Union Bankshares(UNB) - 2024 Q2 - Quarterly Results

Financial Performance - Consolidated net income for Q2 2024 was $2.0 million, or $0.45 per share, down from $2.7 million, or $0.60 per share in Q2 2023[2] - Net interest income after credit loss expense for the six months ended June 30, 2024, was $18.334 million, compared to $19.615 million for the same period in 2023[5] - Noninterest income for the six months ended June 30, 2024, was $4.804 million, up from $4.317 million in the same period in 2023[5] Assets and Loans - Total assets increased to $1.398 billion as of June 30, 2024, from $1.335 billion a year earlier[5] - Loans held for sale increased to $6.224 million as of June 30, 2024, compared to $3.145 million in the previous year[5] - Standby letters of credit were $1.629 million as of June 30, 2024, compared to $1.592 million in 2023[5] Dividends - The Board of Directors declared a cash dividend of $0.36 per share, payable on August 1, 2024[2] Economic Environment - The unemployment rate in the markets remains at record lows, indicating a strong local economy[2] - The company is focusing on consumer behavior due to rising credit card debt, which is at an all-time high[2] - Significant investments are being made in multifamily residential loans, with low vacancy rates in the markets reducing risk exposure[2]