Showing 1-10 of about 21 articles.
Union Bankshares, Inc.
Union Bankshares Announces First Quarter Ended March 31, 2013 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., April 17, 2013 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the first quarter 2013 of $1.7 million, or $0.39 per share, compared to $1.2 million, or $0.28 per share, for 2012. The $510 thousand, or 41.6% increase in net income year over year is attributable to an increase in noninterest income of $253 thousand, or 13.3%, a decrease in provision for loan loss of $120 thousand, or 66.7%, and a decrease in noninterest expenses of $362 thousand, or 6.5%. The increase in noninterest income is primarily due to an increase in gain on real estate loans sold to the secondary market of $195 thousand, a $38 thousand increase in other service fee income, and a $16 thousand increase in trust income. Noninterest expenses saw reductions in all categories year over year with the exception of Equipment Expense which increased $81 thousand, or 23.5%, mainly due to software licensing fees, and Other Expenses which increased $22 thousand, or 1.4%. Pension and employee benefit plan expenses decreased $375 thousand, or 35.4%, year over year primarily due to the freezing of the pension plan as of October 5, 2012 partially offset by an increase in 401(k) contribution expense due to the implementation of a safe harbor provision in the 401(k) plan effective January 1, 2013.
Union Bankshares, Inc.
Union Bankshares Announces Fourth Quarter and Year Ended December 31, 2012 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the fourth quarter 2012 of $2.2 million, or $0.50 per share, compared to $1.7 million, or $0.39 per share, for 2011. There was an increase in net interest income for the quarter of $129 thousand, or 2.4%, an increase in noninterest income of $1.5 million, or 78.5%, and a decrease in provision for loan loss of $175 thousand, or 53.8%. The increase in noninterest income is primarily due to a $629 thousand gain on sale of securities and an increase of $611 thousand in gain on real estate loans sold to the secondary market. These positive factors were partially offset by an increase in non-interest expenses of $1.2 million, or 23.0%, and an increase in income tax expense of $193 thousand, or 53.9%. The increase in noninterest expense was mainly due to the prepayment penalties of $875 thousand incurred when high rate Federal Home Loan Bank (FHLB) advances were prepaid in December 2012.
Union Bankshares, Inc.
Union Bankshares Announces Third Quarter Ended September 30, 2012 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the third quarter 2012 of $2.0 million, or $0.44 per share, compared to $1.4 million, or $0.32 per share, for 2011. Results for 2012 reflect a year to year increase in net interest income of $438 thousand, or 8.6%, and noninterest income of $876 thousand, or 43.5%. The increase in net interest income was mainly driven by higher loan balances outstanding of $35.6 million, or 8.3%, year over year and the decrease in interest expense paid on interest bearing liabilities as interest rates continued to decline. The increase in noninterest income is primarily due to the $818 thousand increase in net gains on sale of real estate loans, the $98 thousand increase in loan servicing and servicing rights net fee income and the $49 thousand increase in ATM/debit card income year over year. The expenses for the third quarter of 2011 included $62 thousand of branch acquisition expenses resulting from the May 27, 2011 purchase of three New Hampshire branches. These positive factors were partially offset by no gain on securities sold during the third quarter of 2012 compared to $172 thousand gain in the same quarter of 2011, increased operating expenses in personnel, equipment and administrative categories resulting from the branch acquisitions, higher retirement plan costs and the continued growth of the Bank.
Union Bankshares, Inc.
Union Bankshares Announces Second Quarter Ended June 30, 2012 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., July 18, 2012 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the second quarter 2012 of $1.4 million, or $0.32 per share, compared to $1.0 million, or $0.23 per share, for 2011. Results for 2012 reflect a year to year increase in net interest income of $600 thousand, or 12.7%, and noninterest income of $521 thousand, or 31.6%. The increase in net interest income was mainly driven by higher loan balances outstanding of $32.2 million, or 8.0%, year over year and the decrease in interest expense paid on interest bearing liabilities as interest rates continued to decline. The increase in noninterest income is primarily due to the $336 thousand increase in net gains on sale of residential real estate loans and the $83 thousand increase in ATM/debit card income year over year. The expenses for the second quarter of 2011 included $307 thousand of branch acquisition expenses resulting from the May 27, 2011 purchase of three New Hampshire branches. These positive factors were partially offset by increased operating expenses in all categories attributable to increases in personnel, banking facilities, and equipment needs resulting from the branch acquisitions and continued growth as well as the increased loan loss provision due mainly to growth of the loan portfolio.
Union Bankshares, Inc.
