Printer Friendly

UNION BANKSHARES ANNOUNCES RESULTS

 DENVER, Nov. 1 /PRNewswire/ -- Union Bankshares Ltd. (NASDAQ: UBSC) announced third quarter net income of $234,000 or 19 cents per share for the quarter ended Sept. 30, 1993. Income for the like period last year was $341,000 or 64 cents per share(a).
 After tax securities gains of $83,000 and $149,000 are included in the net income figures for the quarters ended Sept. 30, 1993 and 1992, respectively.
 Net income available for common shareholders for the nine months ended Sept. 30, 1993 was $802,000 or 78 cents per share, as compared to $834,000 or $1.56 per share for the like period in 1992. After tax securities gains of $378,000 and $246,000 are included in the net income figures for the nine month periods ended Sept. 30, 1993 and 1992 respectively.
 Net interest income totaled $1,264,000 in the third quarter, 1993, a 6 percent increase over the year earlier quarter and was $3,703,000 for the nine month period ended Sept. 30, 1993, as compared to $3,423,000 for the nine months ended Sept. 30, 1992, an 8.2 percent increase.
 Total assets increased $21.3 million to $136.8 million at Sept. 30, 1993, from year end 1992. Of this increase, $4.8 million relates to a short-term demand deposit in connection with a commercial transaction which was withdrawn in October 1993.
 Net loans increased $3 million, from $50.8 million at Dec. 31, 1992 to $53.8 million at Sept. 30, 1993, due to growth in the commercial loan portfolio. Total deposits increased during the period from $104.3 million at Dec. 31, 1992 to $117 million at Sept. 30, 1993.
 "The company remains very pleased with the performance of its principal asset, Union Bank & Trust, which continues to post strong operating results and deposit growth," said Charles B. Harrison, chairman and chief executive officer.
 Union Bankshares is a bank holding company whose principal asset is all of the common stock of Union Bank & Trust, a state chartered commercial bank located in Denver.
 Union Bank & Trust has total assets of more than $126 million and emphasizes relationship banking for small to medium size business customers.
 (a) Per share amounts are based on weighted average common shares outstanding during the periods described. For the quarters ended Sept. 30, 1993 and Sept. 30, 1992, weighted average common shares outstanding were 1,209,046 and 532,928 respectively. For the periods ended Sept. 30, 1993 and Sept. 30, 1992, weighted average common shares outstanding were 1,022,521 and 532,928 respectively. Common shares outstanding at Sept. 30, 1993 were 1,208,700.
 UNION BANKSHARES LTD.
 1993 Financial Highlights and Key Ratios
 (In thousands, except number of shares outstanding)
 (Unaudited)
 Nine Months Ended Three Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Interest income $5,852 $5,564 $1,933 $1,854
 Interest expense 1,949 2,141 669 661
 Net interest income
 before provision
 for loan loss 3,703 3,423 1,264 1,193
 Provision for loan
 loss 45 246 15 147
 Net interest income
 after provision
 for loan loss 3,658 3,177 1,249 1,046
 Non-interest income 464 626 164 207
 Securities gains
 (losses) 597 373 132 226
 Non-interest expense 3,597 3,079 1,192 1,017
 Income before
 income tax 1,122 1,097 353 462
 Income tax expense 308 221 119 107
 Net income $814 $876 $234 $355
 Net income available
 to shareholders $802 $834 $234 $341
 Average shares
 outstanding 1,022,521 532,928 1,209,046 532,928
 Earnings per share $0.78 $1.56 $0.19 $0.64
 Net interest margin 5.01pct. 5.40pct. 4.94pct. 5.46pct.
 Return on average
 assets (annualized) 0.91pct. 1.13pct. 0.75pct. 1.35pct.
 Return on average
 equity (annualized) 10.40pct. 27.23pct. 7.73pct. 29.73pct.
 Sept. 30, Sept. 30, $ Inc. Pct. Inc.
 1993 1992 ($ Dec.) (Pct. Dec.)
 Total loans 55,051 54,224 827 1.5
 Reserve for
 loan loss (1,216) (1,040) (176) 16.9
 Total securities 54,815 39,880 14,935 37.4
 Other investments 13,000 5,370 7,630 142.1
 Non earning assets 15,174 15,705 (531) -3.4
 Total assets 136,824 114,139 22,685 19.9
 Total deposits 117,040 102,490 14,550 14.2
 Short term borrowing --- --- --- N/A
 Long term debt 5,900 5,116 1,784 34.9
 Other liabilities 848 442 406 91.9
 Total capital 12,036 6,091 5,945 97.6
 Total liabilities
 and capital $136,824 $114,139 22,685 19.9
 Book value per share $9.96 $11.74
 Tangible book value
 per share $6.91 $4.27
 Reserve for loan
 loss to loans 2.21pct. 1.92pct.
 -0- 11/1/93
 /CONTACT: Ned W. High of Ned High Public Relations, 303-573-5464; or Herman J. Zueck of Union Bankshares, 303-744-3221/
 (UBSC)


CO: Union Bankshares Ltd. ST: Colorado IN: FIN SU: ERN

BB -- DV002 -- 9157 11/01/93 12:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 1, 1993
Words:845
Previous Article:GM BOARD DECLARES DIVIDENDS
Next Article:LESLIE'S POOLMART ANNOUNCES INCREASED THIRD QUARTER REVENUE AND EARNINGS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters