Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015

	2016			2015
	(Dollars in thousands)
ASSETS
Cash	$	49		$	57
Investment securities available-for-sale	97			110
Investment in subsidiary - Union	56,007			53,184
Other assets	805			941
Total assets	$	56,958		$	54,292
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Other liabilities	$	679		$	724
Total liabilities	679			724
STOCKHOLDERS' EQUITY
Common stock, $2.00 par value; 7,500,000 shares authorized; 4,936,652 shares issued at December 31, 2016 and 4,931,796 shares issued at December 31, 2015	9,874			9,864
Additional paid-in capital	620			501
Retained earnings	53,086			49,524
Treasury stock at cost; 474,517 shares at December 31, 2016 and 474,619 shares at December 31, 2015	(4,022		)	(4,019		)
Accumulated other comprehensive loss	(3,279		)	(2,302		)
Total stockholders' equity	56,279			53,568
Total liabilities and stockholders' equity	$	56,958		$	54,292

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, 2016, 2015 and 2014

	2016			2015			2014
Revenues	(Dollars in thousands)
Dividends - bank subsidiary - Union	$	5,050		$	5,100		$	4,950
Other income	40			25			52
Total revenues	5,090			5,125			5,002
Expenses
Interest	25			23			32
Stock based compensation expense	—			35			20
Administrative and other	441			351			401
Total expenses	466			409			453
Income before applicable income tax benefit and equity in undistributed   net income of subsidiary	4,624			4,716			4,549
Applicable income tax benefit	(153		)	(124		)	(134		)
Income before equity in undistributed net income of subsidiary	4,777			4,840			4,683
Equity in undistributed net income - Union	3,734			3,038			3,011
Net income	$	8,511		$	7,878		$	7,694

UNION BANKSHARES, INC. (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2016, 2015 and 2014

	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES	(Dollars in thousands)
Net income	$	8,511		$	7,878		$	7,694
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of Union	(3,734		)	(3,038		)	(3,011		)
Stock based compensation expense	—			35			20
Net gains on sale of investment securities available-for-sale	—			—			(20		)
Decrease (increase) in other assets	38			50			(71		)
(Decrease) increase in other liabilities	(45		)	(67		)	30
Net cash provided by operating activities	4,770			4,858			4,642
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investment securities available-for-sale	16			16			56
Purchases of investment securities available-for-sale	(4		)	(1		)	(17		)
Proceeds of Company-owned life insurance death benefit	99			—			—
Net cash provided by investing activities	111			15			39
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(4,939		)	(4,816		)	(4,637		)
Issuance of common stock	56			53			39
Purchase of treasury stock	(6		)	(94		)	(45		)
Net cash used in financing activities	(4,889		)	(4,857		)	(4,643		)
Net (decrease) increase in cash	(8		)	16			38
Cash, beginning of year	57			41			3
Cash, end of year	$	49		$	57		$	41
Supplemental Disclosures of Cash Flow Information
Interest paid	$	25		$	23		$	31
Dividends paid on Common Stock:
Dividends declared	$	4,949		$	4,816		$	4,637
Dividends reinvested	(10		)	—			—
	$	4,939		$	4,816		$	4,637