Morrisville, VT: Union Bankshares, Inc. reported Net Income for the year ended December 31, 2014 of $7.7 million while the last year Net Income represents a 7.8% increase over Net Income for the year ended December 31, 2013 of $7.1 million.
Earnings per share as of December 31, 2014 increased to $1.73 per share compared to $1.60 per share for 2013. Results for 2014 reflect a year to year increase in net interest income of $675 thousand, or 3.1% due to strong loan demand and price discipline. Noninterest income increased $408 thousand, or 4.8% with improvements in all categories for 2014 compared to 2013 with the exception of a decrease in the net gain on the sale of mortgage servicing rights as well as a decrease in the net gain on the sale of real estate loans.
For the fourth quarter of 2014, earnings were $1.9 million, or $0.43 per share, compared to $1.5 million, or $0.34 per share, for 2013. Net interest income improved $133 thousand, the provision for loan losses decreased $30 thousand, noninterest income increased $82 thousand, and noninterest expenses decreased $147 thousand. These positive changes were offset by an increase in the provision for income taxes $35 thousand, or 9.8%.
The provision for loan losses increased $40 thousand, or 13.1%. Noninterest expenses increased $373 thousand, or 1.8%, as a result of net increases in occupancy, equipment, and other expenses, partially offset by decreases in salaries and wages and pension and employee benefits. Income tax expense increased $111 thousand, or 6.0%.
