# EDGAR Filing Document

**Accession Number:** 0000706863
**File Stem:** 0000706863-26-000042
**Filing Date:** 2026-5
**Character Count:** 187073
**Document Hash:** ff9dab6a038b9c9f7332d34bbcd1d40d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000706863-26-000042.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0000706863-26-000042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260507

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNION BANKSHARES INC
- **CENTRAL INDEX KEY:** 0000706863
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 030283552
- **STATE OF INCORPORATION:** VT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15985
- **FILM NUMBER:** 26953929

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 667
- **STREET 2:** 20 MAIN STREET
- **CITY:** MORRISVILLE
- **STATE:** VT
- **ZIP:** 05661-0667
- **BUSINESS PHONE:** 8028886600

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 667
- **STREET 2:** 20 MAIN STREET
- **CITY:** MORRISVILLE
- **STATE:** VT
- **ZIP:** 05661-0667

?xml version='1.0' encoding='ASCII'? unb-20260507

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): May 7, 2026

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.

---

| | | | |
|:---|:---|:---|:---|
| (State or other jurisdiction | | (Commission | (IRS Employer |
| of incorporation) | | File Number) | Identification Number) |
| VT | | 001-15985 | 03-0283552 |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| 20 Lower Main St., P.O. Box 667 | 20 Lower Main St., P.O. Box 667 | 20 Lower Main St., P.O. Box 667 | 05661-0667 |
| Morrisville | , | VT | |

---

Registrant's telephone number, including area code: (802) 888-6600

(Former name or former address, if changed since last report)

Not applicable

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Common Stock, $2.00 par value</u> | <u>UNB</u> | <u>Nasdaq Stock Market</u> |
| (Title of class) | (Trading Symbol) | (Exchanges registered on) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02: Results of Operations and Financial Condition**

As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and in Exhibits 99.1 hereto shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

On May 7, 2026, Union Bankshares, Inc. (the "Company") distributed its First Quarter 2026 unaudited Report to Shareholders (the "Quarterly Report") presenting information concerning the Company's results of operations and financial condition for the three months ended March 31, 2026 and declaration of a regular quarterly dividend. A copy of the Quarterly Report is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01: Financial Statements and Exhibits**

d) Exhibits:

 99.1 Union Bankshares, Inc. First Quarter 2026 Report to Shareholders distributed May 7, 2026 referred to in Item 2.02 of the Report as furnished, not filed; herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | Union Bankshares, Inc. |
| May 7, 2026 | /s/ David S. Silverman |
| | David S. Silverman |
| | President/Chief Executive Officer |
| May 7, 2026 | /s/ Karyn J. Hale |
| | Karyn J. Hale |
| | Chief Financial Officer |

---

EXHIBIT INDEX

---

| | |
|:---|:---|
| <u>[Exhibit 99.1](exhibit9911stqtr2026shrepo.htm)</u> | Union Bankshares, Inc. First Quarter 2026 Report to Shareholders distributed May 7, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

