Union Bankshares Inc. Files Q3 2024 10-Q

TL;DR

UNION BANKSHARES INC 10-Q FILED FOR Q3 2024. FINANCIALS OUT.

AI Summary

Union Bankshares Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates for the commercial bank. Key financial data and disclosures relevant to investors and regulators are presented.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a commercial bank.

Key Numbers

• 20240930 — Period End Date (The filing covers financial data up to this date.)
• 20241114 — 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
• 20240930 (date) — Conformed period of report
• 20241114 (date) — Filed as of 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 — as of October 25, 2024. Common Stock, $2 par value 4,524,553 shares UNION BANK

Filing Documents

• unb-20240930.htm (10-Q) — 2418KB
• a93024exhibit311.htm (EX-31.1) — 9KB
• a93024exhibit312.htm (EX-31.2) — 9KB
• a93024exhibit321.htm (EX-32.1) — 4KB
• a93024exhibit322.htm (EX-32.2) — 4KB
• 0000706863-24-000073.txt ( ) — 11164KB
• unb-20240930.xsd (EX-101.SCH) — 42KB
• unb-20240930_cal.xml (EX-101.CAL) — 105KB
• unb-20240930_def.xml (EX-101.DEF) — 264KB
• unb-20240930_lab.xml (EX-101.LAB) — 551KB
• unb-20240930_pre.xml (EX-101.PRE) — 449KB
• unb-20240930_htm.xml (XML) — 2598KB

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. 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 45

Controls and Procedures

Item 4. Controls and Procedures. 45

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 46

Risk Factors

Item 1A. Risk Factors. 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 46

Exhibits

Item 6. Exhibits. 46

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNIO N B ANKSHARES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) Assets (Dollars in thousands) Cash and due from banks $ 4,468 $ 4,429 Federal funds sold and overnight deposits 42,793 73,237 Cash and cash equivalents 47,261 77,666 Interest bearing deposits in banks 13,445 14,690 Investment securities available-for-sale 244,935 264,383 Other investments 1,723 1,500 Total investments 246,658 265,883 Loans held for sale 8,449 3,070 Loans 1,117,461 1,028,270 Allowance for credit losses on loans ( 7,366 ) ( 6,566 ) Net deferred loan costs 2,019 1,752 Net loans 1,112,114 1,023,456 Premises and equipment, net 20,460 20,771 Other assets 71,107 63,343 Total assets $ 1,519,494 $ 1,468,879 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest bearing $ 233,770 $ 250,992 Interest bearing 643,593 765,689 Time 295,900 288,922 Total deposits 1,173,263 1,305,603 Borrowed funds 240,696 65,696 Subordinated notes 16,264 16,239 Accrued interest and other liabilities 16,970 15,534 Total liabilities 1,447,193 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 September 30, 2024 and 4,995,348 shares issued at December 31, 2023 9,999 9,991 Additional paid-in capital 3,089 2,621 Retained earnings 90,350 89,472 Treasury stock at cost; 474,670 shares at September 30, 2024 and 476,500 shares at December 31, 2023 ( 4,306 ) ( 4,322 ) Accumulated other comprehensive loss ( 26,831 ) ( 31,955 ) Total stockholders' equity 72,301 65,807 Total liabilities and stockholders' equity $ 1,519,494 $ 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 September 30, Nine Months Ended September

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