Union Bankshares (UNB) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $3.00 million ($0.67/share), nearly flat compared to Q4 2023; full-year 2024 net income was $8.8 million ($1.94/share), down 22.2% year-over-year due to a strategic bond sale loss.

• Board declared a $0.36/share quarterly dividend, payable February 6, 2025.

Financial highlights

• Total assets grew 4.0% year-over-year to $1.53 billion as of December 31, 2024.

• Loans increased 12.6% to $1.16 billion; deposits declined to $1.17 billion from $1.31 billion, reflecting the absence of brokered deposits.

• Net interest income rose $521 thousand (1.4%) year-over-year; interest income up 19.0%, interest expense up 53.6%.

• Noninterest income (excluding bond sale loss) was $11.0 million, up from $9.9 million; noninterest expenses rose 7.5% to $38.0 million.

• Book value per share was $14.65 at year-end 2024, up from $14.56 a year earlier.

Outlook and guidance

• Management expects improved future earnings following the strategic balance sheet repositioning.

• Forward-looking statements caution on economic, regulatory, and market uncertainties.