Short answer
UNION BANKSHARES INC (UNB) filed its fiscal 2024 10-K annual report with the SEC on Mar 25, 2025. It reported revenue of $68M (+19.0% year over year) and net income of $9M.
- Top risk flagged: Regulatory risk from CFPB's QM Rule under Dodd-Frank Act may limit loan types or increase costs, constraining growth and profitability
FY2024 key financial metrics · XBRL
- Revenue
- $68M
- +19.0% YoY
- Net income
- $9M
- −22.2% YoY
- EPS (diluted)
- $1.92
- −22.6% YoY
- ROE
- 13.2%
- −3.9 pp YoY
- Operating cash flow
- $12M
- +32.2% YoY
Source: XBRL data from the UNION BANKSHARES INC (UNB) FY2024 10-K on SEC EDGAR. USD.
UNION BANKSHARES INC FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Community banking through Union Bank providing retail, commercial, municipal banking, wealth management across 18 branches in northern VT and NH
- Emphasis on digital delivery channels including mobile banking, online mortgage applications, and remote deposit capture expanded in 2024
- Strategic focus on local autonomy, personal service, and flexibility to compete against larger regional and national banks
- Employee count steady at 191 full-time employees as of Dec 31, 2024, with enhanced training, development, and robust tuition reimbursement programs
- Achieved an "Outstanding" CRA rating; implemented updated CRA regulations effective April 1, 2024 with phased compliance by 2026-27
Management Discussion & Analysis
- Revenue $48.1M net interest and $9.7M noninterest income, slight 1.4% net interest income growth, total net income $8.8M vs $11.3M in 2023
- Operating margin (net interest margin) 2.77% vs 2.88%, net interest spread 2.30% vs 2.50%, efficiency ratio 77.62% vs 72.83%
- Best segment: loans with $10M interest income increase; worst: investment securities with $1.3M loss on AFS securities sale
- Cash dividends paid $6.5M, investment securities portfolio repositioned with $38.5M sales, $26M purchases; borrowed funds increased to $259.7M from $65.7M
- Management expects margin pressure from yield curve inversion, focusing on deposit gathering and asset repricing; loss on securities sale to be recouped in ~1 year
Risk Factors
- Regulatory risk from CFPB's QM Rule under Dodd-Frank Act may limit loan types or increase costs, constraining growth and profitability
- Geographic concentration with 41% commercial loans and real estate collateral in Vermont and New Hampshire exposes to regional economic and natural hazard risks
- Liquidity risk due to reliance on Federal Home Loan Bank of Boston funding; deterioration could restrict access and impact financial condition
- Market risk from unrealized losses on $250.5M investment securities portfolio amid rising interest rates could impair capital if sales required
- Capital adequacy risk given regulatory minimums with capital conservation buffer at 2.5%; noncompliance could restrict dividends and share repurchases
Generated from the filing text; verify against the original. How to read a 10-K
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