# EDGAR Filing Document

**Accession Number:** 0000706863
**File Stem:** 0000706863-23-000004
**Filing Date:** 2023-2
**Character Count:** 169752
**Document Hash:** a2b1e88b5efd13e1a0335e66c410f585
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000706863-23-000004.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000706863-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20230202

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNION BANKSHARES INC
- **CENTRAL INDEX KEY:** 0000706863
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 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:** 23581004

**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" ? unb-20230202

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): February 2, 2023

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.

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| | | | |
|:---|:---|:---|:---|
| (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 February 2, 2023, Union Bankshares, Inc (the "Company") distributed its Fourth Quarter 2022 unaudited Report to Shareholders (the "Quarterly Report") presenting information concerning the Company's results of operations and financial condition for the three and twelve months ended December 31, 2022 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. Fourth Quarter 2022 Report to Shareholders distributed February 2, 2023 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. |
| February 2, 2023 | /s/ Karyn J. Hale |
| | Karyn J. Hale |
| | Chief Financial Officer |

---

EXHIBIT INDEX

<u>[Exhibit 99.1](exhibit9914thqtr2022shrepo.htm)</u> Union Bankshares, Inc. Fourth Quarter 2022 Report to Shareholders distributed February 2, 2023.

## Exhibit 99.1

Exhibit 99.1

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) |  |  | ![topright1222.jpg](topright1222.jpg) |  |  |  |  |  |
| ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) |  |  | ![topright1222.jpg](topright1222.jpg) |  |  |  |  |  |
| ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) | February 2, 2023 | February 2, 2023 | ![topright1222.jpg](topright1222.jpg) |  |  |  |  |  |
| ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) | ![topleft1222.jpg](topleft1222.jpg) |  |  | ![topright1222.jpg](topright1222.jpg) |  |  |  |  |  |
| ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | ![datebanner1222.jpg](datebanner1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. |  |  |  |  |  |
|  |  |  | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | **TRANSFER AGENT:** |  |  |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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 |  |  |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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** |  |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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 |  |  |
| ![leftside1222.jpg](leftside1222.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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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 | ![image1.jpg](image1.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) |
| ![leftside1222.jpg](leftside1222.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | David S. Silverman<br>*President & Chief Executive Officer* | David S. Silverman<br>*President & Chief Executive Officer* | ![image1.jpg](image1.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) |
| ![leftside1222.jpg](leftside1222.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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 |  |  |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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** |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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, three 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, three 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. |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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, three 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, three 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, three 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. |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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, three 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, three 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, three 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. |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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, three 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, three 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, three 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. |
| ![leftside1222.jpg](leftside1222.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. | 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, three 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, three 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, three 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. |
| ![leftside1222.jpg](leftside1222.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | is likely in 2023. The real estate market has cooled as loan rates have risen, reducing the purchasing power of consumers and businesses in our region. This has been a test of our long-term balance sheet strategy, staying asset sensitive throughout economic cycles, and counting on net interest income to increase in rising rate environments and allowing gains on real estate loans from our mortgage loan business line to bolster net income during declining rate cycles. This strategy has worked well for us over the past decade, despite the volatility during those years.<br>We believe we are going into 2023 on solid footing. Loan demand remains sound, and asset quality is showing no signs of deterioration. Funding asset growth will be both a challenge and an area of focus during 2023.<br>Travel and tourism remain strong despite the lack of snow. This speaks to the quality experience our tourism community offers, as well as the general strength of the traveling consumer. Primary economic challenges in our region include the lack of affordable workforce housing, high construction costs, and a dismal labor market. We are closely monitoring economic conditions and asset quality but are guardedly optimistic about 2023.<br>At our recent Board of Directors meeting, we decided to return to an in person Annual Meeting in 2023, which is scheduled for May 17th. In addition, the Board declared a cash dividend of $0.36 per share for the quarter, an increase of 2.9% from the cash dividend of $0.35 paid in recent prior quarters, payable February 2, 2023 to shareholders of record as of January 28, 2023. |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession |  |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession |  |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession |  |  |  |  |  |  |
| ![leftside1222.jpg](leftside1222.jpg) | ![centerpic1222.jpg](centerpic1222.jpg) | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession | We are pleased to report financial results for the three months and year ended December 31, 2022. Consolidated net income was $12.6 million, or $2.81 per share, compared to $13.2 million, or $2.94 per share, for the year ended December 31, 2022, and 2021, respectively. The decrease in earnings was due to a decrease of $4.0 million in noninterest income, a $309 thousand increase in noninterest expenses, partially offset by an increase in net interest income of $3.7 million.<br>Total assets at year-end 2022 were $1.3 billion compared to total assets at year-end 2021 of $1.2 billion, a 10.9% increase year over year. Total loans outstanding as of December 31, 2022, were $960.7 million compared to $801.6 million as of December 31, 2021, an increase of $159.1 million, or 19.8%. Loan growth in 2022 was due to retaining more residential loans on the balance sheet and increases in residential construction and commercial real estate loans. These increases were partially offset by a reduction of $13.4 million of PPP loans forgiven during 2022.<br>Funding of asset growth continues to be primarily from customer deposits which increased to $1.2 billion as of December 31, 2022, compared to $1.1 billion as of December 31, 2021, an increase of $106.8 million, or 9.8%. Brokered deposits of $33.0 million were included in total deposits as of December 31, 2022, and none were outstanding as of December 31, 2021. Also, $50.0 million of Federal Home Loan Bank advances were outstanding as of December 31, 2022, to bridge funding gaps.<br>Our net income results for 2022 were close to budgeted expectations for the year, however the economic environment changed compared to 2021. Inflation soared in late 2021, prompting the Federal Reserve to embark on a monetary tightening cycle beginning in early 2022 and continuing to this day. This caused interest rates to climb, dampening real estate markets and convincing many that a recession |  |  |  |  |  |  |

