Union Bankshares Announces Earnings for the three and six months ended June 30, 2024 and Declares Quarterly Dividend

Core Viewpoint - Union Bankshares, Inc. reported a decline in net income for the second quarter of 2024 compared to the same period in 2023, alongside a decrease in total deposits and an increase in credit loss expenses, while also declaring a quarterly cash dividend. 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, representing a decrease of 25.2% [1][6] - For the first half of 2024, net income was $4.4 million, or $0.98 per share, compared to $5.7 million, or $1.26 per share for the same period in 2023 [1] Balance Sheet Highlights - Total assets increased to $1.40 billion as of June 30, 2024, up from $1.33 billion a year earlier, marking a growth of $63.7 million, or 4.8% [2] - Total loans reached $1.01 billion, including $6.2 million in loans held for sale, compared to $940.2 million with $3.1 million in loans held for sale in the previous year [2] - Total deposits were $1.05 billion, down from $1.12 billion in June 2023, which included $65.0 million of purchased brokered deposits [4] Investment Securities - Investment securities amounted to $254.2 million as of June 30, 2024, down from $268.9 million a year prior, with unrealized losses of $45.1 million attributed to the current interest rate environment [3] Equity and Book Value - Total equity capital was $64.0 million with a book value per share of $14.16 as of June 30, 2024, compared to $59.1 million and a book value of $13.10 per share a year earlier [5] Income Statement Details - Net interest income for Q2 2024 was $9.5 million, a slight decrease of $134 thousand, or 1.4%, from $9.6 million in Q2 2023 [14] - Interest income increased to $16.6 million, up by $2.7 million, or 19.9%, while interest expense rose to $7.1 million, an increase of $2.9 million [14] - Noninterest income was $2.8 million for Q2 2024, compared to $2.5 million in Q2 2023, with net gains from residential loan sales increasing [16] Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share for the quarter, payable on August 1, 2024, to shareholders of record as of July 27, 2024 [9]