Union Bankshares Announces Earnings for the three and nine months ended September 30, 2026 and Declares Quarterly Dividend
Higher net interest income and lower credit loss expense accompanied earnings growth, while book value per share declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Union Bankshares (NASDAQ: UNB) reported third-quarter net income of $3.8 million, up from a year earlier, and declared a quarterly dividend. Earnings per share rose to $0.77 from $0.75. For the nine months ended September 30, 2026, net income reached $9.7 million, or $2.03 per share, versus $8.3 million, or $1.83 per share, a year earlier.
Third-quarter net interest income increased to $12.144 million from $11.156 million, while credit loss expense fell. Noninterest income declined and operating expenses rose. At September 30, assets totaled $1.64 billion and deposits were $1.25 billion. Book value per share fell to $15.94 from $16.95 as accumulated other comprehensive loss increased. Common-stock sales generated $8.6 million in net proceeds through September 30, 2026. The regular $0.36-per-share dividend is payable November 5, 2026, to shareholders of record October 31.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net income rose to $3.8 million from $3.4 million; EPS increased to $0.77 from $0.75.
- Moderate pointThird-quarter net interest income increased to $12.144 million from $11.156 million a year earlier.
- Moderate pointTotal assets increased 4.0% year over year to $1.64 billion at September 30, 2026.
- Moderate pointLoan balances grew $52.5 million year over year, reaching $1.23 billion at September 30, 2026.
- Moderate pointDeposits increased to $1.25 billion from $1.19 billion at September 30, 2025.
- Moderate pointCommon-stock sales generated $8.6 million in net proceeds after expenses through September 30, 2026. 7.5% of market cap
8 minor points
- Minor pointNine-month net income increased to $9.7 million from $8.3 million; EPS rose to $2.03 from $1.83.
- Minor pointNine-month net interest income increased to $35.059 million from $31.872 million a year earlier.
- Minor pointThird-quarter credit loss expense fell to $34 thousand from $313 thousand a year earlier.
- Minor pointNine-month credit losses shifted to a $116 thousand benefit from a $769 thousand expense a year earlier.
- Minor pointThird-quarter wealth management income increased to $327 thousand from $297 thousand a year earlier.
- Minor pointNine-month wealth management income increased to $960 thousand from $868 thousand a year earlier.
- Minor pointInvestment securities increased to $282.111 million from $262.371 million at September 30, 2025.
- Minor pointStockholders' equity increased to $78.8 million from $77.7 million at September 30, 2025.
Negative
- Moderate pointAccumulated other comprehensive loss widened to $40.7 million from $27.5 million at September 30, 2025.
- Moderate pointCommon-stock sales totaled 384,066 shares through September 30, 2026, diluting existing holders.
- Moderate pointThird-quarter noninterest income, excluding wealth management, fell to $2.516 million from $3.053 million a year earlier.
- Moderate pointNine-month noninterest expenses increased to $32.857 million from $30.654 million a year earlier.
- Minor pointBook value per share fell to $15.94 from $16.95 at September 30, 2025.
9 minor points
- Minor pointNine-month noninterest income, excluding wealth management, fell to $7.620 million from $7.681 million a year earlier.
- Minor pointThird-quarter noninterest expenses increased to $10.612 million from $10.343 million a year earlier.
- Minor pointThird-quarter interest expense increased to $8.219 million from $8.051 million a year earlier.
- Minor pointNine-month interest expense increased to $24.891 million from $24.351 million a year earlier.
- Minor pointThird-quarter income tax expense increased to $573 thousand from $414 thousand a year earlier.
- Minor pointNine-month income tax expense increased to $1.202 million from $666 thousand a year earlier.
- Minor pointNine-month qualifying mortgage loan sales declined to $94.9 million from $102.8 million a year earlier.
- Minor pointThird-quarter residential mortgage sale gains declined to $553 thousand from $700 thousand a year earlier.
- Minor pointBorrowed funds increased to $271.1 million from $270.8 million at September 30, 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MORRISVILLE, Vt., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2026 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2026 was
President and Chief Executive Officer Jeffrey F. Weidley commented on the results:
"Union Bankshares strong financial performance reflects the strength of our foundation, the trust our customers place in us, and the dedication our employees bring to serving our communities every day. I am incredibly proud of our team and the results they delivered this quarter. By staying focused on relationships, exceptional customer service, and sound financial management, we delivered another quarter of strong earnings while helping our customers and communities succeed. These results demonstrate the resilience of our franchise and the value of our community banking model, positioning us well for continued future success."
