Union Bankshares Q3 2026 earnings rise to $3.77M
The board set a $0.36 per-share cash dividend, payable November 5, 2026, to shareholders of record October 31.
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.
Form Type
8-K
Rhea-AI Filing Summary
Union Bankshares, Inc. (UNB) reported consolidated net income of $3.768 million for the three months ended September 30, 2026, compared with $3.436 million a year earlier; earnings per share were $0.77 versus $0.75. For the nine months ended September 30, net income was $9.696 million versus $8.332 million, with earnings per share of $2.03 versus $1.83. Third-quarter net interest income rose 10.0% to $12.144 million, while credit loss expense was $34,000 versus $313,000.
At September 30, 2026, total assets were $1.64 billion, up $62.6 million (4.0%) year over year; loans outstanding were $1.23 billion and deposits were $1.25 billion. Stockholders’ equity was $78.8 million. Book value per share was $15.94 versus $16.95 a year earlier, and accumulated other comprehensive loss was $40.7 million versus $27.5 million.
The board declared a $0.36 per-share cash dividend, payable November 5, 2026, to shareholders of record October 31. Through September 30, 2026, 384,066 shares were sold under the equity distribution agreement, resulting in $8.6 million of net proceeds after expenses.
1 point · 0 major0 major · 0 points
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 increased $332,000 year over year.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income, three months: $3.768 million
Net income, nine months: $9.696 million
Earnings per share: $0.77 per share
+4 more
7 metrics
Net income, three months
$3.768 million
Three months ended September 30, 2026; $3.436 million for the same period in 2025
Net income, nine months
$9.696 million
Nine months ended September 30, 2026; $8.332 million for the same period in 2025
Earnings per share
$0.77 per share
Three months ended September 30, 2026; $0.75 per share for the same period in 2025
Net interest income
$12.144 million
Three months ended September 30, 2026; increased 10.0% year over year
Total assets
$1.64 billion
As of September 30, 2026; increased $62.6 million, or 4.0%, year over year
Cash dividend
$0.36 per share
Declared October 21, 2026; payable November 5, 2026
Book value per share
$15.94 per share
As of September 30, 2026; $16.95 per share as of September 30, 2025
Key Terms
brokered deposits, accumulated other comprehensive loss, allowance for credit losses, Federal Home Loan Bank advances, +1 more
5 terms
brokered deposits financial
"included purchased brokered deposits of $110.8 million"
Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.
accumulated other comprehensive loss financial
"Accumulated other comprehensive loss was $40.7 million"
Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.
allowance for credit losses financial
"The allowance for credit losses on loans was $8.6 million"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Federal Home Loan Bank advances financial
"consisted of Federal Home Loan Bank advances of $241.1 million"
Federal Home Loan Bank advances are loans that member banks and similar lenders borrow from a regional Federal Home Loan Bank, typically backed by the borrower’s assets and used for short- or long-term funding. For investors, these advances reveal how much a lender relies on wholesale borrowing to fund loans and operations—similar to watching a company tap a line of credit—and changes in advance levels or rates can signal shifts in liquidity, funding cost and balance-sheet risk.
equity distribution agreement financial
"sales of common stock in accordance with the equity distribution agreement"
An equity distribution agreement is a formal plan between a company and financial institutions to sell newly issued shares of the company's stock to investors over a period of time. It helps the company raise money gradually, similar to filling a container with water in stages, rather than all at once. For investors, it provides an organized way to buy shares and can influence the stock's supply and price.
Earnings Snapshot
Net income, three months: $3.768 million
Three and nine months ended September 30, 2026
Net income, three months
$3.768 million
Compared with $3.436 million for the same period in 2025
Net income, nine months
$9.696 million
Compared with $8.332 million for the same period in 2025
Earnings per share, three months
$0.77 per share
Compared with $0.75 per share for the same period in 2025
Earnings per share, nine months
$2.03 per share
Compared with $1.83 per share for the same period in 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were UNB’s third-quarter 2026 earnings?
Union Bankshares reported consolidated net income of $3.768 million, or $0.77 per share, for the three months ended September 30, 2026. The corresponding 2025 figures were $3.436 million and $0.75 per share.
What dividend did UNB declare in October 2026?
Union Bankshares declared a regular cash dividend of $0.36 per share on October 21, 2026. It is payable November 5, 2026, to shareholders of record October 31, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (IRS Employer | |||||||||
| of incorporation) | File Number) | Identification Number) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| , | |||||||||||
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:
Securities registered pursuant to section 12(b) of the Act:
| Common Stock, $2.00 par value | UNB | Nasdaq Stock Market | ||||||||||||
| (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 Exhibit 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 October 21, 2026, Union Bankshares, Inc. issued a press release, a copy of which is furnished with this Form 8-K as Exhibit 99.1, announcing net income and net income per share for the third quarter and nine months ended September 30, 2026, as well as the declaration of a regular quarterly cash dividend.
Item 8.01. Other Events
(a)Declaration of Regular Quarterly Cash Dividend
On October 21, 2026 the Board of Directors of Union Bankshares, Inc. declared a quarterly cash dividend of $0.36 per share. The dividend is payable on November 5, 2026 to shareholders of record as of October 31, 2026.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
The following Exhibit, referred to in Item 2.02 of the Report is furnished, not filed; herewith:
Exhibit 99.1 Union Bankshares, Inc. Press Release dated October 21, 2026, announcing a regular quarterly dividend and third quarter and nine months ended September 30, 2026 net income and net income per share.
