Union Bankshares Inc (NASDAQ: UNB) is a community banking company that operates through its single subsidiary, Union Bank, providing retail banking, commercial banking, municipal banking, and wealth management and trust services. Revenue is derived principally from interest and fees on loans and earnings on other investments, with profitability driven primarily by net interest income, the spread between interest earned on interest-earning assets and interest paid on interest-bearing liabilities. As of FY2025, total average interest-earning assets were $1.51 billion at an average yield of 5.09%, with net loans averaging $1.17 billion at a yield of 5.76%. Union Bank operates across 18 branch banking locations and three loan centers in northern Vermont and northern New Hampshire. The bank serves individuals, small and medium-sized businesses, nonprofit organizations, local municipalities, and school districts. A 2011 branch acquisition generated goodwill still carried on the balance sheet as of the FY2025 10-K filing.

Revenue model

Interest income on loans and investment securities is the primary revenue source, supplemented by fees on banking services. Net interest income, the spread between yields on earning assets and rates paid on deposits and borrowings, drives profitability. Average loan yield was 5.76% in FY2025 versus 5.57% in FY2024, on average net loan balances of $1.17 billion and $1.08 billion respectively.

Products and services

Retail banking, commercial banking, municipal banking, wealth management and trust services, online and mobile banking, ATM network, credit cards, unused lines of credit ($174 million notional as of FY2025), standby and commercial letters of credit, and loan origination commitments ($65.6 million as of FY2025).

Customers and end markets

Individual retail depositors and borrowers, small and medium-sized businesses (corporations, LLCs, partnerships, sole proprietorships), nonprofit organizations, local municipalities, and school districts in northern Vermont and northern New Hampshire.

Value-chain role

Community bank deposit-gatherer and direct lender. Funds loans primarily through retail deposits (interest-bearing checking, savings, and money market accounts) and supplements with wholesale funding including brokered deposits and borrowings. Uses third-party vendors for core application processing, network access, and internet infrastructure.

Geographic exposure

Northern Vermont and northern New Hampshire, served through 18 branch banking locations, three loan centers, and ATMs, as reported in the 10-K filed 2026-03-20.

Source: SEC 10-K, filed 2026-03-20

Industry: State Commercial Banks Peers: Affinity Bancshares Inc Community Bancorp JD BANCSHARES INC PNC Financial Services Group Inc QNB Corp SOUTHERN MICHIGAN BANCORP INC United Bancorp Inc