Vermont Busness Magazine Union Bankshares, Inc(NASDAQ:UNB), parent company of Union Bank, today announced results for the three and six months ended June 30, 2017. Consolidated net income for the three months ended June 30, 2017 was $2.2 million, or $0.50 per share, compared to $2.1 million, or $0.48 per share, for the same period in 2016, and $4.2 million, or $0.93 per share, for the six months ended June 30, 2017, compared to $3.9 million, or $0.87 per share, for the same period in 2016.
Second Quarter Highlights
Highlights of the three months ended June 30, 2017 compared to the three months ended June 30, 2016 include:
- Net income increased $88 thousand, or 4.1% to $2.2 million.
- Net interest income increased $416 thousand, or 6.7% to $6.6 million.
- Total assets increased $28.5 million, or 4.5%, to $664.9 million.
- Loans increased $32.5 million, or 6.4%, to $542.3 million.
- The loan servicing portfolio increased $46.3 million, or 10.7% to $477.6 million.
- Deposits increased $16.7 million, or 3.0%, to $564.6 million.
In addition to the increase in net interest income noted above, no provision for loan losses was deemed necessary for the second quarter of 2017 compared to a provision of $75 thousand for the second quarter of 2016. These increases were partially offset by a decrease in noninterest income of $264 thousand, and increases in noninterest expenses of $63 thousand and income taxes of $76 thousand.
Year-to-Date Highlights
Highlights of the six months ended June 30, 2017 include:
- Net income increased $259 thousand, or 6.6% compared to the same period in 2016.
- Net interest income increased $783 thousand, or 6.5% to $12.9 million.
- Return on average common equity of 14.60% and return on average assets of 1.23%.
- Book value per common share increased 4.4% to $13.10 as of June30, 2017.
- Total shareholders’ equity increased 4.4% to $58.5 million compared to June30, 2016.
- Net loan charge-offs were $79 thousand, or 0.03% of average loans, for the six months ended June 30, 2017.
- Nonperforming loans were 0.57% of total loans.
For the six months ended June 30, 2017, noninterest income was $4.6 million, a decrease of $217 thousand from the same period a year ago. The decrease is attributable to decreases of $170 thousand in gains on the sale of real estate loans, $95 thousand in income from life insurance, and $37 thousand in service charge income. These decreases were partially offset by increases in overdraft fee income of $47 thousand and loan servicing income of $43 thousand.
Total noninterest expense increased $301 thousand, or 2.6%, to $11.8 million for the six months ended June 30, 2017 compared to $11.5 million for the same period in 2016. Increases of $172 thousand in salaries and wages, $36 thousand in pension and employee benefits, $127 thousand in occupancy expenses and $7 thousand in equipment expenses, were partially offset by a decrease in other expenses of $41 thousand.
On July19, 2017, the Board of Directors declared a regular quarterly cash dividend $0.29 per share payable August9, 2017 to shareholders of record as of July28, 2017.
About Union Bankshares, Inc.
Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank operates 17 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.
Source:MORRISVILLE, Vt., July 19, 2017 (GLOBE NEWSWIRE) -- Union Bankshares, Inc