Union Bankshares (UNB) Q3 FY2023 earnings: revenue $12 million, down 10.5% on the year
Union Bankshares Inc. (UNB) reported revenue of $12 million for Q3 FY2023, the quarter ended 30 September 2023, down 10.5% on the same quarter a year earlier. Net income was $3 million, down 32.6% on the year, and diluted earnings per share $0.55. The figures are the company's own, from the 10-Q it filed with the SEC on 14 November 2023.
Revenue$12 milliondown 10.5%
Net income$3 milliondown 32.6%
Diluted EPS$0.55
QuarterQ3 FY2023ended 30 September 2023
The quarter, against the one before and a year earlier
| Line | Q3 FY2023 | Q2 FY2023 | Q3 FY2022 | Change on the year |
|---|---|---|---|---|
| Revenue | 11.6 | 12.1 | 13.0 | -10.5% |
| Interest expense | 5.7 | 4.2 | 1.0 | +457.1% |
| Income tax | 0.3 | 0.4 | 0.8 | -62.2% |
| Net income | 2.5 | 2.7 | 3.8 | -32.6% |
| Net margin | 21.8% | 22.3% | 29.0% | |
| Diluted EPS | $0.55 | $0.60 | $0.83 | -33.7% |
$ million except per share.
Read more
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 | Q3 FY2023 | Q2 FY2023 | Q3 FY2022 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | 0.4 | 3.7 | 6.4 | -93.6% |
| Capital expenditure | 0.7 | 0.2 | 0.2 | +282.3% |
| Free cash flow | -0.3 | 3.5 | 6.2 | n/a |
| Cash from investing | -82.0 | 38.8 | -116 | n/a |
| Cash from financing | 67.1 | -28.5 | 117 | -42.6% |
| Depreciation and amortisation | 0.4 | 0.4 | 0.5 | -11.3% |
| Share-based compensation | 0.1 | 0.1 | 0.1 | +5.7% |
| Buybacks | 0.1 | 0.0 | 0.0 | n/a |
| Dividends paid | 1.6 | 1.6 | 1.6 | +3.1% |
| Dividend per share | $0.36 | $0.36 | $0.35 | +2.9% |
| Diluted shares, weighted | 5m | 5m | 5m | +0.4% |
| Shares outstanding at period end | 5m | 5m | 4m | +0.2% |
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 | Q3 FY2023 | Q2 FY2023 | Q3 FY2022 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 49.2 | 59.1 | 49.7 | -1.0% |
| Deposits | 1,222 | 1,124 | 1,196 | +2.2% |
| Debt | 107 | 137 | 41.2 | +159.6% |
| Other liabilities | 17.2 | 15.2 | 13.0 | +32.5% |
| Total liabilities and equity | 1,396 | 1,335 | 1,300 | +7.3% |
| Fixed assets | 20.4 | 20.1 | 20.7 | -1.7% |
| Securities held for sale or to maturity | 249 | 268 | 240 | +3.7% |
| Loans | 1,016 | 930 | 931 | +9.2% |
| Cash and equivalents | 21.3 | 35.8 | 32.1 | -33.6% |
| Other assets | 88.5 | 81.0 | 76.3 | +16.1% |
| Total assets | 1,396 | 1,335 | 1,300 | +7.3% |
Questions
What was Union Bankshares' revenue in Q3 FY2023?
Union Bankshares (UNB) reported revenue of $12 million for Q3 FY2023, the quarter ended 30 September 2023, down 10.5% on the same quarter a year earlier.
How much did Union Bankshares earn in Q3 FY2023?
Net income for Q3 FY2023 was $3 million, down 32.6% on the year, and diluted earnings per share $0.55.
When did Union Bankshares report Q3 FY2023 results?
Union Bankshares filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 14 November 2023.
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.
Read more
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 30 September 2023, filed 14 November 2023: the filing.