Union Bankshares Inc. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Dividend, Payable on February 7, 2013
January 17, 2013 at 12:16 am IST
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Union Bankshares Inc. announced earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported
net Income 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 $129,000, or 2.4%, an increase in noninterest income of $1.5 million, or 78.5%, and a decrease in provision for loan loss of $175,000, or 53.8%.
For the year, the company reported earnings of $6.8 million, or $1.54 per share, compared to $5.2 million, or $1.17 per share, for 2011. Results for the year included an increase of $1.9 million, or 9.7%, in net interest income. The increase in net interest income is attributable to management of cost of funds as well as the benefit of having the loan and deposit accounts purchased in the acquisition of three New Hampshire branches in May 2011 for a full year in 2012. The increases to income were offset by increases in pension and employee benefits of $755,000, or 23.9%.
The company declared a quarterly cash dividend of $0.25 per share was declared on January 16, 2013, payable on February 7, 2013 to shareholders of record January 26, 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. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Quarterly Dividend, Payable on February 7, 2013