Union Bankshares, Inc.(UNB) has released its unaudited consolidated financial statements for the first quarter of 2023, showcasing a net income of $2.98 million and a revenue of $13.04 million. Let's delve into the details of their financial performance during this period.**
Financial Statements Review
Assets
The total assets of Union Bankshares, Inc. and its subsidiary reached $1.36 billion as of March 31, 2023. This represents a growth from $1.34 billion as of December 31, 2022. Notably, cash and cash equivalents decreased from $37.89 million to $21.82 million during the first quarter of 2023.
Liabilities and Stockholders' Equity
The total liabilities amounted to $1.30 billion as of March 31, 2023, compared to $1.28 billion as of December 31, 2022. Deposits, both noninterest-bearing and interest-bearing, contributed significantly to the liabilities.
Stockholders' Equity
The stockholders' equity recorded a value of $60.59 million as of March 31, 2023, indicating a positive financial standing for Union Bankshares, Inc.
Union Bankshares Reports Q1 2023 Net Income of $2.98 Million
Union Bankshares, Inc. and its subsidiary have published their unaudited consolidated financial statements for the first quarter of 2023, revealing a net income of $2.98 million. This impressive result reflects the bank's prudent financial management and ability to navigate the challenging economic landscape.
Q1 2023 Revenue for Union Bankshares Stands at $13.04 Million
During the first quarter of 2023, Union Bankshares, Inc. generated a revenue of $13.04 million. This significant revenue figure highlights the bank's strong performance in its core operations and its success in capitalizing on market opportunities.
Union Bankshares, Inc. Releases First Quarter 2023 Financial Results
Union Bankshares, Inc. and its subsidiary recently released their unaudited consolidated financial statements for the first quarter of 2023. The reports indicate a net income of $2.98 million and a revenue of $13.04 million during this period. These financial results reflect the bank's resilience in the face of economic challenges and its commitment to delivering value to shareholders and customers alike. Let's delve deeper into the specific details of their financial performance for Q1 2023.**