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Union Bankshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income decrease to $1.3 million from $2.5 million in the same quarter the previous year. The decrease is attributed to a $1.3 million loss on the sale of available-for-sale debt securities.
Net interest income increased by $282 thousand to $9.4 million for the quarter, despite a decrease in the net interest margin to 2.71% from 2.76% the previous year. The increase in net interest income was driven by higher interest income on loans.
Total assets increased to $1.52 billion from $1.47 billion at the end of 2023, with net loans and loans held for sale rising by $94 million to $1.12 billion.
Deposits decreased by $132.3 million to $1.17 billion, while borrowed funds increased to $240.7 million from $65.7 million at the end of 2023.
The company reported a credit loss expense of $425 thousand for the quarter, compared to a benefit of $139 thousand in the same quarter the previous year.
Noninterest income decreased by $862 thousand to $1.6 million, primarily due to the loss on the sale of securities, while noninterest expenses increased by $483 thousand to $9.4 million.
The company completed a balance sheet repositioning, selling $38.5 million of lower-yielding securities and purchasing $26 million of higher-yielding securities.
Union Bankshares' total capital increased to $72.3 million from $65.8 million at the end of 2023, with a book value per share rising to $15.98 from $14.56.
The filing also details various financial agreements, including subordinated notes issued in 2021 and borrowings from the Federal Home Loan Bank and the Federal Reserve Bank.
Union Bankshares does not anticipate any material changes in its risk factors as discussed in its 2023 Annual Report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Union Bankshares Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.