# EDGAR Filing Document

**Accession Number:** 0000706863
**File Stem:** 0000706863-26-000006
**Filing Date:** 2026-2
**Character Count:** 182438
**Document Hash:** 7d01ab7d45ab93b34ec112858a53ebd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000706863-26-000006.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0000706863-26-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260205

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15985
- **FILM NUMBER:** 26601917

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

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

?xml version='1.0' encoding='ASCII'? unb-20260205

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 5, 2026

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.

---

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

---

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

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

Not applicable

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

------

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

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

On February 5, 2026, Union Bankshares, Inc. (the "Company") distributed its Fourth Quarter 2025 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, 2025 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 2025 Report to Shareholders distributed February 5, 2026 referred to in Item 2.02 of the Report as furnished, not filed; herewith.

SIGNATURES

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

---

| | |
|:---|:---|
| | Union Bankshares, Inc. |
| February 5, 2026 | /s/ David S. Silverman |
| | David S. Silverman |
| | President/Chief Executive Officer |
| February 5, 2026 | /s/ Karyn J. Hale |
| | Karyn J. Hale |
| | Chief Financial Officer |

---

EXHIBIT INDEX

---

| | |
|:---|:---|
| <u>[Exhibit 99.1](exhibit9914thqtr2025shrepo.htm)</u> | Union Bankshares, Inc. Fourth Quarter 2025 Report to Shareholders distributed February 5, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 99.1

Exhibit 99.1

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) |  |  | ![toprightside1225.jpg](toprightside1225.jpg) |  |  |  |  |  |
| ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) |  |  | ![toprightside1225.jpg](toprightside1225.jpg) |  |  |  |  |  |
| ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) | February 5, 2026 | February 5, 2026 | ![toprightside1225.jpg](toprightside1225.jpg) |  |  |  |  |  |
| ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) | ![topleftside1225.jpg](topleftside1225.jpg) |  |  | ![toprightside1225.jpg](toprightside1225.jpg) |  |  |  |  |  |
| ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) | ![bannerq32019a03.jpg](bannerq32019a03.jpg) |  |  |  |  |  |
| ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | ![datebanner1225.jpg](datebanner1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, |  |  |  |  |  |
|  |  |  | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | **TRANSFER AGENT:** |  |  |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com |  |  |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | **NASDAQ STOCK MARKET** |  |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | **NASDAQ STOCK MARKET** | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com |  |  |
| ![leftside1225.jpg](leftside1225.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 Bethany Moore, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below: | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Broadridge Corporate Issuer Solutions, Inc. <br>P.O. Box 1342 <br>Brentwood, NY 11717<br>866.321.8022 or<br>720.378.5956<br>E-mail: shareholder@broadridge.com | ![neilsignature.jpg](neilsignature.jpg) | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | ![image.jpg](image.jpg) | ![image.jpg](image.jpg) |
| ![leftside1225.jpg](leftside1225.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | David S. Silverman<br>*President & Chief Executive Officer* | David S. Silverman<br>*President & Chief Executive Officer* | ![neilsignature.jpg](neilsignature.jpg) | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | ![image.jpg](image.jpg) |
| ![leftside1225.jpg](leftside1225.jpg) | Neil J. Van Dyke <br>*Chair* | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | David S. Silverman<br>*President & Chief Executive Officer* | David S. Silverman<br>*President & Chief Executive Officer* | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | About **Union Bankshares** | About **Union Bankshares** |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Ticker Symbol: UNB<br>Corporate Name: Union Bankshares, Inc.<br>Corporate Address:<br>20 Lower Main Street<br>P.O. Box 667<br>Morrisville, VT 05661-0667<br>Investor Relations: UBLocal.com | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside1225.jpg](leftside1225.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![bottomnamebannerq220.jpg](bottomnamebannerq220.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's headquarters are located. Union Bank operates 18 banking offices, 3 loan centers and several ATMs throughout its geographical footprint.<br>Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br>Stockholders' equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we're seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<br>Sincerely, |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered |  |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered |  |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered |  |  |  |  |  |  |
| ![leftside1225.jpg](leftside1225.jpg) | ![centerpic1225.jpg](centerpic1225.jpg) | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered | As we open 2026 with a great beginning to the winter season across our communities, I'm pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.<br>For the full year 2025, Union Bankshares delivered consolidated net income of $11.1 million, or $2.43 per share, up from $8.8 million, or $1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of $1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was $2.7 million versus $3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.<br>Top-line momentum remained healthy. Interest income rose to $75.8 million in 2025 from $68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to $32.8 million from $29.6 million. Together, these shifts produced a $4.7 million, or 12.1%, improvement in net<br>interest income year over year. Credit loss expense declined to $774 thousand from $930 thousand, consistent with portfolio mix and performance. Noninterest income reached $11.5 million, supported by mortgage banking gains of $2.1 million, compared<br>to $1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to $41.7 million from $38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.<br>Our balance sheet remains a source of strength. Total assets ended the year at $1.62 billion, up 5.8% from $1.52 billion in 2024. We prudently increased investment securities to $328.3 million from $252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to $1.2 billion, tempered |  |  |  |  |  |  |

