Union Bankshares Reports 2024 Earnings and Strategic Moves

Union Bankshares, Inc. ( (UNB) ) has released its Q4 earnings. Here is a breakdown of the information Union Bankshares, Inc. presented to its investors.

Union Bankshares, Inc., based in Morrisville, Vermont, is a bank holding company that operates Union Bank, providing a wide array of banking services across northern Vermont and New Hampshire, with a strong emphasis on residential lending and community development.

In its latest earnings report, Union Bankshares announced a consolidated net income of $3.00 million for the fourth quarter of 2024, slightly down from $3.05 million in the same period of 2023. For the full year, the net income stood at $8.8 million, reflecting a decrease from $11.3 million in 2023, partly due to strategic balance sheet repositioning, which included the sale of lower-yielding debt securities.

The company reported total assets of $1.53 billion, marking a 4.0% increase from the previous year, driven by a robust loan demand that saw a 12.6% growth in loan balances. However, deposits decreased to $1.17 billion from $1.31 billion, as the company relied less on brokered deposits. The strategic repositioning led to a pre-tax realized loss, but also set the stage for improved future earnings. Notably, the company successfully sold $113.5 million in qualifying residential loans in 2024.

Union Bankshares declared a quarterly dividend of $0.36 per share, reinforcing its commitment to returning value to shareholders. Despite the challenges, the company’s strategic actions aim to strengthen its financial position, with management focused on leveraging its asset base and maintaining strong asset quality.

Looking ahead, Union Bankshares remains committed to supporting its growth through strategic balance sheet management and community-focused banking operations, positioning itself to navigate the economic challenges and capitalize on future opportunities.