Exhibit 99.1

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) |  |  | ![toprightside0326.jpg](toprightside0326.jpg) |  |  |  |  |  |
| ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) |  |  | ![toprightside0326.jpg](toprightside0326.jpg) |  |  |  |  |  |
| ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) | May 7, 2026 | May 7, 2026 | ![toprightside0326.jpg](toprightside0326.jpg) |  |  |  |  |  |
| ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) | ![topleftside0326.jpg](topleftside0326.jpg) |  |  | ![toprightside0326.jpg](toprightside0326.jpg) |  |  |  |  |  |
| ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | ![datebanner0326.jpg](datebanner0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, |  |  |  |  |  |
|  |  |  | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | **TRANSFER AGENT:** |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | **NASDAQ STOCK MARKET** |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | **NASDAQ STOCK MARKET** | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Karyn J. Hale, CFO, at 802.888.6600 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | ![neilsignature.jpg](neilsignature.jpg) | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | ![image.jpg](image.jpg) | ![image.jpg](image.jpg) |
| ![leftside0326.jpg](leftside0326.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | David S. Silverman<br>*President & Chief Executive Officer* | David S. Silverman<br>*President & Chief Executive Officer* | ![neilsignature.jpg](neilsignature.jpg) | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | ![image.jpg](image.jpg) |
| ![leftside0326.jpg](leftside0326.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | David S. Silverman<br>*President & Chief Executive Officer* | David S. Silverman<br>*President & Chief Executive Officer* | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | About **Union Bankshares** | About **Union Bankshares** |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside0326.jpg](leftside0326.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<br>Sincerely, |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share |  |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share |  |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share |  |  |  |  |  |  |
| ![leftside0326.jpg](leftside0326.jpg) | ![centerpic0326.jpg](centerpic0326.jpg) | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share | We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.<br>Our balance sheet continued to expand. Total assets were $1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to $25.3 million from $8.9 million a year ago. We also grew the investment securities portfolio to $315.6 million, up 26.4%, reflecting our strategic decision to pre-invest future<br>portfolio cash flows during the fourth quarter of 2025.<br>Loan growth was modest, with total loans of $1.18 billion—an increase of $15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling $24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. The<br>allowance for credit losses on loans was $8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. <br>From an earnings standpoint, net interest income increased $1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was $2.5 million, including $350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a $958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. <br>Funding and capital levels remained sound. Total deposits were $1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders' equity increased to $80.6 million, and book value per share |  |  |  |  |  |  |

