UNION BANKSHARES INC UNB
Certain Definitions: Capitalized terms used in the following discussion and not otherwise defined below have the meanings assigned to them in Note 1 to the Company's audited consolidated financial statements contained in Part II, item 8, page 55 of this Annual Report.
General: Union Bankshares, Inc. ("Company") is a one-bank holding company whose sole subsidiary is Union Bank ("Union"). It was incorporated in the State of Vermont in 1982 to serve as a holding company for Union Bank. The Company's common stock is traded on the Nasdaq Global Market under the symbol "UNB". Union Bank was organized and chartered as a state bank in 1891 and became a wholly owned subsidiary of the Company upon completion of the holding company reorganization in 1982. Both Union Bankshares, Inc. and Union Bank are headquartered in Morrisville, Vermont.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75.8M | $68.0M | $57.1M | $43.9M | $39.3M | $36.8M | $35.9M | $32.2M | $29.0M | $26.8M |
| Interest expense | $43.0M | $38.4M | $37.8M | $4.5M | $3.6M | $5.1M | $5.6M | $3.6M | $2.3M | $2.1M |
| Pre-tax income | $12.0M | $9.2M | $12.9M | $15.2M | $15.8M | $15.2M | $12.5M | $8.3M | $12.1M | $11.1M |
| Income tax | $928.0K | $369.0K | $1.6M | $2.6M | $2.6M | $2.4M | $1.8M | $1.3M | $3.6M | $2.6M |
| Net income | $11.1M | $8.8M | $11.3M | $12.6M | $13.2M | $12.8M | $10.6M | $7.1M | $8.4M | $8.5M |
| EPS, basic | 2.43 | 1.94 | 2.50 | 2.81 | 2.94 | 2.86 | 2.38 | 1.58 | 1.89 | 1.91 |
| EPS, diluted | 2.41 | 1.92 | 2.48 | 2.79 | 2.92 | 2.85 | 2.38 | — | — | — |
| Shares, diluted (wtd. avg.) | $4.6M | $4.6M | $4.5M | $4.5M | $4.5M | $4.5M | $4.5M | $4.5M | $4.5M | $4.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.3M | $15.8M | $77.7M | $37.9M | $65.9M | $122.8M | $51.1M | $37.3M | $3.9M | $4.3M |
| Property, plant and equipment | $19.8M | $20.2M | $20.8M | $20.5M | $21.6M | $20.0M | $20.9M | $16.1M | $14.3M | $13.5M |
| Goodwill | — | — | — | — | — | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M |
| Other intangibles | — | — | — | — | — | $71.0K | $242.0K | $412.0K | $583.0K | $754.0K |
| Total assets | $1.62B | $1.53B | $1.47B | $1.34B | $1.21B | $1.09B | $872.9M | $805.3M | $745.8M | $691.4M |
| Total liabilities | $1.54B | $1.46B | $1.40B | $1.28B | $1.12B | $1.01B | $801.1M | $740.8M | $687.2M | $635.1M |
| Retained earnings | $96.2M | $91.7M | $89.5M | $84.7M | $78.3M | $71.1M | $64.0M | $58.9M | $57.2M | $53.1M |
| Total equity | $80.9M | $66.5M | $65.8M | $55.2M | $84.3M | $80.9M | $71.8M | $64.5M | $58.7M | $56.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.2M | $12.2M | $9.2M | $29.0M | $29.2M | -$7.1M | $11.6M | $16.8M | $9.9M | $7.6M |
| Depreciation and amortisation | $1.6M | $1.6M | $1.6M | $1.8M | $1.8M | $1.9M | $1.6M | $1.2M | $1.2M | $1.3M |
| Stock-based compensation | $494.0K | $398.0K | $374.0K | $446.0K | $299.0K | $236.0K | $165.0K | $120.0K | $104.0K | $66.0K |
| Capital expenditure | $1.3M | $1.1M | $1.9M | $665.0K | $3.5M | $1.0M | $6.4M | $3.1M | $2.0M | $1.9M |
| Investing cash flow | -$88.3M | -$124.8M | -$82.3M | -$207.6M | -$190.0M | -$125.9M | -$48.9M | -$68.0M | -$55.3M | -$40.7M |
| Financing cash flow | $67.6M | $50.8M | $112.8M | $150.5M | $104.0M | $204.6M | $51.1M | $50.0M | $44.7M | $54.4M |
| Dividends paid | $6.6M | $6.5M | $6.5M | $6.3M | $5.9M | $5.7M | $5.5M | $5.3M | $5.2M | $4.9M |
| Buybacks | — | $0 | $130.0K | $79.0K | $2.0K | $0 | $13.0K | $107.0K | $60.0K | $6.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000706863-26-000034.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |