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UNB Union Bankshares

Union Bankshares, Inc. operates as a one-bank holding company for Union Bank, which engages in the provision of commercial and retail banking services. It offers commercial and retail lending services, municipal banking services, asset management services, commercial business loans, commercial and residential real estate construction loans, commercial and residential real estate mortgage loans, loan participations, consumer loans, revolving lines of credit and letters of credit. The company was founded in 1891 and is headquartered in Morrisville, VT.

Company profile

Ticker
UNB
Exchange
CEO
David Scott Silverman
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
30283552

UNB stock data

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Calendar

19 Mar 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 122.77M 122.77M 122.77M 122.77M 122.77M 122.77M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 588.5K
Cash used (since last report) n/a n/a n/a n/a n/a 2.1M
Cash remaining n/a n/a n/a n/a n/a 120.67M
Runway (months of cash) n/a n/a n/a n/a n/a 205.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Apr 21 Silverman David Scott Common Stock Option exercise Aquire M No No 24 500 12K 24,177.05
12 Apr 21 Silverman David Scott Stock Option Right to Buy Common Stock Common Stock Option exercise Dispose M No No 24 500 12K 2,000
31 Mar 21 Silverman David Scott Common Stock Option exercise Aquire M No No 24 500 12K 23,677.05
31 Mar 21 Silverman David Scott Stock Option Right to Buy Common Stock Common Stock Option exercise Dispose M No No 24 500 12K 2,500
17 Feb 21 Lura L Jacques Common Stock Grant Aquire A No No 0 274 0 462
17 Feb 21 Lura L Jacques Common Stock Grant Aquire A No No 0 188 0 188
17 Feb 21 Gould Jonathan Jay Common Stock Grant Aquire A No No 0 1,087 0 4,736.85
17 Feb 21 Gould Jonathan Jay Common Stock Grant Aquire A No No 0 745 0 3,649.85
17 Feb 21 Silverman David Scott Common Stock Grant Aquire A No No 0 2,731 0 23,177.05
17 Feb 21 Silverman David Scott Common Stock Grant Aquire A No No 0 1,871 0 20,446.05

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

12.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 28 25 +12.0%
Opened positions 5 1 +400.0%
Closed positions 2 2
Increased positions 6 2 +200.0%
Reduced positions 13 14 -7.1%
13F shares
Current Prev Q Change
Total value 14.91M 15.94M -6.4%
Total shares 540.13K 492.17K +9.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Vanguard 106.16K $2.73M -0.0%
FMR 52.06K $1.34M NEW
Spears Abacus Advisors 51.44K $1.32M -3.0%
Renaissance Technologies 32.14K $826K -12.9%
NTRS Northern Trust 31.81K $818K -10.3%
Geode Capital Management 31.47K $809K +1.3%
Dimensional Fund Advisors 28.42K $731K 0.0%
Trust Co Of Vermont 27.72K $712K +1.1%
Bridgeway Capital Management 25.9K $666K 0.0%
Cardinal Capital Management 24.63K $633K +6.7%
Largest transactions
Shares Bought/sold Change
FMR 52.06K +52.06K NEW
Invenomic Capital Management 0 -27K EXIT
Hudson Capital Management 23.65K +23.65K NEW
Wbi Investments 10.43K +10.43K NEW
Millennium Management 17.65K -9.44K -34.9%
SF Stifel Financial 9.24K +9.24K NEW
BK Bank Of New York Mellon 18.6K +5.29K +39.7%
Renaissance Technologies 32.14K -4.77K -12.9%
BLK Blackrock 6.27K -3.81K -37.8%
NTRS Northern Trust 31.81K -3.65K -10.3%

Financial report summary

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Risks
  • Our loans are concentrated in certain areas of Vermont and New Hampshire and adverse conditions in those markets could adversely affect our operations.
  • If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease.
  • Our commercial, commercial real estate and construction loan portfolio may expose us to increased credit risks.
  • Changes in interest rates and interest rate volatility may reduce our profitability.
  • Our cost of funds for banking operations may increase as a result of loss of deposits or a change in deposit mix.
  • Wholesale funding sources may prove insufficient to replace deposits at maturity and support our operations and future growth.
  • Environmental liability associated with our lending activities could result in losses.
  • We operate in a highly regulated environment and may be adversely affected by changes in laws, regulations and monetary policy.
  • Additional requirements imposed by the Dodd-Frank Act could adversely affect us.
  • We may become subject to more stringent capital requirements.
  • We face significant legal risks, both from regulatory investigations and proceedings and from private actions brought against us.
  • Changes in accounting standards can be difficult to predict and can materially impact how we record and report our financial condition and results of operations.
  • Our financial statements are based in part on assumptions and estimates, which, if wrong, could cause unexpected losses in the future.
  • If we do not maintain net income growth, the market price of our common stock could be adversely affected.
  • We are a holding company and depend on Union Bank for dividends, distributions and other payments.
  • Our stockholders may not receive dividends on our common stock.
  • We may need to raise additional capital in the future and such capital may not be available when needed.
  • Market volatility may impact our business and the value of our common stock.
  • Certain provisions of our articles of incorporation may have an anti-takeover effect.
  • A failure in or breach of our operational systems, information systems, or infrastructure, or those of our third party vendors and other service providers, may result in financial losses, loss of customers, or damage to our reputation.
  • An interruption or breach in security of our information systems or those related to merchants and third party vendors, including as a result of cyber attacks, could disrupt our business, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, or result in financial losses.
  • We may suffer losses as a result of operational risk or technical system failures.
  • We rely on other companies to provide key components of our business infrastructure.
  • Competition in the local banking industry may impair our ability to attract and retain customers at current levels.
  • We may incur significant losses as a result of ineffective risk management processes and strategies.
  • We must adapt to information technology changes in the financial services industry, which could present operational issues, require significant capital spending, or impact our reputation.
  • Our financial condition and results of operations have been adversely affected, and may continue to be adversely affected, by general market and economic conditions.
  • We may be unable to attract and retain key personnel.
  • We are subject to reputational risk.
  • We may be required to write down goodwill and other identifiable intangible assets.
  • The ongoing COVID-19 pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations and financial condition, and such effects will depend on future developments, which are highly uncertain and are difficult to predict.
Management Discussion
  • For the year ended December 31, 2020, net income was $12.8 million compared to $10.6 million for the year ended December 31, 2019. The primary components of these results, which include net interest income, provision for loan losses, noninterest income, noninterest expenses, and provision for income taxes, are discussed below:
  • Net Interest Income. The largest component of the Company’s operating income is net interest income, which is the difference between interest and dividend income received from interest earning assets and the interest paid on interest bearing liabilities. Net interest income is affected by various factors, including but not limited to: changes in interest rates, loan and deposit pricing strategies, the volume and mix of interest earning assets and interest bearing liabilities, and the level of nonperforming assets. The net interest margin is calculated as net interest income on a fully tax equivalent basis as a percentage of average interest earning assets.
  • Net interest income was $31.6 million on a fully tax equivalent basis for 2020, compared to $30.3 million for 2019, an increase of $1.3 million, or 4.4%. The net interest spread decreased 45 bps to 3.40% for the year ended December 31, 2020, from 3.85% for the year ended December 31, 2019, reflecting the net effect of the 18 bps decrease in the average rate paid on interest bearing liabilities and the 63 bps decrease in the average yield earned on interest earning assets between periods. The net
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