Union Bankshares, Inc. Declares Cash Dividend for the Fourth Quarter Ended December 31, 2014, Payable on February 9, 2015; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 21, 2015 at 08:45 pm
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On January 21, 2015 the Board of Directors of Union Bankshares, Inc. declared a $0.01, or 3.8%, increase in the quarterly cash dividend from $0.26 to $0.27 per share for the fourth quarter ended December 31, 2014. The dividend is payable on February 9, 2015 to shareholders of record on January 31, 2015.
Union Bankshares Inc. reported earnings results for the fourth quarter and full year ended December 31, 2014. For the year, the company reported net income of $7.7 million, 7.8% increase over net income for the year ended December 31, 2013 of $7.1 million. Earnings per share increased to $1.73 per share compared to $1.60 per share for 2013. Results for 2014 reflect a year to year increase in net interest income of $675,000, or 3.1% due to strong loan demand and price discipline.
For the fourth quarter, the company reported earnings of $1.9 million, or $0.43 per share, compared to $1.5 million, or $0.34 per share, for 2013. Net interest income improved $133,000. These positive changes were offset by an increase in the provision for income taxes $35 thousand, or 9.8%. Book value per share of $11.66 as of December 31, 2014 compared to a book value of $11.17 as of December 31, 2013.
Union Bankshares, Inc. is a one-bank holding company whose sole subsidiary is Union Bank. Its business is that of a community bank in the financial services industry. The Union Bank provides full retail, commercial, municipal banking, and wealth management and trust services. It is providing retail banking services to individuals and commercial banking services to small and medium sized business corporations, limited liability companies, partnerships, and sole proprietorships, and nonprofit organizations, local municipalities and school districts within its market area. Its products and services include commercial loans for business purposes to business owners and investors for plant and equipment, working capital, real estate renovation and other sound business purposes; commercial real estate loans on income producing properties, including commercial construction loans; online mortgage applications; business checking accounts; online consumer deposit account opening, and others.
Union Bankshares, Inc. Declares Cash Dividend for the Fourth Quarter Ended December 31, 2014, Payable on February 9, 2015; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014