UNB - Union Bankshares Announces Earnings for the three months and year ended December 31 2023 and Declares Quarterly Dividend | Benzinga
MORRISVILLE, Vt., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months and year ended December 31, 2023 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended December 31, 2023 was $3.0 million, or $0.68 per share, compared to $3.4 million, or $0.77 cents per share, for the same period in 2022, and $11.3 million, or $2.50 per share, for the year ended December 31, 2023, compared to $12.6 million, or $2.81 per share for the year ended December 31, 2022
Balance Sheet
Total assets were $1.5 billion as of December 31, 2023 compared to $1.3 billion as of December 31, 2022, an increase of $132.4 million, or 9.9%. Asset growth was driven by loan growth and increases in investment securities and overnight deposits. Total loans outstanding as of December 31, 2023 were $1.0 billion and included $3.1 million in loans held for sale, compared to $961.7 million as of December 31, 2022, with $1.2 million in loans held for sale. Asset quality remains strong as total net charge-offs for the year ended December 31, 2023 were $4 thousand compared to net recoveries of $3 thousand for the year ended December 31, 2022.
Investment securities were $265.9 million at December 31, 2023 compared to $251.5 million at December 31, 2022. 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 $41.0 million as of December 31, 2023. 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 $1.31 billion as of December 31, 2023 and include $153.0 million of purchased brokered deposits compared to deposits of $1.20 billion as of December 31, 2022 with $32.0 million of purchased deposits. Borrowed funds, including advances from the Federal Home Loan Bank and the Federal Reserve's Bank Term Funding Program, of $65.7 million were outstanding as of December 31, 2023 compared to $50.0 million outstanding as of December 31, 2022.
The Company had total equity capital of $65.8 million and a book value per share of $14.56 as of December 31, 2023 compared to $55.2 million and a book value of $12.25 per share as of December 31, 2022. The increase in total capital was attributable to net income of $11.3 million for 2023 and a decrease in the ...