Union Bankshares Announces Fourth Quarter and Year Ended December 31, 2011 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., Jan. 18, 2012 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the fourth quarter 2011 of $1.7 million, or $0.39 per share, compared to $1.4 million, or $0.31 per share, for 2010. There was an increase in net interest income for the quarter of $570 thousand, or 11.8%, an increase in noninterest income of $561 thousand, or 37.1%, and a decrease in income tax expense of $34 thousand, or 8.61%. These positive factors were balanced by an increase in the loan loss provision of $185 thousand, or 132.1% mainly due to the growth in the loan portfolio from $382 million at December 31, 2010 to $429 million at December 31, 2011 and a $628 thousand, or 14.2% increase in other operating expenses.
Union Bankshares, Inc.
Union Bankshares Announces Third Quarter Ended September 30, 2011 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., Oct. 19, 2011 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the third quarter 2011 of $1.4 million, or $0.32 per share, compared to $1.5 million, or $0.32 per share, for 2010. Results for the third quarter of 2011 reflect a $0.01 earnings per share decrease due to direct acquisition expenses incurred during the quarter related to the May 27, 2011 purchase of branches in Grafton, Littleton and North Woodstock, New Hampshire. There was an increase in the net interest income for the quarter of $405 thousand, or 8.6%, an increase in noninterest income of $455 thousand, or 29.2%, a decrease in the loan loss provision of $50 thousand, or 25.0% and a decrease in income tax expense of $64 thousand, or 14/1%. These positive factors were offset by the direct acquisition expenses of $63 thousand and a $939 thousand, or 22.7% increase in other operating expenses.
Union Bankshares, Inc.
Union Bankshares Announces Second Quarter Ended June 30, 2011 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., July 20, 2011 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the second quarter 2011 of $1.0 million, or $0.23 per share, compared to $1.5 million, or $0.34 per share, for 2010. Results for the second quarter of 2011 reflect a $0.05 decrease in earnings per share due to direct expenses incurred during the quarter related to the May 27, 2011 purchase of branches in Grafton, Littleton and North Woodstock, New Hampshire. There was also an increase in the loan loss provision of $60 thousand due mainly to the growth and composition of the loan portfolio. Non-acquisition operating expenses also increased between years as the Company grew, outsourced and enhanced marketing efforts, and incurred increased OREO costs.
Union Bankshares, Inc.
Union Bankshares Announces First Quarter Ended March 31, 2011 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., April 20, 2011 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the first quarter 2011 of $1.03 million or $0.23 per share compared to $1.22 million or $0.27 per share for 2010. Results for 2011 reflect a year to year increase in net interest income of $36 thousand or 0.8% and in noninterest income of $195 thousand or 16.0%. The increase in net interest income was mainly driven by the reduction in interest expense on time deposits as renewal rates during the first quarter of 2011 were lower. The increase in noninterest income was in all segments except service charge and overdraft fees on deposit accounts. These positive factors were partially offset by an increase in the loan loss provision from $90 thousand to $150 thousand due mainly to the growth and composition of the loan portfolio. Operating expenses also increased between years due to the August 2010 addition of a Loan Center in South Burlington, Vermont, approximately $40 thousand incurred year to date in 2011 relating to the purchase of three branch locations in northwestern New Hampshire which are scheduled to close in May 2011 and the recently completed upgrades to communication lines and website as well as the addition of an internal data backup location.
Union Bankshares, Inc.
Union Bankshares Announces Fourth Quarter and Year Ended December 31, 2010 Earnings and Quarterly Dividend Payment
MORRISVILLE, Vt., Jan. 19, 2011 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (Nasdaq:UNB) today announced Net Income for the fourth quarter 2010 of $1.38 million or $0.31 per share compared to $1.28 million or $0.29 per share for 2009. Net Income for the year ended December 31, 2010 was $5.59 million or $1.25 per share compared to $5.23 million or $1.17 per share for the same period in 2009. Results for 2010 reflect a year-to-year increase in net interest income of $868 thousand or 4.84% and in net income of $360 thousand or 6.9%. The increase in net interest income was mainly driven by the reduction in interest expense despite the 8.4% growth in average core deposits, including noninterest bearing demand deposit accounts during 2010, while interest rates paid on renewing time deposits continued to decrease and volume dropped 5.6% on average for 2010. The absence of the 2009 special FDIC assessment of $191 thousand and the reduction in costs on impaired assets from $415 thousand to $241 thousand from 2009 to 2010 were major factors in noninterest expenses rising only 3.2% from 2009 to 2010 despite the addition of a Loan Center and strong loan growth. These positive factors were partially offset by an increase in the loan loss provision from $400 thousand to $520 thousand due mainly to the growth and composition of the loan portfolio.
Showing 1-10 of about 21 articles.