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Basis of Presentation | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of Union Bankshares, Inc. and Subsidiary (together, the Company) as of June 30, 2025, and for the three and six months ended June 30, 2025 and 2024, have been prepared in conformity with GAAP for interim financial information, general practices within the banking industry, and the accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report). The Company's sole subsidiary is Union Bank. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair presentation of the information contained herein, have been made. This information should be read in conjunction with the Company’s 2024 Annual Report. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2025, or any future interim period. The Company is a “smaller reporting company” and as permitted under the rules and regulations of the SEC, has elected to provide its consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ equity for a two year, rather than three year, period. The Company has also elected to provide certain other scaled disclosures in this report, as permitted for smaller reporting companies. Certain amounts in the 2024 consolidated financial statements have been reclassified to conform to the current year presentation. In addition to the definitions set forth elsewhere in this report, the acronyms, abbreviations and capitalized terms identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Other Information". The following is provided to aid the reader and provide a reference page when reviewing this Form 10-Q.
ACL: | Allowance for credit losses | FHLMC/Freddie Mac: | Federal Home Loan Mortgage Corporation
AFS: | Available-for-sale | GAAP: | Generally accepted accounting principles in the United States
ASC: | Accounting Standards Codification | HTM: | Held-to-maturity
ASU: | Accounting Standards Update | ICS: | Insured Cash Sweeps of the IntraFi Network
Board: | Board of Directors | MBS: | Mortgage-backed security
bp or bps: | Basis point(s) | MSRs: | Mortgage servicing rights
CDARS: | Certificate of Deposit Accounts Registry Service of the IntraFi Network | OAO: | Other assets owned
CECL: | Current expected credit loss | OCI: | Other comprehensive income
Company: | Union Bankshares, Inc. and Subsidiary | OREO: | Other real estate owned
DCF: | Discounted cash flow | RSU: | Restricted stock unit
DRIP: | Dividend Reinvestment and Stock Purchase Plan | SBA: | U.S. Small Business Administration
EPS: | Earnings per share | SEC: | U.S. Securities and Exchange Commission
FASB: | Financial Accounting Standards Board | Union: | Union Bank, the sole subsidiary of Union Bankshares, Inc
FDIC: | Federal Deposit Insurance Corporation | USDA: | U.S. Department of Agriculture
FDICIA: | The Federal Deposit Insurance Corporation Improvement Act of 1991 | 2014 Equity Plan: | 2014 Equity Incentive Plan, as amended
FHLB: | Federal Home Loan Bank of Boston | 2024 Equity Plan: | 2024 Equity Incentive Plan
FRB | Federal Reserve Bank of Boston | 2024 Annual Report: | Annual Report on Form 10-K for the year ended December 31, 2024

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
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