Operating cash flow remains highly volatile, evidenced by an OCF/NI ratio that swung from -13.79 in 2025Q4 to 2.83 in 2025Q3, complicating the assessment of core earnings quality.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -25.53M | 17.23M | 12.15M | 9.19M | 29.03M | 29.19M | -7.06M | 11.64M | 16.76M | 9.87M | 7.64M | 13.13M | 2.2M | 17.82M | 3.47M | 7.36M | 11.26M | -2.86M | 12.71M | 2.9M | 10M | 9.05M | 16.56M | 4.69M | 5.74M | -862.52K | 4.66M | 4.16M | 4.38M |
| Operating CF Growth % | -230.98% | 41.76% | 32.21% | -68.34% | -0.54% | 513.34% | -160.65% | -30.53% | 69.85% | 29.09% | -41.78% | 495.74% | -87.63% | 413.19% | -52.81% | -34.64% | 493.49% | -122.51% | 338.41% | -71.02% | 10.53% | -45.34% | 253.18% | -18.37% | 765.95% | -118.49% | 12.19% | -5.07% | - |
| Net Income | 11.59M | 11.08M | 8.76M | 11.26M | 12.62M | 13.17M | 12.8M | 10.65M | 7.07M | 8.45M | 8.51M | 7.88M | 7.69M | 7.13M | 6.84M | 5.22M | 5.59M | 5.23M | 5.11M | 5.66M | 6.26M | 6.24M | 5.84M | 5.39M | 5.18M | 4.83M | 4.8M | 4.08M | 4.55M |
| Depreciation & Amortization | 100K | 1.63M | 1.59M | 1.64M | 1.8M | 1.9M | 2.06M | 1.74M | 1.39M | 1.39M | 1.43M | 1.25M | 1.15M | 1.07M | 1.06M | 792K | 660.38K | 713.66K | 784.38K | 773K | 841.38K | 908.61K | 902.26K | 915.88K | 856.03K | 697.26K | 840.42K | 990.82K | 789.83K |
| Deferred Taxes | 1K | -1.25M | -1.83M | 266K | -270K | 371K | -777K | 438K | -508K | 993K | 566K | 341K | -37K | 581K | -786K | 595K | -96K | -11.41K | 232.64K | -56K | -21.43K | 93.29K | 197.94K | 1.92K | 35K | -49.71K | -18.34K | 52.96K | 28.65K |
| Other Non-Cash Items | -37.08M | 3.97M | 2.13M | -635K | 14.48M | 20.08M | -21.31M | -2.69M | 10.07M | 373K | -1.88M | 6.32M | -6.06M | 8.39M | -5.14M | 35K | 3.14M | -5.38M | 5.75M | 396K | 52.32K | -344.65K | 9.8M | -1.15M | -522K | -6.91M | -794.99K | -785.76K | -904.37K |
| Working Capital Changes | -186K | 1.29M | 1.09M | -3.71M | -43K | -6.62M | -80K | 1.34M | -1.38M | -1.45M | -1.05M | -2.7M | -560K | 628K | 1.49M | 708K | 1.94M | -3.43M | 828.4K | -3.87M | 2.88M | 2.16M | -158.02K | -462.98K | 194.53K | 563.82K | -163.05K | -176.65K | -86.87K |
| Cash from Investing | -41.76M | -88.33M | -124.83M | -82.25M | -207.58M | -190.01M | -125.91M | -48.93M | -67.98M | -55.34M | -40.72M | -34.85M | -22.15M | -34.98M | -148K | -22.63M | -20.37M | -4.55M | -41.72M | -14.61M | -3.08M | -24.42M | -17.88M | -14.21M | -2.62M | -16.73M | -9.98M | -11.48M | -14.84M |
| Purchase of Investments | -1.38M | -99.93M | -58.33M | -28.64M | -62.92M | -207.16M | -44.35M | -35.66M | -17.21M | -21.47M | -30.05M | -27.45M | -24.27M | -27.22M | -15.13M | -38.68M | -14.18M | -6.67M | -5.74M | -14.53M | -3.18M | -9.9M | -16.87M | -26.75M | -18.22M | -22.27M | -5.99M | -30.97M | -32.93M |
| Sale/Maturity of Investments | 3.88M | 31.18M | 56.51M | 16.7M | 30.34M | 36.91M | 26.61M | 21.87M | 7.7M | 21.34M | 20.59M | 20.56M | 17.73M | 6.26M | 35.08M | 15.46M | 14.34M | 10.59M | 9.33M | 4.8M | 11.67M | 17.7M | 18.49M | 26.87M | 21.28M | 30.11M | 11.35M | 19.56M | 18.2M |
| Net Investment Activity | 2.5M | -68.76M | -1.82M | -11.94M | -32.58M | -170.25M | -17.74M | -13.79M | -9.51M | -131K | -9.45M | -6.89M | -6.55M | -20.96M | 19.95M | -23.22M | 162.62K | 3.92M | 3.59M | -9.73M | 8.5M | 7.8M | 1.61M | 124.47K | 3.06M | 7.84M | 5.37M | -11.41M | -14.73M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.61M | -179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -44.23M | -18.32M | -121.94M | -68.36M | -174.34M | -16.25M | -107.16M | -28.72M | -55.4M | -53.23M | -29.33M | -25.67M | -13.43M | -12.72M | -18.08M | -27.52M | -19.45M | -7.57M | -43.48M | -3.81M | -10.29M | -30.66M | -18.12M | -13.85M | -4.57M | -23.55M | -14.62M | 278.46K | 817.7K |