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| Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | **Union Bankshares, Inc.** | **Union Bankshares, Inc.** | **Union Bankshares, Inc.** | |
| Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | **Union Bankshares, Inc.** | **Union Bankshares, Inc.** | **Union Bankshares, Inc.** | |
| Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | DIRECTORS | DIRECTORS | OFFICERS | OFFICERS |
| Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) | Consolidated **Balance Sheets**<br>(unaudited, in thousands) |  | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Consolidated **Statements of Income**<br>(unaudited, in thousands) | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* |
| **ASSETS** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2026** | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |
| **ASSETS** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2026** | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |
| **ASSETS** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2026** | Dawn D. Bugbee |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) | (3 months ended) |  | Dawn D. Bugbee |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) | (3 months ended) |  | Mary K. Parent |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |
| Cash and Due from Banks |  | $4502 | $4772 |  | Interest Income | $19530 |  | $18295 |  | Mary K. Parent |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |
| Cash and Due from Banks |  | $4502 | $4772 |  | Interest Income | $19530 |  | $18295 |  | Nancy C. Putnam |  |  |  |
| Cash and Due from Banks |  | $4502 | $4772 |  | Interest Expense | 8235 |  | 8025 |  | Nancy C. Putnam | Gregory D. Sargent |  |  |
| Cash and Due from Banks | Federal Funds Sold & Overnight Deposits | $4502 | $4772 | 25322 | Interest Expense | 8235 |  | 8025 | 8940 |  |  |  | David S. Silverman |
|  | Federal Funds Sold & Overnight Deposits |  | &nbsp;&nbsp;&nbsp;Net Interest Income | 25322 | 11295 |  | 10270 |  | 8940 | Janet P. Spitler |  |  |  |
| Interest Bearing Deposits in Banks |  | 7958 | &nbsp;&nbsp;&nbsp;Net Interest Income | 7959 | 11295 |  | 10270 |  |  |  |  |  |  |
| Interest Bearing Deposits in Banks |  | 7958 |  | 7959 | &nbsp;&nbsp;&nbsp;Credit Loss (Benefit) Expense | (325) |  | 235 |  |  |  |  |  |
| Investment Securities |  | 315591 | 249631 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit Loss Expense | 11620 |  | 10035 |  | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans Held for Sale |  | 4193 | 4055 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit Loss Expense | 11620 |  | 10035 |  | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans Held for Sale |  | 4193 | 4055 |  |  |  |  |  |  | DIRECTORS |  | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans, net |  | 1178969 | 1163321 |  | Wealth Management Income | 304 |  | 276 |  | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* | Michael R. Barrett - *St. Johnsbury* | Michael R. Barrett - *St. Johnsbury* |
| Loans, net |  | 1178969 | 1163321 |  | Wealth Management Income | 304 |  | 276 |  | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | Steven J. Bourgeois - *St. Albans* | Steven J. Bourgeois - *St. Albans* |
| Allowance for Credit Losses |  | (8071) | (8110) |  | Noninterest Income | 2190 |  | 2164 |  | Dawn D. Bugbee |  | Andrew A. Dean - *Northern NH* | Andrew A. Dean - *Northern NH* |
|  |  |  |  |  | Noninterest Income | 2190 |  | 2164 |  | Steven P. Cote |  | Stanley T. Fillion - *Northern NH* | Stanley T. Fillion - *Northern NH* |
| Premises and Equipment, net |  | 19603 | 19988 |  | Noninterest Expenses: |  |  |  |  | Walter B. Frame III |  | Rosemary H. Gingue - *St. Johnsbury* | Rosemary H. Gingue - *St. Johnsbury* |
|  |  |  |  |  | Noninterest Expenses: |  |  |  |  | Mary K. Parent |  | John M. Goodrich - *Northern NH* | John M. Goodrich - *Northern NH* |
| Accrued Interest & Other Assets |  | 77078 | 74276 |  | &nbsp;&nbsp;&nbsp;Salaries & Wages | 4397 |  | 3911 |  | Nancy C. Putnam |  | Christopher M. Knapp - *Northern NH* | Christopher M. Knapp - *Northern NH* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Salaries & Wages | 4397 |  | 3911 |  | Gregory D. Sargent |  | Coleen K. Kohaut - *St. Albans* | Coleen K. Kohaut - *St. Albans* |
| **Total Assets** |  | $**1625145** | $**1524832** |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1765 |  | 1581 |  | David S. Silverman |  | Justin P. Lavely - *St. Johnsbury* | Justin P. Lavely - *St. Johnsbury* |
