Union Bankshares Inc. Files Q2 2024 10-Q

TL;DR

UNION BANKSHARES INC 10-Q FILED FOR Q2 2024. FINANCIALS DETAILED.

AI Summary

Union Bankshares Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at Union Bankshares Inc.'s financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• UNION BANKSHARES INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 0000706863 (company) — Central Index Key for Union Bankshares Inc.

FAQ

Key Financial Figures

• $2.00 — ction 12(b) of the Act: Common Stock, $2.00 par value UNB Nasdaq Stock Market (Tit
• $2 — ck as of July 26, 2024. Common Stock, $2 par value 4,523,870 shares UNION BANK

Filing Documents

• unb-20240630.htm (10-Q) — 2378KB
• a63024exhibit311.htm (EX-31.1) — 9KB
• a63024exhibit312.htm (EX-31.2) — 9KB
• a63024exhibit321.htm (EX-32.1) — 4KB
• a63024exhibit322.htm (EX-32.2) — 4KB
• 0000706863-24-000064.txt ( ) — 10882KB
• unb-20240630.xsd (EX-101.SCH) — 39KB
• unb-20240630_cal.xml (EX-101.CAL) — 97KB
• unb-20240630_def.xml (EX-101.DEF) — 261KB
• unb-20240630_lab.xml (EX-101.LAB) — 526KB
• unb-20240630_pre.xml (EX-101.PRE) — 435KB
• unb-20240630_htm.xml (XML) — 2541KB

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 Income (Loss) 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. 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 44

Controls and Procedures

Item 4. Controls and Procedures. 44

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 45

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 45

Exhibits

Item 6. Exhibits. 45

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNIO N B ANKSHARES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) Assets (Dollars in thousands) Cash and due from banks $ 4,490 $ 4,429 Federal funds sold and overnight deposits 26,017 73,237 Cash and cash equivalents 30,507 77,666 Interest bearing deposits in banks 13,943 14,690 Investment securities available-for-sale 252,520 264,383 Other investments 1,657 1,500 Total investments 254,177 265,883 Loans held for sale 6,224 3,070 Loans 1,005,989 1,028,270 Allowance for credit losses on loans ( 6,893 ) ( 6,566 ) Net deferred loan costs 1,931 1,752 Net loans 1,001,027 1,023,456 Premises and equipment, net 20,646 20,771 Other assets 71,922 63,343 Total assets $ 1,398,446 $ 1,468,879 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest bearing $ 222,928 $ 250,992 Interest bearing 558,658 765,689 Time 271,722 288,922 Total deposits 1,053,308 1,305,603 Borrowed funds 247,096 65,696 Subordinated notes 16,256 16,239 Accrued interest and other liabilities 17,740 15,534 Total liabilities 1,334,400 1,403,072 Commitments and Contingencies Stockholders' Equity Common stock, $ 2.00 par value; 7,500,000 shares authorized; 4,999,220 shares issued at June 30, 2024 and 4,995,348 shares issued at December 31, 2023 9,999 9,991 Additional paid-in capital 2,928 2,621 Retained earnings 90,654 89,472 Treasury stock at cost; 475,353 shares at June 30, 2024 and 476,500 shares at December 31, 2023 ( 4,312 ) ( 4,322 ) Accumulated other comprehensive loss ( 35,223 ) ( 31,955 ) Total stockholders' equity 64,046 65,807 Total liabilities and stockholders' equity $ 1,398,446 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023

View Full Filing

View this 10-Q filing on SEC EDGAR