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. | |||||
| October 21, 2026 | /s/ Jeffrey F. Weidley | ||||
| Jeffrey F. Weidley | |||||
| Chief Executive Officer | |||||
| October 21, 2026 | /s/ Carrie R. Locklin | ||||
| Carrie R. Locklin | |||||
| Chief Financial Officer | |||||
EXHIBIT INDEX
99.1 | Union Bankshares, Inc. Press Release dated October 21, 2026, announcing a regular quarterly dividend and third quarter and nine months ended September 30, 2026 net income and net income per share. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
Exhibit 99.1
 | For Immediate Release Contact: Investor Relations (802) 888-0982 | ||||
Union Bankshares Announces Earnings for the three and nine months ended September 30, 2026
and Declares Quarterly Dividend
Morrisville, VT October 21, 2026 - 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 $3.8 million, or $0.77 per share, compared to $3.4 million, or $0.75 per share, for the same period in 2025, and $9.7 million, or $2.03 per share, for the nine months ended September 30, 2026, compared to $8.3 million, or $1.83 per share, for the same period in 2025.
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 $1.64 billion as of September 30, 2026 from $1.57 billion as of September 30, 2025 representing growth of $62.6 million, or 4.0%. The increase was driven by increases in the securities and loan portfolios. Investment securities increased to $282.0 million as of September 30, 2026 compared to $262.4 million as of September 30, 2025, an increase of $19.7 million, or 7.5%, related to the investment purchases that occurred during the fourth quarter of 2025, partially offset by a decrease in the investment portfolio fair market value and resulting adjustment to unrealized losses at quarter end. Total loan growth was $52.5 million during the comparison periods with outstanding balances of $1.23 billion as of September 30, 2026. Sales of qualifying mortgage loans were $94.9 million for the nine months ended September 30, 2026 compared to $102.8 million for the nine months ended September 30, 2025.
The allowance for credit losses on loans was $8.6 million as of September 30, 2026 compared to $8.4 million as of September 30, 2025. 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 $1.25 billion as of September 30, 2026 compared to $1.19 billion as of September 30, 2025, and included purchased brokered deposits of $110.8 million and $65.3 million for the respective periods. Borrowed funds were $271.1 million as of September 30, 2026 and consisted of Federal Home Loan Bank advances of $241.1 million and Federal Reserve borrowings of $30.0 million compared to Federal Home Loan Bank advances of $270.8 million as of September 30, 2025.
The Company had total stockholders' equity of $78.8 million and a book value per share of $15.94 as of September 30, 2026 compared to $77.7 million and a book value per share of $16.95 as of September 30, 2025. The increase in stockholders' equity was due in part to sales of common stock in accordance with the equity distribution agreement previously announced on May 20, 2025. There were 384,066 shares of the Company's stock sold resulting in net proceeds, after expenses, of $8.6 million through September 30, 2026. Total stockholders' equity is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss was $40.7 million at September 30, 2026 compared to $27.5 million as of September 30, 2025 which contributed to the decrease in book value per share.
Income Statement
Consolidated net income was $3.8 million for the three months ended September 30, 2026, compared to $3.4 million for the same period in 2025. Results increased $332 thousand for the comparison periods due to an increase of $988 thousand in net interest income and a decrease of $279 thousand in credit loss expense, partially offset by a decrease of $507 thousand in noninterest income, and increases of $269 thousand in noninterest expenses and $159 thousand in income tax expense.
Interest income was $20.4 million for the three months ended September 30, 2026 compared to $19.2 million for the three months ended September 30, 2025, an increase of $1.2 million, or 6.6%. The increase is attributable to a larger earning asset base and higher interest rates on those assets. Interest expense increased $168 thousand, or 2.2%, to $8.2 million for the three months ended September 30, 2026 compared to $8.1 million for the three months ended September 30, 2025 These changes resulted in improvement in net interest income of $988 thousand, or 10.0%, for the comparison periods.
Credit loss expense of $34 thousand was recorded for the three months ended September 30, 2026 compared to credit loss expense of $313 thousand for the three months ended September 30, 2025. The reduction in credit loss expense during the comparison periods was primarily related to the size and mix of the loan portfolio and unfunded commitments at September 30, 2026.
Noninterest income was $2.8 million for the third quarter of 2026 compared to $3.3 million for the same period in 2025. Sales of qualifying residential mortgages resulted in net gains of $553 thousand for the three months ended September 30, 2026 compared to net gains of $700 thousand for the three months ended September 30, 2025.
Noninterest expenses increased $269 thousand, or 2.6%, to $10.6 million for the three months ended September 30, 2026 compared to $10.3 million for the three months ended September 30, 2025. The increase during the comparison periods was due to increases of $205 thousand in employee benefits, $81 thousand in equipment expenses, and $31 thousand in occupancy and other expenses, partially offset by a decrease of $48 thousand in salaries and wages. Income tax expense was $573 thousand for the three months ended September 30, 2026, an increase of $159 thousand compared to $414 thousand for the three months ended September 30, 2025.
Dividend Declared
The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable November 5, 2026 to shareholders of record as of October 31, 2026.
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 $1,747,000 and $1,635,000 at September 30, 2026 and 2025, respectively. | |||||||||||
| 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 | |||||||||||||