Union Bankshares Announces Earnings for the three months ended March 31, 2025 and Declares Quarterly Dividend

Core Viewpoint - Union Bankshares, Inc. reported a consolidated net income of $2.5 million for Q1 2025, reflecting a slight increase from$2.4 million in Q1 2024, alongside a declared quarterly cash dividend of $0.36 per share [1][9]. Financial Performance - Consolidated net income for Q1 2025 was$2.5 million, or $0.55 per share, compared to$2.4 million, or $0.53 per share, in Q1 2024, marking an increase of$84 thousand, or 3.5% [1][6]. - Interest income rose by $2.7 million, or 17.1$18.3 million in Q1 2025, driven by higher yields on earning assets and increased volume [6]. - Interest expense increased by $1.4 million, or 21.3$8.0 million in Q1 2025, attributed to higher rates on customer deposits and wholesale funding [6]. - Net interest income increased by $1.3 million, or 14.0$1.52 billion as of March 31, 2025, up from $1.42 billion a year earlier, representing an increase of$107.2 million, or 7.6% [2]. - Total loans increased by $128.0 million, or 12.3$1.16 billion as of March 31, 2025, including $4.1 million in loans held for sale [2]. - Total deposits were$1.18 billion as of March 31, 2025, slightly up from $1.17 billion a year prior [4]. Equity and Capital - Total equity capital increased to$70.1 million as of March 31, 2025, compared to $63.8 million a year earlier, with a book value per share of$15.44 [5]. - Accumulated other comprehensive loss decreased to $31.4 million as of March 31, 2025, from$34.9 million a year prior [5]. Loan Sales and Credit Quality - Qualifying residential loans sold to the secondary market totaled $25.8 million in Q1 2025, up from$21.7 million in Q1 2024 [3]. - Credit loss expense for Q1 2025 was $235 thousand, compared to a benefit of$230 thousand in Q1 2024, indicating proactive measures to support loan growth [7]. Noninterest Income and Expenses - Noninterest income decreased by $127 thousand, or 4.9$2.4 million in Q1 2025, primarily due to the absence of prepayment penalties and increased losses on investment securities [8]. - Noninterest expenses rose by $601 thousand, or 6.5$9.8 million in Q1 2025, driven by increases in salaries, employee benefits, and occupancy expenses [8].