ELLSWORTH – Union Bankshares Co., holding company of Union Trust Co., has reported an increase in net income of $352,516, or 46.6 percent, for the first quarter of 2002 when compared with the same period last year.

Last year was the first full year of the combined operation of Union Trust and the former Waldoboro Bank. “Even discounting the change in accounting for good will as required by the Financial Accounting Standards Board, earnings were up a solid 31.6 percent,” said Union Trust Treasurer Sally Hutchins.

Net interest income was up 12.4 percent over the first quarter of 2001 while noninterest income grew by $180,554, or 16.8 percent, over the first quarter of 2001, driven largely by loan fees from a record-high volume of mortgage applications as well as revenues from the Investment and Trust Services division.

The loan portfolio grew by more than $14 million, or 7 percent, over the first quarter of 2001, while deposits were up $10.5 million, or 4.3 percent. Earnings per share were $1.93 for the first quarter of 2002 versus $1.31 for the first quarter of 2001.

As of Dec. 31, 2001, Union Trust had assets in excess of $360 million. The bank has 16 branches from Waldoboro to Machias.