Union Bankshares, Inc. reported a solid financial performance for the fiscal year ending December 31, 2025, with consolidated net income reaching $11.1 million, or $2.43 per share, compared to $8.8 million, or $1.94 per share, in 2024. This increase in profitability was driven by a $4.7 million rise in net interest income, which totaled $44 million for the year, alongside a $446 thousand increase in noninterest income. The net interest margin improved to 2.93% from 2.77% in the previous year, reflecting effective management of interest rates and loan pricing strategies despite rising funding costs.
The company's total consolidated assets grew by 5.8% to $1.62 billion, up from $1.53 billion in 2024. This growth was supported by a 3.9% increase in total deposits, which reached $1.21 billion, and a 1.5% rise in net loans, totaling $1.17 billion. The bank's loan-to-deposit ratio stood at 97.03%, indicating a strong utilization of deposits for lending activities. Additionally, the allowance for credit losses on loans increased to $8.4 million, reflecting a proactive approach to managing credit risk amid economic uncertainties.
Strategically, Union Bank has focused on expanding its market presence and enhancing its service offerings. The bank has successfully launched new products and services, including a robust online banking platform, which has contributed to increased customer engagement. As of December 31, 2025, the bank operated 18 branches and three loan centers across northern Vermont and New Hampshire, with plans for further geographic expansion. The employee headcount remained stable at 195 full-time employees, underscoring the bank's commitment to maintaining a strong workforce to support its growth initiatives.
Looking ahead, Union Bankshares expressed cautious optimism regarding its future performance, acknowledging the potential impact of macroeconomic factors such as inflation, interest rate fluctuations, and geopolitical uncertainties. The bank's management remains focused on maintaining strong capital and liquidity positions while adapting to changing market conditions. The total capital ratio increased to 12.8% as of December 31, 2025, reflecting the bank's solid capital base and compliance with regulatory requirements. The company plans to continue leveraging its community banking model to attract and retain customers while navigating the evolving financial landscape.
About UNION BANKSHARES INC
Union Bankshares, Inc. is a community bank holding company based in Vermont, operating through its subsidiary Union Bank. It provides retail, commercial, municipal banking, wealth management, and trust services across northern Vermont and New Hampshire. The bank focuses on lending, deposit services, and financial products for individuals, small to medium-sized businesses, and organizations, emphasizing personalized service, local decision-making, and community engagement.
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