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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) | 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) | 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) | 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) | 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** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |  |  |  |
| **ASSETS** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |  |  |  |
| **ASSETS** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | Joel S. Bourassa |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |  |  |  |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) |  | (12 months ended) | (12 months ended) |  | Joel S. Bourassa |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |  |  |  |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) |  | (12 months ended) | (12 months ended) |  | Dawn D. Bugbee |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |  |  |  |
| Cash and Due from Banks |  | $4504 | $4659 |  | Interest Income | $12355 | $10023 |  | $43948 | $39273 |  | Dawn D. Bugbee |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |  |  |  |
| Cash and Due from Banks |  | $4504 | $4659 |  | Interest Income | $12355 | $10023 |  | $43948 | $39273 |  | Nancy C. Putnam |  | Kristy Adams Alfieri - *Assistant Secretary* | Kristy Adams Alfieri - *Assistant Secretary* |  |  |  |
| Cash and Due from Banks |  | $4504 | $4659 |  | Interest Income | $12355 | $10023 |  | $43948 | $39273 |  | Nancy C. Putnam | Gregory D. Sargent |  |  |  |  |  |
| Cash and Due from Banks | Federal Funds Sold & Overnight Deposits | $4504 | $4659 | 33381 | Interest Income | $12355 | $10023 | 61263 | $43948 | $39273 | Interest Expense | 2005 |  | 779 |  | 4524 | 3565 | David S. Silverman |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Net Interest Income | 10350 | 9244 |  | 39424 | 35708 |  | Janet P. Spitler |  |  |  |  |  |  |
| Interest Bearing Deposits in Banks |  | 16428 | 13196 |  | &nbsp;&nbsp;&nbsp;Net Interest Income | 10350 | 9244 |  | 39424 | 35708 |  |  |  |  |  |  |  |  |
| Interest Bearing Deposits in Banks |  | 16428 | 13196 |  | &nbsp;&nbsp;&nbsp;Credit for Loan Losses |  | (225) |  |  |  |  |  |  |  |  |  |  |  |
| Investment Securities |  | 251531 | 268951 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit for Loan Losses | 10350 | 9469 |  | 39424 | 35708 |  | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |  |  |  |
| Loans Held for Sale |  | 1178 | 13829 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit for Loan Losses | 10350 | 9469 |  | 39424 | 35708 |  | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |  |  |  |
| Loans Held for Sale |  | 1178 | 13829 |  | Trust Income | 209 | 209 |  | 838 | 808 |  | DIRECTORS |  | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |  |  |  |
| Loans, net |  | 959493 | 787755 |  | Noninterest Income | 2091 | 2793 |  | 8149 | 12155 |  | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* | Michael R. Barrett - *St. Johnsbury* | Michael R. Barrett - *St. Johnsbury* |  |  |  |
|  |  |  |  |  | Noninterest Income | 2091 | 2793 |  | 8149 | 12155 |  | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | Steven J. Bourgeois - *St. Albans* | Steven J. Bourgeois - *St. Albans* |  |  |  |
