Union Bankshares Announces Earnings for the three and six months ended June 30, 2025 and Declares Quarterly Dividend
MORRISVILLE, VT., July 16, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2025 was $2.4 million, or $0.53 per share, compared to $2.0 million, or $0.45 per share, for the same period in 2024, and $4.9 million, or $1.08 per share, for the six months ended June 30, 2025, compared to $4.4 million, or $0.98 per share, for the same period in 2024.
Balance Sheet
Total assets were $1.48 billion as of June 30, 2025 compared to $1.40 billion as of June 30, 2024, an increase of $81.9 million, or 5.9%. Loan growth was the primary driver of the increase in total assets with total loans increasing $99.8 million, or 9.8%, to reach $1.11 billion as of June 30, 2025 including $9.0 million in loans held for sale, compared to $1.01 billion as of June 30, 2024, with $6.2 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 $5 thousand and $6 thousand for the three and six months ended June 30, 2025, respectively.
In addition to the balance sheet growth in loans, qualifying residential loans of $31.0 million and $56.8 million were sold to the secondary market for the three and six months ended June 30, 2025, respectively, compared to sales of $19.3 million and $41.0 million for the three and six months ended June 30, 2024, respectively.
Total deposits were $1.10 billion as of June 30, 2025 compared to deposits of $1.05 billion as of June 30, 2024, and included purchased brokered deposits of $65.3 million and $65.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.7 million as of June 30, 2025 compared to $212.1 million as of June 30, 2024. There were also $35.0 million in advances from the Federal Reserve's Bank Term Funding Program outstanding as of June 30, 2024.
The Company had total equity capital of $71.3 million and a book value per share of $15.66 as of June 30, 2025 compared to $64.0 million and a book value of $14.16 per share as of June 30, ...
