Union Bankshares Q2 Profit Jumps 21% on Higher Interest Income
UNB sits 23% above its 52-week low of $20.65 on light trading volume (0.1× avg).
Summary
Union Bankshares reported Q2 net income of $2.9M, or $0.61 per share, up 21% year-over-year. The increase was driven by higher net interest income from a larger earning asset base and higher rates, along with a one-time $380K gain on a branch property sale. Book value per share rose 16.7%, aided by equity sales and lower securities losses. This follows an activist investor disclosing a 7.54% stake in May, adding pressure for performance. The board declared a $0.36 quarterly dividend.
At the time of this announcement, UNB was trading at $25.30 on NASDAQ in the Finance sector, with a market capitalization of approximately $116.7M. The 52-week trading range was $20.65 to $29.49. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.