Reported Q: Q1 2024 Rev YoY: +46.4% EPS YoY: -19.7% Move: +1.56%
Union Bankshares Inc
UNB
$23.51 1.56%
Exchange NASDAQ Sector Financial Services Industry Banks Regional
Q1 2024
Published: May 14, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for UNB

Reported

Report Date

May 14, 2024

Quarter Q1 2024

Revenue

17.95M

YoY: +46.4%

EPS

0.53

YoY: -19.7%

Market Move

+1.56%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $17.95M up 46.4% year-over-year
  • EPS of $0.53 decreased by 19.7% from previous year
  • Gross margin of 101.4%
  • Net income of 2.42M
  • "" -
UNB
Company UNB

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Executive Summary

Union Bankshares Inc (UNB) posted revenue of $17.952 million for QQ1 2024, up 46.4% year over year and 16.6% quarter over quarter on the dataset provided. Reported gross profit of $18.20 million produced a gross margin of approximately 101.38%, an anomalous figure suggesting either rounding, negative costs classified as revenue, or accounting treatment requiring closer audit scrutiny. Operating income was $2.582 million, yielding a net income of $2.418 million and diluted EPS of $0.53 for the quarter. Despite top‑line momentum, the company carries a high degree of leverage with a debt-to-equity ratio of 2.62 and total debt about $166.9 million, while liquidity metrics remain tight (current ratio and quick ratio both at 0.165). Free cash flow for QQ1 2024 was $1.476 million with CFO of $1.861 million, but cash at period end declined meaningfully to $22.659 million from a prior balance of $77.666 million, reflecting sizable financing activity outflows (net change in cash −$55.007 million) driven by large financing outflows and debt repayments. The balance sheet shows substantial long‑term investments and a sizeable non‑current asset base, consistent with a regional bank holding company profile and a defensible balance sheet in some scenarios, but with meaningful liquidity and funding risk that warrants careful monitoring as the interest-rate environment and credit conditions evolve. Management commentary is not included in the provided transcript data; therefore, qualitative management quotes are not available in this dataset. Investors should weigh the improving revenue trajectory against the material cash burn in financing activities and the elevated leverage when assessing the risk/return profile for UNB in QQ1 2024.

Key Performance Indicators

Revenue
Increasing
17.95M
QoQ: 16.57% | YoY: 46.43%
Gross Profit
Increasing
18.20M
1.01% margin
QoQ: 18.18% | YoY: 49.35%
Operating Income
Stable
2.58M
QoQ: -83.23% | YoY: N/A
Net Income
Decreasing
2.42M
QoQ: -78.23% | YoY: -18.81%
EPS
Decreasing
0.53
QoQ: -78.46% | YoY: -19.70%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 20.70 0.55 +15.3% View
Q4 2024 12.88 0.67 -16.4% View
Q3 2024 20.10 0.29 +73.1% View
Q2 2024 19.40 2.70 +60.3% View
Q1 2024 17.95 0.53 +46.4% View