Union Bankshares (UNB) Q1 FY2022 earnings: revenue $11 million, up 1.6% on the year

Union Bankshares Inc. (UNB) reported revenue of $11 million for Q1 FY2022, the quarter ended 31 March 2022, up 1.6% on the same quarter a year earlier. Net income was $2 million, down 13.7% on the year as this quarter's filing gives it, and diluted earnings per share $0.55. The figures are the company's own, from the 10-Q it filed with the SEC on 13 May 2022.

Revenue$11 millionup 1.6%

Net income$2 milliondown 13.7% on the year

Diluted EPS$0.55

QuarterQ1 FY2022ended 31 March 2022

The quarter, against the one before and a year earlier

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Revenue	11.2	12.2	n/a	n/a
Interest expense	0.8	0.8	n/a	n/a
Income tax	0.4	0.6	n/a	n/a
Net income	2.5	3.4	n/a	n/a
Net margin	22.2%	27.6%	n/a
Diluted EPS	$0.55	$0.75	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Operating cash flow	14.8	1.9	n/a	n/a
Capital expenditure	0.2	0.3	n/a	n/a
Free cash flow	14.6	1.6	n/a	n/a
Cash from investing	-67.4	-102	n/a	n/a
Cash from financing	37.5	46.0	n/a	n/a
Depreciation and amortisation	0.5	0.5	n/a	n/a
Share-based compensation	0.1	0.0	n/a	n/a
Buybacks	0.1	0.0	n/a	n/a
Dividends paid	1.6	1.5	n/a	n/a
Dividend per share	$0.35	$0.33	n/a	n/a
Diluted shares, weighted	5m	n/a	n/a	n/a
Shares outstanding at period end	4m	4m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Shareholders' equity	69.4	84.3	n/a	n/a
Deposits	1,134	1,095	n/a	n/a
Debt	16.2	16.2	n/a	n/a
Other liabilities	13.7	9.8	n/a	n/a
Total liabilities and equity	1,234	1,205	n/a	n/a
Fixed assets	21.3	21.6	n/a	n/a
Securities held for sale or to maturity	272	268	n/a	n/a
Loans	820	779	n/a	n/a
Cash and equivalents	50.8	65.9	n/a	n/a
Other assets	69.0	70.6	n/a	n/a
Total assets	1,234	1,205	n/a	n/a

Questions

What was Union Bankshares' revenue in Q1 FY2022?

Union Bankshares (UNB) reported revenue of $11 million for Q1 FY2022, the quarter ended 31 March 2022, up 1.6% on the same quarter a year earlier.

How much did Union Bankshares earn in Q1 FY2022?

Net income for Q1 FY2022 was $2 million, down 13.7% on the year, and diluted earnings per share $0.55.

When did Union Bankshares report Q1 FY2022 results?

Union Bankshares filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 13 May 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	13.3	12.2	11.2	11.9	13.0	12.8	12.3	12.1	11.6	11.8	11.6	12.2	11.0	13.2	12.7	13.2	14.5	14.1	13.8	14.9
Interest expense	0.7	0.8	0.8	0.7	1.0	2.0	3.1	4.2	5.7	6.3	6.6	7.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	3.9	3.4	2.5	2.9	3.8	3.4	3.0	2.7	2.5	3.0	2.4	2.0	1.3	3.0	2.5	2.4	3.4	2.7	3.0	2.9
Net margin	29%	28%	22%	25%	29%	27%	24%	22%	22%	26%	21%	16%	12%	23%	20%	18%	24%	20%	22%	20%
Diluted EPS	$0.87	$0.75	$0.55	$0.65	$0.83	$0.76	$0.66	$0.60	$0.55	$0.67	$0.53	$0.45	$0.29	$0.65	$0.55	$0.52	$0.75	$0.59	$0.65	$0.60
Operating cash flow	29.9	1.9	14.8	1.6	6.4	6.3	2.1	3.7	0.4	3.0	1.9	3.2	1.3	5.8	4.1	0.3	9.7	3.2	2.6	6.9
Capital expenditure	0.6	0.3	0.2	0.1	0.2	0.2	0.2	0.2	0.7	0.8	0.4	0.3	0.2	0.1	0.1	0.7	0.2	0.3	0.2	0.9
Free cash flow	29.3	1.6	14.6	1.5	6.2	6.1	1.9	3.5	-0.3	2.2	1.5	2.9	1.1	5.6	3.9	-0.4	9.6	2.9	2.5	6.0
Buybacks	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	1.5	1.5	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.7	1.7
Shares outstanding	4m	4m	4m	4m	4m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m	5m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 13 May 2022: the filing.