UNION BANKSHARES INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities · (Dollars in thousands) | ||
| Net income | $5,760 | $8,208 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 1,218 | 1,212 |
| Credit loss expense (benefit) | 583 | (161) |
| Deferred income tax provision | 7 | 29 |
| Net amortization of premiums on investment securities | 418 | 394 |
| Equity in losses of limited partnerships | 1,264 | 1,024 |
| Stock based compensation expense | 442 | 348 |
| Net increase in unamortized loan costs | (267) | (364) |
| Proceeds from sales of loans held for sale | 77,313 | 52,086 |
| Origination of loans held for sale | (81,524) | (56,524) |
| Net gains on sales of loans held for sale | (1,168) | (836) |
| Net gains on disposals of premises and equipment | (19) | (1) |
| Net losses on sales of investment securities available-for-sale | 1,293 | — |
| Net gains on other investments | (211) | (61) |
| Decrease (increase) in accrued interest receivable | 488 | (158) |
| Amortization of debt issuance costs | 25 | 25 |
| Increase in other assets | (1,919) | (1,257) |
| Increase in other liabilities | 2,689 | 2,192 |
| Net cash provided by operating activities | 6,392 | 6,156 |
| Cash Flows From Investing Activities | ||
| Interest bearing deposits in banks | ||
| Proceeds from maturities and redemptions | 3,237 | 3,486 |
| Purchases | (1,992) | (1,494) |
| Investment securities available-for-sale | ||
| Proceeds from sales | 37,218 | — |
| Proceeds from maturities, calls and paydowns | 14,338 | 12,852 |
| Purchases | (27,253) | (24,922) |
| Net purchases of other investments | (12) | (15) |
| Net increase in nonmarketable stock | (7,281) | (1,822) |
| Net decrease in loans | (89,193) | (63,434) |
| Recoveries of loans charged off | 18 | 4 |
| Net purchases of premises and equipment | (932) | (1,113) |
| Proceeds from Company-owned life insurance death benefit | 235 | — |
| Investments in limited partnerships | (3,052) | (2,418) |
| Proceeds from sales of premises and equipment | 44 | 16 |
| Net cash used in investing activities | (74,625) | (78,860) |
Union Bankshares, Inc. Page 5
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Financing Activities · (Dollars in thousands) | ||
| Advances on long-term borrowings | 285,000 | 90,696 |
| Repayment of long-term borrowings | (110,000) | — |
| Net decrease in short-term borrowings outstanding | — | (50,000) |
| Net decrease in noninterest bearing deposits | (17,222) | (57,044) |
| Net decrease in interest bearing deposits | (122,096) | (54,850) |
| Net increase in time deposits | 6,978 | 132,270 |
| Purchase of treasury stock | — | (115) |
| Dividends paid | (4,832) | (4,808) |
| Net cash provided by financing activities | 37,828 | 56,149 |
| Net decrease in cash and cash equivalents | (30,405) | (16,555) |
| Cash and cash equivalents | ||
| Beginning of period | 77,666 | 37,885 |
| End of period | $47,261 | $21,330 |
| Supplemental Disclosures of Cash Flow Information | ||
| Interest paid | $20,640 | $11,789 |
| Income taxes paid | $— | $925 |
| Supplemental Schedule of Noncash Investing Activities | ||
| Investment in limited partnerships acquired by capital contributions payable | $1,712 | $2,303 |
| Right-of-use operating lease assets obtained in exchange for operating lease liabilities | $— | $350 |
| Dividends paid on Common Stock: | ||
| Dividends declared | $4,882 | $4,869 |
| Dividends reinvested | (50) | (61) |
| $4,832 | $4,808 | |
Union Bankshares, Inc. Page 6
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