Union Bankshares Q3 profit rises on higher net interest income

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.77

Q3 Net Income

$3.80 mln

Q3 Dividend

$0.36


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  • Oct 21 - First Bancorp North Carolina Q3 net income more than doubles


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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