| **Total Assets** |  | $**1625145** | $**1524832** |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1765 |  | 1581 |  | Janet P. Spitler |  | Daniel J. Luneau - *St. Albans* | Daniel J. Luneau - *St. Albans* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Occupancy Expense, net | 647 |  | 652 |  |  |  | Samuel H. Ruggiano - *St. Albans* | Samuel H. Ruggiano - *St. Albans* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Occupancy Expense, net | 647 |  | 652 |  |  |  | Christine A. Sheley - *Northern NH* | Christine A. Sheley - *Northern NH* |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 1110 |  | 1049 |  |  |  | David S. Silverman - *All* | David S. Silverman - *All* |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 1110 |  | 1049 |  |  |  |  |  |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 1110 |  | 1049 |  | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Other Expenses | 2863 |  | 2631 |  | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) |  |
| Noninterest Bearing Deposits |  | $220708 | $232550 |  |  |  |  |  |  | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) |  |
| Noninterest Bearing Deposits |  | $220708 | $232550 |  | &nbsp;&nbsp;&nbsp;Total | 10782 |  | 9824 |  | VERMONT |  |  |  |
| Interest Bearing Deposits |  | 703813 | 682886 |  | Income Before Taxes | 3332 |  | 2651 |  | VERMONT |  |  |  |
| Interest Bearing Deposits |  | 703813 | 682886 |  | Income Before Taxes | 3332 |  | 2651 |  | Berlin | 1028 US Route 302 | 1028 US Route 302 | 802.476.0061 |
| Time Deposits |  | 275297 | 265940 |  | Income Tax Expense | 328 |  | 150 |  | Fairfax | Jct. Routes 104 & 128 | Jct. Routes 104 & 128 | 802.849.2600 |
|  |  |  |  |  |  |  |  |  |  | Hardwick | 103 VT Route 15 West | 103 VT Route 15 West | 802.472.8100 |
| Borrowed Funds |  | 310981 | 240696 |  | **Net income** | $**3004** |  | $**2501** |  | Jeffersonville | 5062 VT Route 15 | 5062 VT Route 15 | 802.644.6600 |
|  |  |  |  |  |  |  |  |  |  | Jericho | 368 VT Route 15 | 368 VT Route 15 | 802.899.7500 |
| Subordinated Notes |  | 16316 | 16281 |  | **Earnings Per Share** | $**0.65** |  | $**0.55** |  | Lyndonville | 183 Depot Street | 183 Depot Street | 802.626.3100 |
|  |  |  |  |  |  |  |  |  |  | Morrisville | 20 Lower Main Street | 20 Lower Main Street | 802.888.6600 |
| Accrued Interest & Other Liabilities |  | 17465 | 16405 |  | **Book Value Per Share** | $**17.46** |  | $**15.44** |  |  | 65 Northgate Plaza | 65 Northgate Plaza | 802.888.6860 |
|  |  |  |  |  |  |  |  |  |  | Shelburne | 5068 Shelburne Road | 5068 Shelburne Road | 802.985.0227 |
| Common Stock |  | 10169 | 10024 |  |  |  |  |  |  | St. Albans | 15 Mapleville Depot | 15 Mapleville Depot | 802.524.9000 |
|  |  |  |  |  |  |  |  |  |  | St. Johnsbury | Operations and Loan Center | Operations and Loan Center |  |
| Additional Paid-in Capital |  | 4821 | 3190 |  |  |  |  |  |  |  | 364 Railroad Street | 364 Railroad Street | 802.748.3131 |
| Retained Earnings |  |  |  |  |  |  |  |  |  |  | Branch | Branch |  |
| Retained Earnings |  | 97590 | 92589 |  |  |  |  |  |  |  | 325 Portland Street | 325 Portland Street | 802.748.3121 |
| Accumulated Other<br>Comprehensive Loss |  | (27747) | (31434) |  |  |  |  |  |  | Stowe | 47 Park Street | 47 Park Street | 802.253.6600 |
| Accumulated Other<br>Comprehensive Loss |  | (27747) | (31434) |  |  |  |  |  |  | Williston | Branch | Branch |  |
| Accumulated Other<br>Comprehensive Loss |  | (27747) | (31434) |  |  |  |  |  |  |  | 31 Market St | 31 Market St | 802.878.7900 |
| Treasury Stock at Cost |  | (4268) | (4295) |  | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) |  | Loan Center | Loan Center |  |
|  |  |  |  |  | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) |  | 31 Market St | 31 Market St | 802.865.1000 |
| **Total Liabilities & Shareholders' Equity** | **Total Liabilities & Shareholders' Equity** | $**1625145** | $**1524832** |  | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) |  |  |  |  |
| *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* |  | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | NEW HAMPSHIRE | NEW HAMPSHIRE | NEW HAMPSHIRE |  |
| *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* | *Standby letters of credit were $1,573,000 and $1,544,000 at March 31, 2026 and 2025, respectively.* |  | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | Groveton | 3 State Street | 3 State Street | 603.636.1611 |
| ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | Littleton | 263 Dells Road | 263 Dells Road | 603.444.7136 |
| ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) |  | 76 Main Street | 76 Main Street | 603.444.5321 |
| ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | Lincoln | 135 Main Street | 135 Main Street | 603.745.4000 |
| ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | North Conway | 120 North-South Road | 120 North-South Road | 603.356.4010 |
| ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomleft0326.jpg](bottomleft0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) | ![bottomright0326.jpg](bottomright0326.jpg) |  |  |  |  |

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