Union Bankshares, Inc. ( (UNB) ) has released its Q1 earnings. Here is a breakdown of the information Union Bankshares, Inc. presented to its investors.
Union Bankshares, Inc., headquartered in Morrisville, Vermont, is a bank holding company that operates Union Bank, providing commercial, retail, and municipal banking services, as well as wealth management services across northern Vermont and New Hampshire. The company is known for its strong community involvement and commitment to traditional banking values.
Union Bankshares recently reported its earnings for the first quarter of 2025, showcasing a slight increase in net income and declaring a regular quarterly cash dividend. The company’s consolidated net income rose to $2.5 million, or $0.55 per share, compared to $2.4 million, or $0.53 per share, in the same period last year.
Key financial metrics reveal a robust performance with total assets reaching $1.52 billion, marking a 7.6% increase from the previous year. Loan demand remained strong, contributing to a 12.3% increase in loans, totaling $1.16 billion. Despite economic uncertainties, the company maintained strong asset quality with minimal past due loans. Additionally, Union Bankshares sold $25.8 million in qualifying residential loans to the secondary market, up from $21.7 million the previous year.
The company experienced a 17.1% increase in interest income, driven by higher yields and volumes, while interest expenses rose by 21.3% due to increased rates on deposits and wholesale funding. Noninterest income saw a slight decline, while noninterest expenses increased by 6.5%, primarily due to higher salaries and operational costs.
Looking ahead, Union Bankshares remains committed to its community-focused banking model, with management continuing to assess and adapt to economic conditions. The company’s strategic focus on maintaining strong asset quality and supporting loan growth positions it well for future challenges and opportunities in the banking sector.