billion as of September 30, 2023, an increase of $123.9 million, or 8.9%. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.13 billion as of September 30, 2024 including $8.4 million in loans held for sale, compared to $1.03 billion as of September 30, 2023, with $6.5 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $15 thousand for the three and nine months ended September 30, 2024, respectively.
Loan demand has remained strong during the third quarter of 2024 with growth in the residential, commercial, and municipal portfolios, despite higher interest rates and low residential inventory. Qualifying residential loans of $76.1 million were sold during the first nine months of 2024 compared to sales of $54.2 million for the first nine months of 2023.
Total deposits were $1.17 billion as of September 30, 2024 and include $80.0 million of purchased brokered deposits compared to deposits of $1.22 billion as of September 30, 2023 with $153.0 million of purchased deposits. Federal Home Loan Bank advances of $230.7 million were outstanding as of September 30, 2024 compared to $90.7 million outstanding as of September 30, 2023. In addition to borrowings from the Federal Home Loan Bank, $10.0 million in advances from the Federal Reserve's Bank Term Funding Program were outstanding as of September 30, 2024.
The Company had total equity capital of $72.3 million and a book value per share of $15.98 as of September 30, 2024 compared to $49.2 million and a book value of $10.92 per share as of September 30, 2023. Total equity capital is ...
