Union Bankshares (UNB)

Union Bank, a wholly-owned subsidiary of Union Bankshares, Inc., has been helping people buy homes and local businesses create jobs in area communities since 1891. Headquartered in Morrisville, VT, Union Bank is a full service bank offering deposit, loan, trust and commercial banking services throughout northern Vermont and northwestern New Hampshire. Union Bank has earned an outstanding reputation for residential lending programs and is an SBA Preferred Lender. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities.

UNB stock data

Investment data

Data from SEC filings
Securities sold
Number of investors


15 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 25.3M 25.3M 25.3M 25.3M 25.3M 25.3M
Cash burn (monthly) 8.5M 2.99M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 14.02M 4.94M n/a n/a n/a n/a
Cash remaining 11.27M 20.36M n/a n/a n/a n/a
Runway (months of cash) 1.3 6.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 May 22 Janet P Spitler Common Stock Grant Acquire A No No 28.96 189 5.47K 289
18 May 22 Bugbee Dawn D Common Stock Grant Acquire A No No 28.96 189 5.47K 3,090
18 May 22 Putnam Nancy C Common Stock Grant Acquire A No No 28.96 189 5.47K 2,756
18 May 22 Bourassa Joel S Common Stock Grant Acquire A No No 28.96 189 5.47K 899
18 May 22 Sargent Timothy Willis Common Stock Grant Acquire A No No 28.96 189 5.47K 2,661
0.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 29 30 -3.3%
Opened positions 2 2
Closed positions 3 3
Increased positions 7 9 -22.2%
Reduced positions 11 9 +22.2%
13F shares Current Prev Q Change
Total value 19.46M 19.14M +1.7%
Total shares 588.83K 609.23K -3.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Vanguard 128.87K $4.01M -0.5%
FMR 115.01K $3.54M -4.1%
Spears Abacus Advisors 48.52K $1.51M 0.0%
Geode Capital Management 35.79K $1.1M +0.7%
Cardinal Capital Management 34.05K $1.05M +19.3%
Dimensional Fund Advisors 29.13K $896K 0.0%
Renaissance Technologies 28.73K $893K -4.2%
Trust Co Of Vermont 27.94K $869K 0.0%
NTRS Northern Trust 21.38K $664K -1.7%
LPLA LPL Financial 18.46K $574K -1.1%
Largest transactions Shares Bought/sold Change
Community Financial Services 0 -10.07K EXIT
Penn Mutual Asset Management 0 -7.16K EXIT
Cardinal Capital Management 34.05K +5.52K +19.3%
FMR 115.01K -4.91K -4.1%
MS Morgan Stanley 17.12K -2.32K -11.9%
Renaissance Technologies 28.73K -1.25K -4.2%
STT State Street 8.45K +1.03K +13.9%
Raymond James Financial Services Advisors 6.83K -951 -12.2%
Vanguard 128.87K -633 -0.5%
Bridgeway Capital Management 16.39K +539 +3.4%

Financial report summary

  • 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 or on acceptable terms.
  • Market volatility may impact our business and the value of our common stock.
  • 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.
Management Discussion
  • Please refer to Note 1 in the Company's unaudited interim consolidated financial statements at Part I, Item 1 of this Report for definitions of acronyms, abbreviations and capitalized terms used throughout the following discussion and analysis.
  • The Company, "we," "us," "our," may from time to time make written or oral statements that are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include financial projections, statements of plans and objectives for future operations, estimates of future economic performance or conditions and assumptions relating thereto. The Company may include forward-looking statements in its filings with the SEC, in its reports to stockholders, including this quarterly report, in press releases, other written materials, and in statements made by senior management to analysts, rating agencies, institutional investors, representatives of the media and others.
  • Forward-looking statements are based on the current assumptions underlying the statements and other information with respect to the beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions of management and the financial condition, results of operations, future performance and business are only expectations of future results. Although the Company believes that the expectations reflected in the Company’s forward-looking statements are reasonable, the Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in interest rates; competitive pressures from other financial institutions; general economic conditions on a national basis or in the local markets in which the Company operates; changes in consumer behavior due to changing political, business and economic conditions, including concerns about inflation, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; changes in regulation, war, terrorism, civil unrest; due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Company’s 2021 Annual Report.

Content analysis

8th grade Avg
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