Union Bankshares Q1 Net Income Falls 18% While NIM Rises to 3.15%
UNB•Union Bankshares posted Q1 net income of $32.1 million, down 18% year-over-year, and delivered EPS of $0.39. Net interest margin widened 8 basis points to 3.15% as loan balances grew 4% and deposit funding costs rose.
1. Q1 Financial Results
Union Bankshares reported Q1 net income of $32.1 million, a decline from $39.2 million in the prior year period, resulting in EPS of $0.39. The bank saw loan balances expand 4% sequentially, supporting net interest income growth despite higher deposit funding costs.
