UBNC: Union Bank (OTCQX: UBNC)

Union Bank (OTCQX: UBNC) stated earnings results for the quarter and nine months finished September 30, 2k19 and declares a cash dividend of $0.100 for each share.

Union Bank (the “Bank”) is happy to report earnings results for the quarter and nine months finished September 30, 2k19. Unaudited net income for the nine months finished September 30, 2k19 was $5,313,000.00 or $0.890 for each basic common share, a contrast to $5,000,000.00, or $0.830 for each basic common share for the similar duration in the prior year. This represents a 6.30% incline in earnings for the comparable nine-month durations. Return on average assets and return on average equity was 0.920% and 8.690%, respectively, for the nine months finished September 30, 2k19. Return on average tangible common equity was 10.610% for the nine months finished September 30, 2k19.

Unaudited net income for the 3rd-quarter of 2k19 raised 9.40%, to $1,904,000.00, or $0.320 for each basic common share, a contrast to $1,739,000.00, or $0.2900 for each basic common share for the quarter finished September 30, 2k18. Return on average assets and return on average equity was 0.970% and 8.950%, respectively, for the quarter. Return on average tangible common equity was 11.040% for the quarter finished September 30, 2k19.

Total assets as of September 30, 2k19 were $787.60M, contrast to total assets of $745.20M as of December 31, 2k18, and $730.50M as of September 30, 2k18. Total loans, net of reserves, were $550.50M and deposits were $656.90M, as of September 30, 2k19 contrast to net loan balances of $491.70M and deposits of $611.60M as of September 30, 2k18, and net loan balances of $504.60M and deposits of $627.20M as of December 31, 2k18. This represents annualized loan and deposit growth of 12.20% and 6.30%, respectively, for the nine-month duration finished September 30, 2k19. Asset quality remains excellent, as total non-performing assets were 0.080% of total assets as of September 30, 2k19. Capital levels remain strong, total risk-based capital was 13.730%, common equity tier 1 to risk-weighted assets was 11.840%, and the Bank’s tier 1 leverage ratio was 8.990% at quarter-end. As of September 30, 2k19, shares of common stock issued an outstanding totalled 5,973,124.