| Cash from Financing | 83.4M | 67.57M | 50.85M | 112.84M | 150.51M | 103.97M | 204.61M | 51.13M | 50M | 44.71M | 54.39M | -2.07M | 30.97M | 1.37M | 18.8M | 25.36M | 1.27M | 3.21M | 41.91M | 4.18M | -177.59K | 8.46M | -2.11M | 8.41M | 1.07M | 27.65M | 1.69M | 3.23M | 12.16M |
| Dividends Paid | -6.5M | -6.48M | -6.44M | -6.42M | -6.24M | -5.88M | -5.69M | -5.5M | -5.33M | -5.15M | -4.94M | -4.82M | -4.64M | -4.5M | -4.46M | -4.46M | -4.46M | -4.6M | -5.03M | -5.07M | -4.81M | -6.29M | -4.1M | -3.73M | -3.45M | -3.21M | -2.97M | -2.27M | -1.97M |
| Share Repurchases | 0 | 0 | 0 | -130K | -79K | -2K | 0 | -13K | -107K | -60K | -6K | -94K | -45K | -21K | -36K | 0 | -99K | -223.82K | -561.08K | 0 | -227.25K | 0 | 0 | 0 | 0 | 0 | 0 | -4.78K | -43.96K |
| Stock Issued | 1.18M | 1.18M | 0 | 0 | 0 | -268K | 22K | 44K | 0 | 19K | 56K | 53K | 39K | 63K | 12K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 61.11K | 0 | 0 | 0 | 0 | 39.92K | 36.98K |
| Net Stock Activity | 1.18M | 1.18M | 0 | -130K | -79K | -270K | 22K | 31K | -107K | -41K | 50K | -41K | -6K | 42K | -24K | 26K | -99K | -223.82K | -561.08K | 0 | -227.25K | 0 | 61.11K | 0 | 0 | 0 | 0 | 35.14K | -6.99K |
| Debt Issuance (Net) | 1.17M | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -14K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 711.12K | -313.5K | -1000K | 1000K | 1000K | 40.27K | 1000K |
| Other Financing | 45.23M | 46.09M | -136.71M | 103.69M | 106.83M | 100.78M | 250.28M | 37.26M | 59.2M | 49.93M | 37.31M | 8.34M | 33.75M | 8.36M | 36.55M | 32.99M | 7.83M | 4.46M | 40.41M | 4.14M | 6.52M | 6.7M | 1.22M | 12.37M | 7.28M | 26.99M | 1.14M | 5.42M | 8.33M |
| Net Change in Cash | 16.11M | -3.54M | -61.83M | 39.78M | -28.04M | -56.85M | 71.64M | 13.85M | -1.22M | -767K | 21.31M | -23.78M | 11.03M | -15.79M | 22.13M | 10.09M | -7.84M | -4.2M | 12.9M | -7.53M | 6.75M | -6.91M | -3.42M | -1.11M | 4.19M | 10.06M | -3.63M | -4.09M | 1.7M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 12.3M | 15.84M | 77.67M | 37.88M | 65.92M | 122.77M | 51.13M | 37.29M | 38.51M | 39.27M | 17.96M | 41.74M | 30.72M | 46.51M | 24.38M | 14.29M | 22.13M | 26.33M | 13.43M | 20.96M | 14.21M | 21.12M | 24.54M | 25.75M | 21.56M | 11.5M | 15.13M | 19.2M | 17.5M |
| Cash at End | 29.82M | 12.3M | 15.84M | 77.67M | 37.88M | 65.92M | 122.77M | 51.13M | 37.29M | 38.51M | 39.27M | 17.96M | 41.74M | 30.72M | 46.51M | 24.38M | 14.29M | 22.13M | 26.33M | 13.43M | 20.96M | 14.21M | 21.12M | 24.63M | 25.75M | 21.56M | 11.5M | 15.1M | 19.2M |
| Interest Paid | 24.82M | 33.11M | 0 | 17.96M | 4.39M | 3.45M | 5.71M | 5.15M | 3.48M | 2.25M | 2.24M | 2.06M | 2.15M | 2.46M | 3.41M | 3.94M | 4.29M | 5.53M | 7.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 80K | 280K | 0 | 925K | 950K | 1.85M | 1.35M | 800K | 1.55M | 1.52M | 1.5M | 2.04M | 1.95M | 1.35M | 2.23M | 725K | 1.6M | 1.25M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -26.82M | 15.97M | 11.08M | 7.25M | 28.37M | 25.68M | -8.07M | 5.23M | 13.69M | 7.88M | 5.71M | 10.84M | 34K | 16.53M | 1.45M | 5.86M | 10.36M | -3.76M | 10.88M | 1.83M | 8.72M | 7.49M | 15.18M | 4.19M | 4.63M | -1.88M | 3.93M | 3.81M | 3.45M |
