$UNB

UNION BANKSHARES INC

CIK:0000706863|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income
Interest and fees on loans	$ 16,834	$ 16,563	$ 33,208	$ 32,610
Interest on debt securities:
Taxable	2,305	1,314	4,694	2,726
Tax exempt	387	389	774	777
Dividends	209	199	430	402
Interest on federal funds sold and overnight deposits	246	178	320	330
Interest on interest bearing deposits in banks	76	78	161	171
Total interest and dividend income	20,057	18,721	39,587	37,016
Interest expense
Interest on deposits	5,164	5,607	10,365	11,017
Interest on borrowed funds	3,131	2,526	6,022	4,998
Interest on subordinated notes	142	142	285	285
Total interest expense	8,437	8,275	16,672	16,300
Net interest income	11,620	10,446	22,915	20,716
Credit loss expense (benefit)	175	221	(150)	456
Net interest income after credit loss expense (benefit)	11,445	10,225	23,065	20,260
Noninterest income
Wealth management income	329	295	633	571
Service fees	1,720	1,715	3,406	3,372
Net gains on sales of loans held for sale	490	480	840	869
Net gains on other investments	151	119	125	84
Other income	553	150	733	303
Total noninterest income	3,243	2,759	5,737	5,199
Noninterest expenses
Salaries and wages	4,916	4,085	9,313	7,996
Employee benefits	1,897	1,971	3,662	3,552
Occupancy expense, net	547	547	1,194	1,199
Equipment expense	1,135	1,100	2,245	2,149
Other expenses	2,968	2,784	5,831	5,415
Total noninterest expenses	11,463	10,487	22,245	20,311
Income before provision for income taxes	3,225	2,497	6,557	5,148
Provision for income taxes	301	102	629	252
Net income	$ 2,924	$ 2,395	$ 5,928	$ 4,896
Basic earnings per common share (in usd per share)	$ 0.61	$ 0.53	$ 1.26	$ 1.08
Diluted earnings per common share (in usd per share)	$ 0.60	$ 0.52	$ 1.25	$ 1.07
Weighted average number of common shares outstanding (in shares)	4,787,472	4,544,460	4,701,076	4,541,427
Weighted average common and potential common shares for diluted EPS (in shares)	4,832,616	4,580,028	4,740,389	4,573,535
Dividends per common share (in usd per share)	$ 0.36	$ 0.36	$ 0.72	$ 0.72

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net income	$ 5,928	$ 4,896
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	853	786
Credit loss (benefit) expense	(150)	456
Deferred income tax benefit	10	8
Net amortization of premiums on investment securities	16	314
Equity in losses of limited partnerships	939	909
Stock based compensation expense	571	296
Net (increase) decrease in unamortized loan costs	(67)	6
Proceeds from sales of loans held for sale	57,694	57,649
Origination of loans held for sale	(57,755)	(60,568)
Net gains on sales of loans held for sale	(840)	(869)
Net gains on disposals of premises and equipment	(381)	0
Net gains on other investments	(125)	(84)
Decrease in accrued interest receivable	1,330	989
Amortization of debt issuance costs	17	17
Increase in other assets	(299)	(1,108)
Increase in other liabilities	1,802	651
Net cash provided by operating activities	9,543	4,348
Interest bearing deposits in banks
Proceeds from maturities and redemptions	4,971	7,719
Purchases	(3,974)	(5,220)
Investment securities available-for-sale
Proceeds from maturities, calls and paydowns	18,873	13,207
Net purchases of other investments	(51)	(48)
Net increase in nonmarketable stock	(1,437)	(286)
Net decrease in loans	57,905	52,966
Recoveries of loans charged off	8	10
Net purchases of premises and equipment	(1,100)	(812)
Investments in limited partnerships	(307)	(705)
Proceeds from sales of premises and equipment	420	0
Net cash provided by investing activities	75,308	66,831
Cash Flows From Financing Activities
Advances on long-term borrowings	85,094	30,145
Repayment of long-term borrowings	(40,000)	(20,000)
Net increase in short-term borrowings outstanding	5,500	833
Net decrease in noninterest bearing deposits	(10,087)	(8,731)
Net decrease in interest bearing deposits	(140,675)	(136,451)
Net increase in time deposits	29,843	79,634
Proceeds from issuance of common stock, net of issuance costs	7,437	52
Dividends paid	(3,280)	(3,232)
Net cash used in financing activities	(66,168)	(57,750)
Net increase in cash and cash equivalents	18,683	13,429
Cash and cash equivalents
Beginning of period	12,300	15,838
End of period	30,983	29,267
Supplemental Disclosures of Cash Flow Information
Interest paid	16,327	16,553
Income taxes paid	200	200
Supplemental Schedule of Noncash Investing Activities
Investment in limited partnerships acquired by capital contributions payable	939	1,901
Dividends paid on Common Stock:
Dividends declared	3,322	3,268
Dividends reinvested	(42)	(36)
Dividends paid	$ 3,280	$ 3,232

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 6,522	$ 4,658
Federal funds sold and overnight deposits	24,461	7,642
Cash and cash equivalents	30,983	12,300
Interest bearing deposits in banks	7,958	8,955
Investment securities available-for-sale	305,768	326,255
Other investments	2,214	2,038
Total investments	307,982	328,293
Loans held for sale	5,073	4,172
Loans	1,116,829	1,174,734
Allowance for credit losses on loans	(8,390)	(8,407)
Net deferred loan costs	2,133	2,066
Net loans	1,110,572	1,168,393
Premises and equipment, net	20,055	19,847
Other assets	76,174	75,231
Total assets	1,558,797	1,617,191
Deposits
Noninterest bearing	216,852	226,939
Interest bearing	585,321	725,996
Time	291,890	262,047
Total deposits	1,094,063	1,214,982
Borrowed funds	337,075	286,481
Subordinated notes	16,324	16,307
Accrued interest and other liabilities	20,927	18,557
Total liabilities	1,468,389	1,536,327
Commitments and Contingencies
Stockholders’ Equity
Common stock, $2.00 par value; 7,500,000 shares authorized; 5,415,605 shares issued at June 30, 2026 and 5,084,635 shares issued at December 31, 2025	10,831	10,169
Additional paid-in capital	11,980	4,607
Retained earnings	98,853	96,247
Treasury stock at cost; 469,740 shares at June 30, 2026 and 471,430 shares at December 31, 2025	(4,261)	(4,276)
Accumulated other comprehensive loss	(26,995)	(25,883)
Total stockholders' equity	90,408	80,864
Total liabilities and stockholders' equity	$ 1,558,797	$ 1,617,191