Union Bankshares, Inc. Declares Quarterly Cash Dividend, Payable on February 8, 2018; Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 17, 2018 at 08:30 pm
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On January 17, 2018, the Board of Directors of Union Bankshares, Inc. declared a regular quarterly cash dividend of $0.30 per share payable February 8, 2018 to shareholders of record as of January 27, 2018.
For the quarter, the company reported net income $1.9 million, or $0.43 per share, compared to $2.3 million, or $0.53 per share, for the same period a year ago. Net income before taxes increased $399,000 or 14.3% to $3.2 million. Net interest income increased $709,000 or 11.2% to $7.1 million. The improvement in net income before tax quarter over quarter is attributable to the increase in net interest
income as noted above partially offset by a decrease in noninterest income of $230,000 and increases in the provision for loan losses of $50,000 and in noninterest expenses of $30,000.
For the year, the company reported net income $8.4 million, or $1.89 per share, compared to $8.5 million, or $1.91 per share, for the same period a year ago. Net income before taxes increased $943,000, or 8.5%, to $12.1 million. Net interest income increased $2.0 million, or 8.0% to $26.8 million. Return on average common equity of 14.53% and return on average assets of 1.21%. Book value per common share increased 4.4% to $13.17 as of December 31, 2017.
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 Quarterly Cash Dividend, Payable on February 8, 2018; Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017