| Reserve for Loan Losses |  | (8339) | (8336) |  | Noninterest Expenses: |  |  |  |  |  |  | Joel S. Bourassa |  | Andrew A. Dean - *Northern NH* | Andrew A. Dean - *Northern NH* |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Salaries & Wages | 3578 | 3894 |  | 14083 | 14448 |  | Dawn D. Bugbee |  | Stanley T. Fillion - *Northern NH* | Stanley T. Fillion - *Northern NH* |  |  |  |
| Premises and Equipment, net |  | 20479 | 21615 |  |  |  |  |  |  |  |  | Mary K. Parent |  | Rosemary H. Gingue - *St. Johnsbury* | Rosemary H. Gingue - *St. Johnsbury* |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1269 | 1029 |  | 5023 | 4593 |  | Nancy C. Putnam |  | John M. Goodrich - *St. Johnsbury* | John M. Goodrich - *St. Johnsbury* |  |  |  |
| Accrued Interest & other Assets |  | 57740 | 42441 |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1269 | 1029 |  | 5023 | 4593 |  | Gregory D. Sargent |  | Christopher M. Knapp - *Northern NH* | Christopher M. Knapp - *Northern NH* |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | David S. Silverman |  | Coleen K. Kohaut - *St. Albans* | Coleen K. Kohaut - *St. Albans* |  |  |  |
| **Total Assets** |  | $**1336395** | $**1205373** |  | &nbsp;&nbsp;&nbsp;Occupancy Expense, net | 476 | 461 |  | 1913 | 1890 |  | Janet P. Spitler |  | Justin P. Lavely - *St. Johnsbury* | Justin P. Lavely - *St. Johnsbury* |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Daniel J. Luneau - *St. Albans* | Daniel J. Luneau - *St. Albans* |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 894 | 905 |  | 3692 | 3447 |  |  |  | Samuel H. Ruggiano - *St. Albans* | Samuel H. Ruggiano - *St. Albans* |  |  |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 894 | 905 |  | 3692 | 3447 |  |  |  | Christine A. Sheley - *Northern NH* | Christine A. Sheley - *Northern NH* |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | David S. Silverman - *All* | David S. Silverman - *All* |  |  |  |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  | &nbsp;&nbsp;&nbsp;Other Expenses | 2172 | 2176 |  | 8453 | 8477 |  |  |  |  |  |  |  |  |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **Dec 31, 2022** | **Dec 31, 2022** | **Dec 31, 2021** |  |  |  |  |  |  |  |  | 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) |  |  |  |  |
|  |  |  |  |  | Total | 8389 | 8465 |  | 33164 | 32855 |  | 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 |  | $286145 | $264888 |  |  |  |  |  |  |  |  | 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 |  | $286145 | $264888 |  | Income Before Taxes | 4261 | 4006 |  | 15247 | 15816 |  | VERMONT |  |  |  |  |  |  |
| Interest Bearing Deposits |  | 762722 | 723479 |  | Income Before Taxes | 4261 | 4006 |  | 15247 | 15816 |  | VERMONT |  |  |  |  |  |  |
| Interest Bearing Deposits |  | 762722 | 723479 |  |  |  |  |  |  |  |  | Berlin | 1028 US Route 302 | 1028 US Route 302 | 802.476.0061 |  |  |  |
| Time Deposits |  | 153045 | 106715 |  | Income Tax Expense | 817 | 628 |  | 2632 | 2646 |  | 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 |  | 50000 |  |  | **Net income** | $**3444** | $**3378** |  | $**12615** | $**13170** |  | 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 |  | 16205 | 16171 |  | **Earnings per share** | $**0.77** | $**0.76** |  | $**2.81** | $**2.94** |  | Johnson | 198 Lower Main Street | 198 Lower Main Street | 802.635.6600 |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Lyndonville | 183 Depot Street | 183 Depot Street | 802.626.3100 |  |  |  |