Balance Sheet
Total assets reached
The allowance for credit losses on loans was
Total deposits were
The Company had total stockholders' equity of
Income Statement
Consolidated net income was
Interest income was
Credit loss expense of
Noninterest income was
Noninterest expenses increased
Dividend Declared
The Board of Directors declared a cash dividend of
About Union Bankshares, Inc.
Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.
Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. 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 lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank's employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and "Outstanding" rating for its compliance with the Community Reinvestment Act ("CRA") in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values--combined with financial expertise, quality products and the latest technology--make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.
Forward-Looking Statements
Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets' acceptance of and demand for the Company's products and services; technological changes, including the impact of the internet on the Company's business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company's reports filed with the Securities and Exchange Commission at www.sec.gov or on our investor page at www.ublocal.com.
| Consolidated Balance Sheets (unaudited, in thousands) | ||||||||
| ASSETS | Sep 30, 2026 | Sep 30, 2025 | ||||||
| Cash and due from banks | $ | 5,271 | $ | 4,923 | ||||
| Federal funds sold & overnight deposits | 18,063 | 30,550 | ||||||
| Interest bearing deposits in banks | 6,962 | 8,457 | ||||||
| Investment securities | 282,111 | 262,371 | ||||||
| Loans held for sale | 5,169 | 4,529 | ||||||
| Loans, net | 1,228,883 | 1,176,380 | ||||||
| Allowance for credit losses | (8,601 | ) | (8,397 | ) | ||||
| Premises and equipment, net | 21,087 | 19,980 | ||||||
| Accrued interest & other assets | 77,595 | 75,124 | ||||||
| Total Assets | $ | 1,636,540 | $ | 1,573,917 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Noninterest bearing deposits | $ | 228,403 | $ | 227,202 | ||||
| Interest bearing deposits | 664,405 | 651,261 | ||||||
| Time deposits | 358,692 | 311,123 | ||||||
| Borrowed funds | 271,075 | 270,841 | ||||||
| Subordinated notes | 16,333 | 16,299 | ||||||
| Accrued interest & other liabilities | 18,799 | 19,512 | ||||||
| Common stock | 10,831 | 10,110 | ||||||
| Additional paid-in capital | 12,102 | 4,234 | ||||||
| Retained earnings | 100,841 | 95,148 | ||||||
| Accumulated other comprehensive loss | (40,688 | ) | (27,530 | ) | ||||
| Treasury stock at cost | (4,253 | ) | (4,283 | ) | ||||
| Total Liabilities and Shareholders' Equity | $ | 1,636,540 | $ | 1,573,917 | ||||
Standby letters of credit were
| Consolidated Statements of Income (unaudited, in thousands) | |||||||||||||
| Sep 30, 2026 | Sep 30, 2025 | Sep 30, 2026 | Sep 30, 2025 | ||||||||||
| (3 months ended) | (9 months ended) | ||||||||||||
| Interest income | $ | 20,363 | $ | 19,207 | $ | 59,950 | $ | 56,223 | |||||
| Interest expense | 8,219 | 8,051 | 24,891 | 24,351 | |||||||||
| Net interest income | 12,144 | 11,156 | 35,059 | 31,872 | |||||||||
| Credit loss expense (benefit) | 34 | 313 | (116 | ) | 769 | ||||||||
| Net interest income after credit loss (benefit) expense | 12,110 | 10,843 | 35,175 | 31,103 | |||||||||
| Wealth management income | 327 | 297 | 960 | 868 | |||||||||
| Noninterest income | 2,516 | 3,053 | 7,620 | 7,681 | |||||||||
| Noninterest expenses: | |||||||||||||
| Salaries & wages | 4,388 | 4,436 | 13,701 | 12,432 | |||||||||
| Employee benefits | 1,611 | 1,406 | 5,273 | 4,958 | |||||||||
| Occupancy expense, net | 555 | 537 | 1,749 | 1,736 | |||||||||
| Equipment expense | 1,176 | 1,095 | 3,421 | 3,244 | |||||||||
| Other expenses | 2,882 | 2,869 | 8,713 | 8,284 | |||||||||
| Total | 10,612 | 10,343 | 32,857 | 30,654 | |||||||||
| Income before taxes | 4,341 | 3,850 | 10,898 | 8,998 | |||||||||
| Income tax expense | 573 | 414 | 1,202 | 666 | |||||||||
| Net Income | $ | 3,768 | $ | 3,436 | $ | 9,696 | $ | 8,332 | |||||
| Earnings per share | $ | 0.77 | $ | 0.75 | $ | 2.03 | $ | 1.83 | |||||
| Book value per share | $ | 15.94 | $ | 16.95 | |||||||||
For Immediate Release Contact: Investor Relations
(802) 888-0982
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