UNION BANKSHARES INC

Listed Company

UNBCIK 0000706863NasdaqNon-AcceleratedSmaller ReportingState Commercial BanksVermontFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$11.08M

Total Assets

$1.62B

Equity

$80.86M

Shares Out

4.61M

Op. Cash Flow

$17.23M

Business

UNION BANKSHARES INC is a one-bank holding company that operates in the financial services industry through its sole subsidiary, Union Bank, providing community banking services. It offers retail, commercial and municipal banking, mortgage and construction lending, SBA-guaranteed loans, deposit accounts, cash management, merchant services, remote deposit capture, ATM and card services, online/mobile banking, and wealth management and trust services. The company reports one business segment—Union Bank—which conducts banking through branch locations, loan centers and ATMs. It serves customers across northern Vermont and northern New Hampshire via branches, telephone, mobile devices and its website.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	66	59	49	38	36
Taxable	6	5	5	4	2
Tax exempt	2	2	2	913,000	626,000
Dividends	831,000	541,000	263,000	28,000	18,000
Interest on federal funds sold and overnight deposits	740,000	1	630,000	245,000	100,000
Interest on interest bearing deposits in banks	342,000	480,000	401,000	187,000	139,000
Total interest and dividend income	76	68	57	44	39
Interest on deposits	21	21	16	4	3
Interest on short-term borrowed funds	459,000	1	935,000	433,000	0
Interest on long-term borrowed funds	10	7	2	0	219,000
Interest on subordinated notes	570,000	570,000	570,000	569,000	199,000
Total interest expense	33	30	19	—	—
Net interest income	43	38	38	39	36
Credit loss expense, net	774,000	930,000	−499,000	0	0
Net interest income after credit loss expense	42	37	38	39	36
Wealth management income	1	1	943,000	838,000	—
Service fees	7	7	7	7	7
Net losses on sales of investment securities available-for-sale	0	−1	0	31,000	0
Net gains on sales of loans held for sale	2	2	1	1	5
Net gains on other investments	203,000	216,000	189,000	−60,000	−21,000
Other income	985,000	996,000	607,000	781,000	704,000
Total noninterest income	11	10	10	9	13
Salaries and wages	17	16	14	14	14
Employee benefits	6	6	5	5	5
Occupancy expense, net	2	2	2	2	2
Equipment expense	4	4	4	4	3
Other expenses	11	10	10	9	8
Total noninterest expenses	42	38	35	34	33
Income before provision for income taxes	12	9	13	15	16
Provision for income taxes	928,000	369,000	2	3	3
Net income	11	9	11	13	13
Basic earnings per common share (in usd per share)	2.43	1.94	2.5	2.81	2.94
Diluted earnings per common share (in usd per share)	2.41	1.92	2.48	2.79	2.92
Dividends per common share (in usd per share)	1.44	1.44	1.44	1.4	1.32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	5	5	4	5	5
Federal funds sold and overnight deposits	8	11	73	33	61
Cash and cash equivalents	12	16	78	38	66
Interest bearing deposits in banks	9	10	15	16	13
Investment securities available-for-sale	326	251	264	250	268
Other investments	2	2	2	1	1
Total investments	328	252	266	252	269
Loans held for sale	4	5	3	1	14
Loans	1,175	1,156	1,028	958	787
Allowance for credit losses on loans	−8	−8	−7	−8	−8
Net deferred loan costs	2	2	2	1	—
Net loans	1,168	1,150	1,023	951	779
Premises and equipment, net	20	20	21	20	22
Other assets	75	75	63	39	24
Total assets	1,617	1,528	1,469	1,336	1,205
Noninterest bearing	227	226	251	286	265
Interest bearing	726	715	766	763	723
Time	262	228	289	153	107
Total deposits	1,215	1,169	1,306	1,202	1,095
Borrowed funds	286	260	66	50	—
Subordinated notes	16	16	16	16	16
Accrued interest and other liabilities	19	17	16	13	10
Total liabilities	1,536	1,462	1,403	1,281	1,121
Commitments and Contingencies (Notes 9, 15, 16, 19, 20 and 23)	—	—	—	—	—
Common stock, $2.00 par value; 7,500,000 shares authorized; 5,084,635 shares issued at December 31, 2025 and 5,012,084 shares issued at December 31, 2024	10	10	10	10	10
Additional-paid-in capital	5	3	3	2	2
Retained earnings	96	92	89	85	78
Treasury stock at cost; 471,430 shares at December 31, 2025 and 474,075 shares at December 31, 2024	−4	−4	−4	−4	−4
Accumulated other comprehensive loss	−26	−34	−32	−37	−2
Total stockholders' equity	81	66	66	55	84
Total liabilities and stockholders' equity	1,617	1,528	1,469	1,336	1,205

