Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Condensed Financial Information (Parent Company Only)

The following condensed financial statements are for Union Bankshares, Inc. (Parent Company Only), and should be read in conjunction with the consolidated financial statements of Union Bankshares, Inc. and Subsidiary.

UNION BANKSHARES, INC. (PARENT COMPANY ONLY)

CONDENSED BALANCE SHEETS

December 31, 2015 and 2014

	2015			2014
	(Dollars in thousands)
ASSETS
Cash	$	57		$	41
Investment securities available-for-sale	110			126
Investment in subsidiary - Union	53,184			51,068
Other assets	941			991
Total assets	$	54,292		$	52,226
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Other liabilities	$	724		$	792
Total liabilities	724			792
STOCKHOLDERS' EQUITY
Common stock, $2.00 par value; 7,500,000 shares authorized; 4,931,796 shares issued at December 31, 2015 and 4,929,296 shares issued at December 31, 2014	9,864			9,859
Additional paid-in capital	501			418
Retained earnings	49,524			46,462
Treasury stock at cost; 474,619 shares at December 31, 2015 and 470,866 shares at December 31, 2014	(4,019		)	(3,925		)
Accumulated other comprehensive loss	(2,302		)	(1,380		)
Total stockholders' equity	53,568			51,434
Total liabilities and stockholders' equity	$	54,292		$	52,226

The investment in subsidiary is carried under the equity method of accounting. The investment in subsidiary and cash, which is on deposit with Union, have been eliminated in consolidation.

UNION BANKSHARES, INC. (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF INCOME

Years Ended December 31, 2015, 2014, and 2013

	2015			2014			2013
	(Dollars in thousands)
Revenues
Dividends - bank subsidiary - Union	$	5,100		$	4,950		$	4,710
Other income	25			52			33
Total revenues	5,125			5,002			4,743
Expenses
Interest	23			32			31
Stock based compensation expense	35			20			12
Administrative and other	351			401			323
Total expenses	409			453			366
Income before applicable income tax benefit and equity in undistributed   net income of subsidiary	4,716			4,549			4,377
Applicable income tax benefit	(124		)	(134		)	(114		)
Income before equity in undistributed net income of subsidiary	4,840			4,683			4,491
Equity in undistributed net income - Union	3,038			3,011			2,644
Net income	$	7,878		$	7,694		$	7,135

UNION BANKSHARES, INC. (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2015, 2014, and 2013

	2015			2014			2013
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	7,878		$	7,694		$	7,135
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of Union	(3,038		)	(3,011		)	(2,644		)
Stock based compensation expense	35			20			12
Net gains on sale of investment securities available-for-sale	—			(20		)	—
Decrease (increase) in other assets	50			(71		)	(38		)
(Decrease) increase in other liabilities	(67		)	30			(34		)
Net cash provided by operating activities	4,858			4,642			4,431
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment securities available-for-sale	16			56			—
Purchases of investment securities available-for-sale	(1		)	(17		)	(14		)
Net cash provided by (used in) investing activities	15			39			(14		)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(4,816		)	(4,637		)	(4,502		)
Issuance of common stock	53			39			63
Purchase of treasury stock	(94		)	(45		)	(21		)
Net cash used in financing activities	(4,857		)	(4,643		)	(4,460		)
Net increase (decrease) in cash	16			38			(43		)
CASH
Beginning of year	41			3			46
End of year	$	57		$	41		$	3
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION
Interest paid	$	23		$	31		$	31