Tue, May 14, 7:43 PM (305 days ago)
Union Bankshares, Inc. reported a net income of $2.4 million for the quarter ended March 31, 2024, down 18.8% from $3.0 million in the same period of 2023. The decline was driven by a $967 thousand decrease in net interest income and a $473 thousand increase in noninterest expenses, partly offset by a $282 thousand rise in noninterest income and a $304 thousand reduction in credit loss expense. Total assets decreased by $51.3 million to $1.42 billion, primarily due to a $54.7 million drop in federal funds sold and overnight deposits. Loans increased by $6.2 million to $1.04 billion, while deposits fell by $134.0 million to $1.17 billion. The net interest margin compressed to 2.68% from 3.14% year-over-year, reflecting higher funding costs. The company maintained strong asset quality with an ACL on loans of $6.6 million, covering 0.64% of total loans. Stockholders' equity decreased to $63.8 million, impacted by a $2.9 million rise in accumulated other comprehensive loss. Union Bankshares remains well-capitalized, with a total capital ratio of 13.36%.