Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

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, 2024 and 2023

	2024		2023
	(Dollars in thousands)
ASSETS
Cash	$	44	$	4
Other investments	120		98
Investment in subsidiary - Union	82,437		82,122
Other assets	660		519
Total assets	$	83,261	$	82,743
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Subordinated notes	$	16,273	$	16,239
Accrued interest and other liabilities	508		697
Total liabilities	16,781		16,936
STOCKHOLDERS' EQUITY
Common stock, $2.00 par value; 7,500,000 shares authorized; 5,012,084 shares  issued at December 31, 2024 and 4,995,348 shares issued at December 31, 2023	10,024		9,991
Additional paid-in capital	3,031		2,621
Retained earnings	91,722		89,472
Treasury stock at cost; 474,075 shares at December 31, 2024 and 476,500 shares  at December 31, 2023	(4,300)		(4,322)
Accumulated other comprehensive loss	(33,997)		(31,955)
Total stockholders' equity	66,480		65,807
Total liabilities and stockholders' equity	$	83,261	$	82,743

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, 2024 and 2023

	2024		2023
Revenues	(Dollars in thousands)
Dividends - bank subsidiary - Union	$	7,900	$	7,100
Other income	21		17
Total revenues	7,921		7,117
Expenses
Interest on subordinated notes	570		570
Administrative and other	598		558
Total expenses	1,168		1,128
Income before applicable income tax benefit and equity in undistributed   net income of subsidiary	6,753		5,989
Applicable income tax benefit	(242)		(234)
Income before equity in undistributed net income of subsidiary	6,995		6,223
Equity in undistributed net income - Union	1,766		5,034
Net income	$	8,761	$	11,257

UNION BANKSHARES, INC. (PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2024 and 2023

	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES	(Dollars in thousands)
Net income	$	8,761	$	11,257
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of Union	(1,766)		(5,034)
Net gains on other investments	(10)		(11)
Amortization of debt issuance costs	34		34
(Increase) decrease in other assets	(141)		125
(Decrease) increase in other liabilities	(382)		34
Net cash provided by operating activities	6,496		6,405
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of other investments	(12)		(12)
Net cash used in investing activities	(12)		(12)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(6,444)		(6,415)
Purchase of treasury stock	—		(130)
Net cash used in financing activities	(6,444)		(6,545)
Net increase (decrease) in cash	40		(152)
Cash, beginning of year	4		156
Cash, end of year	$	44	$	4
Supplemental Disclosures of Cash Flow Information
Interest paid	$	571	$	569
Dividends paid on Common Stock:
Dividends declared	$	6,511	$	6,491
Dividends reinvested	(67)		(76)
	$	6,444	$	6,415