UNB - Union Bankshares Announces Earnings for the three and six months ended June 30 2024 and Declares Quarterly Dividend | Benzinga
MORRISVILLE, Vt., July 17, 2024 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2024 was $2.0 million, or $0.45 per share, compared to $2.7 million, or $0.60 per share, for the same period in 2023, and $4.4 million, or $0.98 per share, for the six months ended June 30, 2024, compared to $5.7 million, or $1.26 per share for the same period in 2023.
Balance Sheet
Total assets were $1.40 billion as of June 30, 2024 compared to $1.33 billion as of June 30, 2023, an increase of $63.7 million, or 4.8%. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.01 billion as of June 30, 2024 including $6.2 million in loans held for sale, compared to $940.2 million as of June 30, 2023, with $3.1 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $10 thousand for the three and six months ended June 30, 2024.
Investment securities were $254.2 million at June 30, 2024 compared to $268.9 million at June 30, 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 $45.1 million as of June 30, 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 $1.05 billion as of June 30, 2024 and include $65.0 million of purchased brokered deposits compared to deposits of $1.12 billion as of June 30, 2023 with $138.0 million of purchased deposits. Federal Home Loan Bank advances of $212.1 million were outstanding as of June 30, 2024 compared to $120.5 million outstanding as of June 30, 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 June 30, 2024.
The Company had total equity capital of $64.0 million and a book value per share of $14.16 as of June 30, 2024 compared to $59.1 million and a book value of $13.10 per share as ...