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Union Bankshares Inc. (UNB-4.88%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, highlighting an increase in total assets to $1.53 billion from $1.47 billion at the end of the previous year. The growth in assets was primarily driven by a 12.6% increase in net loans and loans held for sale, which totaled $1.16 billion.
Total deposits decreased by $136.7 million, or 10.5%, to $1.17 billion at year-end, reflecting a reduction in wholesale deposit funding. Borrowed funds increased significantly to $259.7 million from $65.7 million, primarily due to increased FHLB advances.
Net income for the year was $8.8 million, down from $11.3 million in the previous year. Basic earnings per share were $1.94, compared to $2.50 in 2023. The decrease in net income was attributed to a $1.3 million loss on the sale of AFS debt securities and higher noninterest expenses.
Net interest income increased by $521 thousand to $38.4 million, despite a decrease in the net interest margin to 2.77% from 2.88% the previous year. The decrease in the net interest margin was due to higher funding costs.
Noninterest income totaled $9.7 million, a slight decrease from $9.9 million in 2023. This was impacted by a $1.3 million loss on the sale of AFS debt securities, partially offset by increased gains on sales of loans held for sale.
Noninterest expenses rose by $2.7 million, or 7.5%, to $38.0 million, driven by higher salaries, wages, and equipment expenses.
The provision for income taxes was $369 thousand, significantly lower than the previous year's $1.6 million, due to a higher proportion of tax-exempt income and the impact of limited partnership investments.
Union Bankshares Inc. maintains a strong capital position, with total capital to risk-weighted assets at 12.5% and Tier 1 capital to average assets at 6.3% as of December 31, 2024.
The filing also discusses various regulatory requirements and the company's compliance with capital adequacy guidelines, emphasizing its well-capitalized status under regulatory frameworks.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.