Union Bankshares Q2 net profit rises on higher interest income

Company did not provide specific guidance or forecasts for the current quarter or full year.

• Net interest income - Higher net interest income driven by a larger earning asset base and higher interest rates.
• Noninterest income - Noninterest income rose, including a one-time $380,000 gain on the sale of a branch property and higher mortgage sales gains.
• Credit loss expense - Credit loss expense declined, reflecting the size and mix of the loan portfolio and unfunded commitments.

US community bank's Q2 net income and EPS rose year over year.

Growth was driven by higher net interest and noninterest income, with modest loan growth.

Book value per share rose 16.7%, aided by equity sales and lower securities losses.