Union Bankshares reports Q2 EPS 29c vs. 56c last year

Net interest income was $9.4 million for the three months ended September 30, 2024 compared to $9.1 million for the three months ended September 30, 2023, an increase of $282 thousand, or 3.1%. Interest income was $17.2 million for the three months ended September 30, 2024 compared to $14.8 million for the same period in 2023, an increase of $2.4 million, or 15.8%, due to the larger earning asset base and higher interest rates on new loan volume. Interest expense increased $2.1 million to $7.8 million for the three months ended September 30, 2024 compared to $5.7 million for the same period in 2023, due to utilization of higher cost wholesale funding, such as Federal Home Loan Bank advances and brokered deposits, and customers seeking higher returns on their deposits.