Quarterly ResultApr 15, 2026, 03:01 PM
Union Bankshares Q1 Net Income Rises 20% to $3.0M
AI Summary
Union Bankshares, Inc. reported a consolidated net income of $3.0 million, or $0.65 per share, for the first quarter of 2026, a 20% increase from $2.5 million ($0.55 per share) in the same period last year. Total assets grew 6.6% to $1.63 billion, driven by increases in Federal funds sold and investment securities. Stockholders' equity also saw a significant rise, leading to a 13.1% increase in book value per share. However, total deposits decreased substantially from $1.81 billion to $1.20 billion year-over-year.
Key Highlights
- Consolidated net income increased 20% to $3.0 million ($0.65 per share) for Q1 2026.
- Total assets grew 6.6% to $1.63 billion as of March 31, 2026.
- Stockholders' equity rose to $80.6 million, with book value per share up 13.1% to $17.46.
- Net interest income improved 10.0% to $11.3 million for the quarter.
- Total deposits decreased from $1.81 billion in Q1 2025 to $1.20 billion in Q1 2026.