Union Bankshares Q3 profit rises on higher net interest income

Overview

• U.S. community bank's Q3 net income and EPS rose yr/yr

• Company declared a quarterly dividend of $0.36 per share

• Book value per share declined yr/yr due to higher unrealized losses on securities

Outlook

• Company did not provide specific guidance or outlook for future quarters or the full year in its press release

Result Drivers

• HIGHER INTEREST INCOME - Co said Q3 interest income rose due to larger earning asset base and higher interest rates

• LOWER CREDIT LOSS EXPENSE - Co attributed reduced credit loss expense to loan portfolio size and mix

• MORTGAGE SALES IMPACT - Co said lower gains from residential mortgage sales reduced noninterest income

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)