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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) | 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) | 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) | 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) | 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, 2025** | **DEC 31, 2025** | **DEC 31, 2024** |  | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | **DEC 31, 2024** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |
| **ASSETS** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** |  | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | **DEC 31, 2024** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | David S. Silverman - *President & CEO* | David S. Silverman - *President & CEO* |
| **ASSETS** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** |  | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | **DEC 31, 2024** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** | Dawn D. Bugbee |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) | (3 months ended) |  | (12 months ended) | (12 months ended) | Dawn D. Bugbee |  | Karyn J. Hale - *Chief Financial Officer* | Karyn J. Hale - *Chief Financial Officer* |
|  |  |  |  |  |  | (3 months ended) | (3 months ended) | (3 months ended) |  | (12 months ended) | (12 months ended) | Mary K. Parent |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |
| Cash and Due from Banks |  | $4658 | $5168 |  | Interest Income | $19565 |  | $18590 |  | $75788 | $67954 | Mary K. Parent |  | Timothy W. Sargent - *Secretary* | Timothy W. Sargent - *Secretary* |
| Cash and Due from Banks |  | $4658 | $5168 |  | Interest Income | $19565 |  | $18590 |  | $75788 | $67954 | Nancy C. Putnam |  | Bethany Moore - *Assistant Secretary* | Bethany Moore - *Assistant Secretary* |
| Cash and Due from Banks |  | $4658 | $5168 |  | Interest Expense | 8417 |  | 8148 |  | 32768 | 29590 | Nancy C. Putnam | Gregory D. Sargent |  |  |
| Cash and Due from Banks | Federal Funds Sold & Overnight Deposits | $4658 | $5168 | 7642 | Interest Expense | 8417 |  | 8148 | 10670 | 32768 | 29590 |  |  |  | David S. Silverman |
|  | Federal Funds Sold & Overnight Deposits |  | &nbsp;&nbsp;&nbsp;Net Interest Income | 7642 | 11148 |  | 10442 |  | 10670 | 43020 | 38364 | Janet P. Spitler |  |  |  |
| Interest Bearing Deposits in Banks |  | 8955 | &nbsp;&nbsp;&nbsp;Net Interest Income | 9462 | 11148 |  | 10442 |  |  | 43020 | 38364 |  |  |  |  |
| Interest Bearing Deposits in Banks |  | 8955 |  | 9462 | &nbsp;&nbsp;&nbsp;Credit Loss Expense | 5 |  | 347 |  | 774 | 930 |  |  |  |  |
| Investment Securities |  | 328293 | 252258 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit Loss Expense | 11143 |  | 10095 |  | 42246 | 37434 | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans Held for Sale |  | 4172 | 5204 |  | &nbsp;&nbsp;&nbsp;Net Interest Income After<br>Credit Loss Expense | 11143 |  | 10095 |  | 42246 | 37434 | **Union Bank** | **Union Bank** | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans Held for Sale |  | 4172 | 5204 |  |  |  |  |  |  |  |  | DIRECTORS |  | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | REGIONAL<br>ADVISORY BOARD<br>MEMBERS |
| Loans, net |  | 1176800 | 1157898 |  | Wealth Management Income | 319 |  | 274 |  | 1187 | 1067 | Neil J. Van Dyke - *Chair* | Neil J. Van Dyke - *Chair* | Michael R. Barrett - *St. Johnsbury* | Michael R. Barrett - *St. Johnsbury* |