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	2	2	2
Credit loss expense	774,000	930,000	−499,000	—	—
Deferred income tax benefit	−1	−2	266,000	−270,000	371,000
Net amortization of premiums on investment securities	513,000	547,000	525,000	630,000	579,000
Equity in losses of limited partnerships	2	2	1	1	1
Stock based compensation expense	494,000	398,000	374,000	446,000	299,000
Net decrease (increase) in unamortized loan costs	96,000	−410,000	−416,000	−631,000	−851,000
Proceeds from sales of loans held for sale	146	115	77	79	222
Origination of loans held for sale	−142	−116	−77	−65	−198
Net gains on disposals of premises and equipment	0	−22,000	−1,000	0	108,000
Net gains on other investments	−203,000	−216,000	−189,000	60,000	21,000
Increase in accrued interest receivable	−517,000	−1	−1	−916,000	881,000
Amortization of debt issuance costs	34,000	34,000	34,000	34,000	11,000
Decrease (increase) in other assets	281,000	−131,000	−3	−225,000	−6
Increase in other liabilities	1	3	1	2	−821,000
Net cash provided by operating activities	17	12	9	29	29
Proceeds from maturities and redemptions	10	9	8	8	7
Purchases	−10	−4	−6	−11	−7
Proceeds from sales	0	37	0	7	9
Proceeds from maturities, calls and paydowns	31	19	17	24	28
Purchases	−97	−47	−25	−59	−205
Net purchases of other investments	−81,000	−38,000	−47,000	−192,000	−106,000
Net increase in nonmarketable stock	−931,000	−8	−383,000	−2	−14,000
Net increase in loans	−19	−127	−70	−171	−16
Recoveries of loans charged off	19,000	25,000	4,000	7,000	68,000
Net purchases of premises and equipment	−1	−1	−2	−665,000	−4
Investments in limited partnerships	−2	−3	−3	−2	−2
Proceeds of Company-owned life insurance death benefit	197,000	235,000	0	—	—
Proceeds from sales of premises and equipment	0	46,000	16,000	0	—
Net cash used in investing activities	−88	−125	−82	−208	−190
Advances on long-term borrowings	70	285	91	0	—
Repayment of long-term borrowings	−30	−110	−35	0	−7
Net (decrease) increase in short-term borrowings outstanding	−14	19	−40	50	0
Net increase (decrease) in noninterest bearing deposits	891,000	−25	−35	21	50
Net increase (decrease) in interest bearing deposits	11	−51	3	39	86
Net increase (decrease) in time deposits	34	−61	136	46	−35
Proceeds from issuance of common stock, net of issuance costs	1	0	—	0	72,000
Dividends paid	−6	−6	−6	−6	−6
Net cash provided by financing activities	68	51	113	151	104
Net decrease in cash and cash equivalents	−4	−62	40	−28	−57
Interest paid	33	28	18	4	3
Income taxes paid	280,000	0	925,000	950,000	2
Investment in limited partnerships acquired by capital contributions payable	2	2	2	3	1
Dividends declared	7	7	6	6	6
Dividends reinvested	−74,000	−67,000	−76,000	−60,000	−40,000

Filings

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