Union Bankshares Q3 profit rises on higher net interest income
UNB•Union Bankshares’ Q3 net income was $3.80 million and EPS was $0.77, both up year over year; the company declared a $0.36 quarterly dividend. Higher interest income and lower credit loss expense helped, while book value per share declined.
1. Quarterly results
Union Bankshares said Q3 net income and EPS rose year over year, to $3.80 million and $0.77, respectively. Interest income rose with a larger earning asset base and higher interest rates, while lower credit loss expense reflected the size and mix of the loan portfolio; book value per share declined due to higher unrealized losses on securities.
