Union Bankshares Q3 net income falls to $1.3M from $2.5M; EPS $0.29 vs $0.56

UNION BANKSHARES INC

2024-Q3 EPS reported $1.27

Net income $1.32M ($0.29 EPS) vs $2.53M ($0.56 EPS) in Q3 2023; 9-month $5.76M ($1.27 EPS) vs $8.21M ($1.82 EPS).
Sold $38.8M of lower-yielding AFS securities for a pre-tax loss of $1.3M; proceeds reinvested in higher-yielding assets expected to recoup loss in ~12 months.
Total assets grew to $1.52B from $1.40B, loans to $1.13B; deposits decreased to $1.17B from $1.22B, borrowings increased to $240.7M.
Book value per share rose to $15.98 from $10.92 YoY, helped by reduced AOCI loss ($26.8M vs $47.1M).
Dividend declared $0.36 per share, payable Nov 7, 2024 to holders of record Oct 26, 2024; regular quarterly rate unchanged.

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