| Loans, net |  | 1176800 | 1157898 |  | Wealth Management Income | 319 |  | 274 |  | 1187 | 1067 | Timothy W. Sargent - *Vice Chair* | Timothy W. Sargent - *Vice Chair* | Steven J. Bourgeois - *St. Albans* | Steven J. Bourgeois - *St. Albans* |
| Allowance for Credit Losses |  | (8407) | (7680) |  | Net losses on Sales of Investment Securities |  |  |  |  |  | (1293) | Dawn D. Bugbee |  | Andrew A. Dean - *Northern NH* | Andrew A. Dean - *Northern NH* |
| Allowance for Credit Losses |  | (8407) | (7680) |  | Net losses on Sales of Investment Securities |  |  |  |  |  | (1293) | Walter B. Frane III |  | Stanley T. Fillion - *Northern NH* | Stanley T. Fillion - *Northern NH* |
|  |  |  |  |  | Noninterest Income | 2594 |  | 2512 |  | 10275 | 9949 | Mary K. Parent |  | Rosemary H. Gingue - *St. Johnsbury* | Rosemary H. Gingue - *St. Johnsbury* |
| Premises and Equipment, net |  | 19847 | 20225 |  | Noninterest Income | 2594 |  | 2512 |  | 10275 | 9949 | Nancy C. Putnam |  | John M. Goodrich - *Northern NH* | John M. Goodrich - *Northern NH* |
|  |  |  |  |  | Noninterest Expenses: |  |  |  |  |  |  | Gregory D. Sargent |  | Christopher M. Knapp - *Northern NH* | Christopher M. Knapp - *Northern NH* |
| Accrued Interest & Other Assets |  | 75231 | 75153 |  | &nbsp;&nbsp;&nbsp;Salaries & Wages | 5020 |  | 4336 |  | 17452 | 15678 | David S. Silverman |  | Coleen K. Kohaut - *St. Albans* | Coleen K. Kohaut - *St. Albans* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Salaries & Wages | 5020 |  | 4336 |  | 17452 | 15678 | Janet P. Spitler |  | Justin P. Lavely - *St. Johnsbury* | Justin P. Lavely - *St. Johnsbury* |
| **Total Assets** |  | $**1617191** | $**1528358** |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1521 |  | 1074 |  | 6479 | 5716 |  |  | Daniel J. Luneau - *St. Albans* | Daniel J. Luneau - *St. Albans* |
| **Total Assets** |  | $**1617191** | $**1528358** |  | &nbsp;&nbsp;&nbsp;Employee Benefits | 1521 |  | 1074 |  | 6479 | 5716 |  |  | Samuel H. Ruggiano - *St. Albans* | Samuel H. Ruggiano - *St. Albans* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Occupancy Expense, net | 599 |  | 576 |  | 2335 | 2194 |  |  | Christine A. Sheley - *Northern NH* | Christine A. Sheley - *Northern NH* |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Occupancy Expense, net | 599 |  | 576 |  | 2335 | 2194 |  |  | David S. Silverman - *All* | David S. Silverman - *All* |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 1137 |  | 1026 |  | 4381 | 3992 |  |  |  |  |
| **LIABILITIES & SHAREHOLDERS' EQUITY** | **DEC 31, 2025** | **DEC 31, 2025** | **DEC 31, 2024** |  | &nbsp;&nbsp;&nbsp;Equipment Expense | 1137 |  | 1026 |  | 4381 | 3992 | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) | Union Bank Offices<br>(ATMs at all Branch Locations) |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;Other Expenses | 2769 |  | 2602 |  | 11053 | 10447 | 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 |  | $226939 | $226048 |  |  |  |  |  |  |  |  | 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 |  | $226939 | $226048 |  | &nbsp;&nbsp;&nbsp;Total | 11046 |  | 9614 |  | 41700 | 38027 | VERMONT |  |  |  |
| Interest Bearing Deposits |  | 725996 | 714862 |  | Income Before Taxes | 3010 |  | 3267 |  | 12008 | 9130 | VERMONT |  |  |  |
| Interest Bearing Deposits |  | 725996 | 714862 |  | Income Before Taxes | 3010 |  | 3267 |  | 12008 | 9130 | Berlin | 1028 US Route 302 | 1028 US Route 302 | 802.476.0061 |
