MORRISVILLE, Vt., Oct. 19, 2022 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today reported results for the three and nine months ended September 30, 2022 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2022 was $3.8 million, or $0.84 per share, compared to $3.9 million, or $0.87 per share for the same period in 2021 and $9.2 million, or $2.04 per share, for the nine months ended September 30, 2022, compared to $9.8 million, or $2.18 per share Share for the same period in 2021.
Third Quarter Highlights
Consolidated net income decreased $167,000, or 4.3%, to $3.8 million for the third quarter of 2022 compared to the third quarter of 2021, due to a $1.7 million decrease in noninterest income, partially due to a An increase in net interest income of $1.3 million was offset by decreases in noninterest expense of $182,000 and income tax expense of $91,000. The decrease in noninterest income was primarily due to a decrease in income from home loan sales of $1.5 million in the comparable period, reflecting lower sales volume and lower premiums related to increases in interest rates .
Net interest income improved to $10.4 million for the three months ended September 30, 2022 compared to $9.1 million for the three months ended September 30, 2021, an increase of $1.3 million dollars or 14.1%. Interest income increased $1.6 million to $11.5 million for the three months ended September 30, 2022 compared to $9.9 million for the three months ended September 30, 2021 reflecting the larger income asset base associated with the upward movement in interest rates. Interest expense increased by $317,000 to $1.0 million for the three months ended September 30, 2022 compared to $706,000 for the three months ended September 30, 2021 due to the larger funding base and an increase in interest rates charged on customer deposits and other sources were paid.
For the three and nine…
