Union Bankshares Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Union Bankshares Inc. has filed its Q1 2024 10-Q report, detailing financial performance and position.</b>

AI Summary

UNION BANKSHARES INC (UNB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Union Bankshares Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Union Bankshares Inc. is incorporated in Vermont (VT). The company's SIC code is 6022 for State Commercial Banks.

Why It Matters

For investors and stakeholders tracking UNION BANKSHARES INC, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Union Bankshares Inc.'s financial health, including assets, liabilities, and equity. Understanding the details within this report is crucial for assessing the bank's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — UNION BANKSHARES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events that would elevate the risk profile.

Analyst Insight

Review the detailed financial statements and any management discussion and analysis within the 10-Q to understand Union Bankshares Inc.'s performance trends and outlook.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-14 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-12-31 — Prior Year End (2023-12-31)
• 2023-03-31 — Prior Year Q1 End (2023-01-01 2023-03-31)

Key Players & Entities

• UNION BANKSHARES INC (company) — FILER
• 0000706863 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• VT (company) — STATE OF INCORPORATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-14 (date) — FILED AS OF DATE
• 8028886600 (company) — BUSINESS PHONE
• MORRISVILLE (company) — CITY

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure by public companies. (This filing provides an update on Union Bankshares Inc.'s financial performance for the first quarter of 2024.)

SIC Code

Standard Industrial Classification code used to classify industries. (Identifies Union Bankshares Inc. as a 'State Commercial Banks' company.)

Key Financial Figures

• $2.00 — ction 12(b) of the Act: Common Stock, $2.00 par value UNB Nasdaq Stock Market (Tit
• $2 — k as of April 26, 2024. Common Stock, $2 par value 4,519,390 shares UNION BANK

Filing Documents

• unb-20240331.htm (10-Q) — 1995KB
• a33124exhibit311.htm (EX-31.1) — 9KB
• a33124exhibit312.htm (EX-31.2) — 9KB
• a33124exhibit321.htm (EX-32.1) — 4KB
• a33124exhibit322.htm (EX-32.2) — 4KB
• 0000706863-24-000038.txt (&nbsp;) — 9851KB
• unb-20240331.xsd (EX-101.SCH) — 40KB
• unb-20240331_cal.xml (EX-101.CAL) — 97KB
• unb-20240331_def.xml (EX-101.DEF) — 262KB
• unb-20240331_lab.xml (EX-101.LAB) — 519KB
• unb-20240331_pre.xml (EX-101.PRE) — 435KB
• unb-20240331_htm.xml (XML) — 2208KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Unaudited Interim Consolidated Financial Statements of Union Bankshares, Inc. and Subsidiary Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive (Loss) Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flows 5 Notes to Unaudited Interim Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 40

Controls and Procedures

Item 4. Controls and Procedures. 40

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 41

Risk Factors

Item 1A. Risk Factors. 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 41

Exhibits

Item 6. Exhibits. 41

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNIO N B ANKSHARES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets (Dollars in thousands) Cash and due from banks $ 4,123 $ 4,429 Federal funds sold and overnight deposits 18,536 73,237 Cash and cash equivalents 22,659 77,666 Interest bearing deposits in banks 14,441 14,690 Investment securities available-for-sale 257,650 264,383 Other investments 1,631 1,500 Total investments 259,281 265,883 Loans held for sale 3,415 3,070 Loans 1,034,169 1,028,270 Allowance for credit losses on loans ( 6,645 ) ( 6,566 ) Net deferred loan costs 1,807 1,752 Net loans 1,029,331 1,023,456 Premises and equipment, net 20,738 20,771 Other assets 67,732 63,343 Total assets $ 1,417,597 $ 1,468,879 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest bearing $ 222,128 $ 250,992 Interest bearing 649,898 765,689 Time 299,618 288,922 Total deposits 1,171,644 1,305,603 Borrowed funds 150,696 65,696 Subordinated notes 16,247 16,239 Accrued interest and other liabilities 15,190 15,534 Total liabilities 1,353,777 1,403,072 Commitments and Contingencies Stockholders' Equity Common stock, $ 2.00 par value; 7,500,000 shares authorized; 4,995,348 shares issued at March 31, 2024 and December 31, 2023 9,991 9,991 Additional paid-in capital 2,778 2,621 Retained earnings 90,262 89,472 Treasury stock at cost; 475,960 shares at March 31, 2024 and 476,500 shares at December 31, 2023 ( 4,317 ) ( 4,322 ) Accumulated other comprehensive loss ( 34,894 ) ( 31,955 ) Total stockholders' equity 63,820 65,807 Total liabilities and stockholders' equity $ 1,417,597 $ 1,468,879 See accompanying notes to unaudited interim consolidated financial statements. Union Bankshares, Inc. Page 1 UNION BANKSHARES, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 Interest and dividend income (Dollars in thousands, except

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