UNION BANKSHARES INC
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
UNB$22.55-1.7%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities · (Dollars in thousands) | ||
| Net income | $2,417 | $2,977 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 418 | 408 |
| Credit loss (benefit) expense | (230) | 74 |
| Deferred income tax provision | 11 | 32 |
| Net amortization of premiums on investment securities | 132 | 128 |
| Equity in losses of limited partnerships | 412 | 331 |
| Stock based compensation expense | 146 | 113 |
| Net increase in unamortized loan costs | (55) | (22) |
| Proceeds from sales of loans held for sale | 21,996 | 11,946 |
| Origination of loans held for sale | (22,054) | (13,423) |
| Net gains on sales of loans held for sale | (287) | (194) |
| Net gains on disposals of premises and equipment | (19) | (1) |
| Net gains on other investments | (95) | (46) |
| Increase in accrued interest receivable | (257) | (15) |
| Amortization of debt issuance costs | 8 | 8 |
| (Increase) decrease in other assets | (1,250) | 86 |
| Increase (decrease) in other liabilities | 568 | (318) |
| Net cash provided by operating activities | 1,861 | 2,084 |
| Cash Flows From Investing Activities | ||
| Interest bearing deposits in banks | ||
| Proceeds from maturities and redemptions | 2,241 | 996 |
| Purchases | (1,992) | (996) |
| Investment securities available-for-sale | ||
| Proceeds from maturities, calls and paydowns | 4,133 | 4,062 |
| Purchases | (1,299) | (24,923) |
| Net purchases of other investments | (36) | (40) |
| Net (increase) decrease in nonmarketable stock | (2,477) | 135 |
| Net increase in loans | (5,899) | (14,252) |
| Recoveries of loans charged off | 1 | — |
| Net purchases of premises and equipment | (385) | (200) |
| Investments in limited partnerships | (604) | (460) |
| Proceeds from sales of premises and equipment | 19 | 16 |
| Net cash used in investing activities | (6,298) | (35,662) |
Union Bankshares, Inc. Page 5
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Financing Activities · (Dollars in thousands) | ||
| Advances on long-term borrowings | 85,000 | 106 |
| Repayment of long-term borrowings | (25,000) | — |
| Net increase (decrease) in short-term borrowings outstanding | 25,000 | (5,000) |
| Net decrease in noninterest bearing deposits | (28,864) | (23,657) |
| Net decrease in interest bearing deposits | (115,791) | (53,321) |
| Net increase in time deposits | 10,696 | 101,044 |
| Purchase of treasury stock | — | (60) |
| Dividends paid | (1,611) | (1,600) |
| Net cash (used) provided by financing activities | (50,570) | 17,512 |
| Net decrease in cash and cash equivalents | (55,007) | (16,066) |
| Cash and cash equivalents | ||
| Beginning of period | 77,666 | 37,885 |
| End of period | $22,659 | $21,819 |
| Supplemental Disclosures of Cash Flow Information | ||
| Interest paid | $6,301 | $3,028 |
| Supplemental Schedule of Noncash Investing Activities | ||
| Right-of-use operating lease assets obtained in exchange for operating lease liabilities | $— | $350 |
| Dividends paid on Common Stock: | ||
| Dividends declared | $1,627 | $1,623 |
| Dividends reinvested | (16) | (23) |
| $1,611 | $1,600 | |
Union Bankshares, Inc. Page 6
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