| Time Deposits |  | 262047 | 227984 |  | Income Tax Expense | 262 |  | 266 |  | 928 | 369 | 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 |  | 286481 | 259696 |  | **Net income** | $**2748** |  | $**3001** |  | $**11080** | $**8761** | 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 |  | 16307 | 16273 |  | **Earnings Per Share** | $**0.60** |  | $**0.67** |  | $**2.43** | $**1.94** | Lyndonville | 183 Depot Street | 183 Depot Street | 802.626.3100 |
|  |  |  |  |  |  |  |  |  |  |  |  | Morrisville | 20 Lower Main Street | 20 Lower Main Street | 802.888.6600 |
| Accrued Interest & Other Liabilities |  | 18557 | 17015 |  | **Book Value Per Share** |  |  |  |  | $**17.53** | $**14.65** |  | 65 Northgate Plaza | 65 Northgate Plaza | 802.888.6860 |
|  |  |  |  |  |  |  |  |  |  |  |  | Shelburne | 5068 Shelburne Road | 5068 Shelburne Road | 802.985.0227 |
| Common Stock |  | 10169 | 10024 |  |  |  |  |  |  |  |  | St. Albans | 15 Mapleville Depot | 15 Mapleville Depot | 802.524.9000 |
|  |  |  |  |  |  |  |  |  |  |  |  | St. Johnsbury | Operations and Loan Center | Operations and Loan Center |  |
| Additional Paid-in Capital |  | 4607 | 3031 |  |  |  |  |  |  |  |  |  | 364 Railroad Street | 364 Railroad Street | 802.748.3131 |
| Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |  | Branch | Branch |  |
| Retained Earnings |  | 96247 | 91722 |  |  |  |  |  |  |  |  |  | 325 Portland Street | 325 Portland Street | 802.748.3121 |
| Accumulated Other<br>Comprehensive Loss |  | (25883) | (33997) |  |  |  |  |  |  |  |  | Stowe | 47 Park Street | 47 Park Street | 802.253.6600 |
| Accumulated Other<br>Comprehensive Loss |  | (25883) | (33997) |  |  |  |  |  |  |  |  | Williston | Branch | Branch |  |
| Accumulated Other<br>Comprehensive Loss |  | (25883) | (33997) |  |  |  |  |  |  |  |  |  | 31 Market St | 31 Market St | 802.878.7900 |
| Treasury Stock at Cost |  | (4276) | (4300) |  | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) |  | Loan Center | Loan Center |  |
|  |  |  |  |  | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) |  | 31 Market St | 31 Market St | 802.865.1000 |
| **Total Liabilities & Shareholders' Equity** | **Total Liabilities & Shareholders' Equity** | $**1617191** | $**1528358** |  | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) |  |  |  |  |
| *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* |  | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | NEW HAMPSHIRE | NEW HAMPSHIRE | NEW HAMPSHIRE |  |
| *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* | *Standby letters of credit were $1,573,000 and $1,640,000 at December 31, 2025 and 2024, respectively.* |  | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | Groveton | 3 State Street | 3 State Street | 603.636.1611 |
| ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | Littleton | 263 Dells Road | 263 Dells Road | 603.444.7136 |
| ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) |  | 76 Main Street | 76 Main Street | 603.444.5321 |
| ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | Lincoln | 135 Main Street | 135 Main Street | 603.745.4000 |
| ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | North Conway | 120 North-South Road | 120 North-South Road | 603.356.4010 |
| ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomleft1225.jpg](bottomleft1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) | ![bottomright1225.jpg](bottomright1225.jpg) |  |  |  |  |

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