UNB Union Bankshares

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.

Company profile

David Scott Silverman
Fiscal year end
Industry (SIC)
IRS number

UNB stock data



10 May 21
28 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
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
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) 56.51M 56.51M 56.51M 56.51M 56.51M 56.51M
Cash burn (monthly) 22.09M 664.25K (positive/no burn) (positive/no burn) 1.59M 410.08K
Cash used (since last report) 86.41M 2.6M n/a n/a 6.23M 1.6M
Cash remaining -29.9M 53.91M n/a n/a 50.28M 54.9M
Runway (months of cash) -1.4 81.2 n/a n/a 31.6 133.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 21 Silverman David Scott Common Stock Option exercise Aquire M No No 24 1,000 24K 25,177.05
1 Jul 21 Silverman David Scott Stock Option Right to Buy Common Stock Common Stock Option exercise Dispose M No No 24 1,000 24K 1,000
3 Jun 21 Janet P Spitler Common Stock Buy Aquire P No No 34.847 100 3.48K 100
19 May 21 Sargent Timothy Willis Common Stock Grant Aquire A No No 33.29 160 5.33K 2,472
19 May 21 Bourassa Joel S Common Stock Grant Aquire A No No 33.29 160 5.33K 710
19 May 21 Goodrich John M Common Stock Grant Aquire A No No 33.29 160 5.33K 1,667

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

11.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 31 28 +10.7%
Opened positions 6 5 +20.0%
Closed positions 3 2 +50.0%
Increased positions 11 6 +83.3%
Reduced positions 8 13 -38.5%
13F shares
Current Prev Q Change
Total value 17.21M 14.91M +15.4%
Total shares 533.62K 540.13K -1.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Vanguard 106.26K $3.19M +0.1%
FMR 55.12K $1.65M +5.9%
Spears Abacus Advisors 50.21K $1.51M -2.4%
Renaissance Technologies 35.03K $1.05M +9.0%
Geode Capital Management 31.75K $952K +0.9%
Dimensional Fund Advisors 28.42K $853K 0.0%
Trust Co Of Vermont 27.72K $831K 0.0%
Cardinal Capital Management 26.09K $783K +5.9%
Bridgeway Capital Management 25.9K $777K 0.0%
NTRS Northern Trust 21.72K $652K -31.7%
Largest transactions
Shares Bought/sold Change
Hudson Capital Management 0 -23.65K EXIT
NTRS Northern Trust 21.72K -10.09K -31.7%
Wbi Investments 20.27K +9.84K +94.4%
Raymond James Financial Services Advisors 8.63K +8.63K NEW
WFC Wells Fargo & Co. 1.03K -3.83K -78.9%
Belpointe Asset Management 3.55K +3.55K NEW
Penn Mutual Asset Management 3.3K +3.3K NEW
FMR 55.12K +3.06K +5.9%
Renaissance Technologies 35.03K +2.9K +9.0%
JPM JPMorgan Chase & Co. 1.63K +1.59K +4066.7%

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.
  • 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
  • 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 reflect management's current expectations and are subject to uncertainties, both general and specific, and risk exists that actual results will differ from those predictions, forecasts, projections and other estimates contained in forward-looking statements. These risks cannot be readily quantified. When management uses any of the words “believes,” “expects,” “predicts,” “anticipates,” “intends,” “projects,” “plans,” “seeks,” “estimates,” “targets,” “goals,” “may,” “might,” “could,” “would,” “should,” or similar expressions, they are making forward-looking statements. Many possible events or factors, including those beyond the control of management, could affect the future financial results and performance of the Company.
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