| FCF Growth % | -298.35% | 44.15% | 52.93% | -74.46% | 10.46% | 418.27% | -254.37% | -61.82% | 73.72% | 38.12% | -47.37% | 31785.29% | -99.79% | 1036.66% | -75.19% | -43.43% | 375.7% | -134.55% | 494.35% | -79.02% | 16.44% | -50.66% | 262.22% | -9.42% | 345.67% | -147.97% | 3.16% | 10.33% | - |
Localized economic concentration risk
Based on reported financial statements, UNB has maintained a consistent quarterly dividend payout of $1.6 million over the last ten quarters, suggesting a commitment to shareholder returns that persists despite significant fluctuations in quarterly operating cash flow, which reached a low of -$38.2 million in 2025Q4.
The stability of the dividend payout relative to the volatility of operating cash flows suggests that management prioritizes income consistency for shareholders. However, investors should monitor whether this payout remains sustainable if the bank continues to experience periods of negative operating cash flow, which may necessitate drawing down on capital buffers.
According to recent SEC filings, UNB's investment portfolio activity shows significant variability, highlighted by a $23.9 million purchase in 2025Q4 followed by a $10.1 million sale in 2026Q1, indicating an active approach to managing liquidity and duration within the bank's available-for-sale securities holdings.
The frequent rotation of the investment portfolio appears to be a tactical response to interest rate shifts rather than a passive holding strategy. This suggests that the bank is actively utilizing its securities book to manage liquidity needs, which may introduce additional earnings volatility depending on the timing of realized gains or losses.
As reported in financial statements, UNB's provision for credit losses has shifted from a net recovery of $338,000 in 2023Q4 to a $325,000 expense in 2026Q1, reflecting a cautious adjustment to the bank's credit risk profile in the current regional economic environment.
The transition from net recoveries to consistent provisioning expenses suggests that management is increasingly concerned about potential credit deterioration within the loan book. This trend warrants further investigation into whether these provisions are sufficient to cover potential losses in the bank's commercial real estate and residential construction portfolios.
Based on the provided data, the OCF/NI ratio has exhibited extreme swings, ranging from -13.79 in 2025Q4 to 2.83 in 2025Q3, which indicates that the bank's reported operating cash flow is heavily distorted by non-operating balance sheet movements rather than core earnings generation.
The lack of correlation between net income and operating cash flow suggests that the cash flow statement is a poor proxy for the bank's underlying profitability. Investors should focus on net interest income and non-interest expense trends instead, as the cash flow statement appears to be dominated by transient changes in trading assets and deposit-related fluctuations.
Quick answers to the most common questions about buying UNB stock.
Union Bankshares, Inc. (UNB) generated $17.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Union Bankshares, Inc. (UNB) generated $16.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Union Bankshares, Inc. (UNB) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Union Bankshares, Inc. (UNB) returned $6.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.