| Accrued Interest & Other Liabilities |  | 13058 | 9779 |  | **Book Value Per Share** |  |  |  | $**12.25** | $**18.77** |  | Morrisville | 20 Lower Main Street | 20 Lower Main Street | 802.888.6600 |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 65 Northgate Plaza | 65 Northgate Plaza | 802.888.6860 |  |  |  |
| Common Stock |  | 9965 | 9934 |  |  |  |  |  |  |  |  | Shelburne | 5068 Shelburne Road | 5068 Shelburne Road | 802.985.0250 |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | St. Albans | 15 Mapleville Depot | 15 Mapleville Depot | 802.524.9000 |  |  |  |
| Additional Paid-in Capital |  | 2225 | 1769 |  |  |  |  |  |  |  |  | St. Johnsbury | Operations and Loan Center | Operations and Loan Center |  |  |  |  |
| Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |  | 364 Railroad Street | 364 Railroad Street | 802.748.3131 |  |  |  |
| Retained Earnings |  | 84669 | 78350 |  |  |  |  |  |  |  |  |  | Branch | Branch |  |  |  |  |
| Accumulated Other<br>Comprehensive (loss) Income |  | (37419) | (1552) |  |  |  |  |  |  |  |  |  | 325 Portland Street | 325 Portland Street | 802.748.3121 |  |  |  |
| Accumulated Other<br>Comprehensive (loss) Income |  | (37419) | (1552) |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | Stowe | 47 Park Street | 47 Park Street | 802.253.6600 |  |  |  |
| Accumulated Other<br>Comprehensive (loss) Income |  | (37419) | (1552) |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | Williston | Branch | Branch |  |  |  |  |
| Treasury Stock at Cost |  | (4220) | (4160) |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  |  | 31 Market St | 31 Market St | 802.878.7900 |  |  |  |
|  |  |  |  |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  |  | Loan Center | Loan Center |  |  |  |  |
| **Total Liabilities & Shareholders' Equity** | **Total Liabilities & Shareholders' Equity** | $**1336395** | $**1205373** |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  |  | 31 Market St | 31 Market St | 802.865.1000 |  |  |  |
| *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | NEW HAMPSHIRE | NEW HAMPSHIRE | NEW HAMPSHIRE |  |  |  |  |
| *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* | *Standby letters of credit were $1,762,000 and $2,158,000 at December 31, 2022 and 2021, respectively.* |  | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | Groveton | 3 State Street | 3 State Street | 603.636.1611 |  |  |  |
| ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | Littleton | 263 Dells Road | 263 Dells Road | 603.444.7136 |  |  |  |
| ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  |  | 76 Main Street | 76 Main Street | 603.444.5321 |  |  |  |
| ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | Lincoln | 135 Main Street | 135 Main Street | 603.745.4000 |  |  |  |
| ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  | North Conway | Commercial Loan Center | Commercial Loan Center |  |  |  |  |
| ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomleft1222.jpg](bottomleft1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) | ![bottomright1222.jpg](bottomright1222.jpg) |  |  | 2541 White Mountain Hwy | 2541 White Mountain Hwy | 603.662.9408 |  |  |  |

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