MORRISVILLE, Vt., Jan. 21, 2026 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three months and year ended December 31, 2025, and declared a regular quarterly cash dividend. Consolidated net income for the three months ended December 31, 2025, was $2.7 million, or $0.60 per share, compared to $3.0 million, or $0.67 per share, for the same period in 2024 and $11.1 million, or $2.43 per share for the year ended December 31, 2025 compared to $8.8 million, or $1.94 per share for the same period in 2024. Earnings for the three months and year ended December 31, 2024 were reduced by the impact of the strategic balance sheet repositioning whereby the Company’s wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024.
Balance Sheet
Total assets reached $1.62 billion as of December 31, 2025, from $1.52 billion as of December 31, 2024 representing growth of $88.8 million, or 5.8%. The increase was driven primarily by the securities and loan portfolios. Investment securities increased to $328.3 million as of December 31, 2025, compared to $252.3 million as of December 31, 2024, an increase of $76.0 million, or 30.1% due to a strategic decision to pre-invest future cash flows from the portfolio during the fourth quarter of 2025. Total loan growth was modest in 2025 at $17.9 million, or 1.5%, with outstanding balances of $1.2 billion as of December 31, 2025. Sales of qualifying mortgage loans impacted loan growth for 2025. Loan sales were $143.5 million for the year ended December 31, 2025, compared to $113.5 million for the year ended December 31, 2024.
The allowance for credit losses on loans increased 9.5%, to $8.4 million as of December 31, 2025, compared to $7.7 million as of December 31, 2024. Asset quality remains strong and management continues to assess credit risk exposure and adjusts reserves as needed. Management believes the current credit loss expense is appropriate given the composition and performance of the loan portfolio and continues to monitor macroeconomic indicators that may impact borrower behavior and repayment capacity.
Total deposits were $1.21 billion as of December 31, 2025, compared to $1.17 billion as of December 31, 2024, and included purchased brokered deposits of $10.2 million as of December 31, 2025 and no purchased deposits as of December 31, 2024. Borrowed funds consisted of Federal Home Loan Bank advances of $286.5 million as of December 31, 2025, compared to $259.7 million as of December 31, 2024.
Stockholders’ equity strengthened with book value per share increasing 19.7% to $17.53 as of December 31, 2025, compared to $14.65 as of December 31, 2024. Retained earnings increased 4.9% to $96.2 million, and additional paid-in capital grew 52.0% to $4.6 million. These increases are due in part to sales of common stock in …