Union Bankshares | 10-K: FY2025 Revenue: USD 87.25 M

Revenue: As of FY2025, the actual value is USD 87.25 M.EPS: As of FY2025, the actual value is USD 2.41.EBIT: As of FY2025, the actual value is USD -31.01 M.联合银行 (Union Bankshares, Inc.) operates as a single definable business segment, Union Bank, providing various banking and wealth management services across its network and digital platforms in northern Vermont and New Hampshire .Operational MetricsNet Income: Increased to $11.1 million in 2025 from $8.8 million in 2024 .Return on Average Assets: Increased to 0.71% in 2025 from 0.60% in 2024 .Return on Average Equity: Rose to 15.29% in 2025 from 13.38% in 2024 .Efficiency Ratio: Improved to 75.14% in 2025 from 77.62% in 2024 .Loan to Deposit Ratio: Decreased to 97.03% in 2025 from 99.32% in 2024 .Dividend Payout Ratio: Decreased to 59.26% in 2025 from 74.23% in 2024 .Segment Revenue (Net Interest Income) and Related MetricsNet Interest Income (tax equivalent): Increased to $44.0 million in 2025 from $39.3 million in 2024 .Net Interest Margin: Improved to 2.93% in 2025 from 2.77% in 2024 .Net Interest Spread: Increased to 2.47% in 2025 from 2.30% in 2024 .Interest and Dividend Income: Totaled $75.788 million in 2025, up from $67.954 million in 2024 .Interest and fees on loans: $66.340 million in 2025 ($59.313 million in 2024) .Interest on debt securities (Taxable): $5.983 million in 2025 ($4.587 million in 2024) .Interest on debt securities (Tax exempt): $1.552 million in 2025 ($1.901 million in 2024) .Dividends: $831 thousand in 2025 ($541 thousand in 2024) .Interest Expense: Totaled $32.768 million in 2025, up from $29.590 million in 2024 .Interest on deposits: $21.412 million in 2025 ($20.574 million in 2024) .Interest on short-term borrowed funds: $459 thousand in 2025 ($1.275 million in 2024) .Interest on long-term borrowed funds: $10.327 million in 2025 ($7.171 million in 2024) .Interest on subordinated notes: $570 thousand for both 2025 and 2024 .Noninterest IncomeTotal Noninterest Income: Increased to $11.462 million in 2025 from $9.723 million in 2024 .Wealth management income: $1.187 million in 2025 ($1.067 million in 2024) .Service fees: $6.939 million in 2025 ($7.040 million in 2024) .Net gains on sales of loans held for sale: $2.148 million in 2025 ($1.697 million in 2024) .Income from Company-owned life insurance: $696 thousand in 2025 ($716 thousand in 2024) .Income from MSRs, net: $128 thousand in 2025 ($0 in 2024) .Net losses on sales of investment securities AFS: $0 in 2025 ($-1.293 million in 2024) .Operating Costs (Noninterest Expenses)Total Noninterest Expenses: Increased to $41.700 million in 2025 from $38.027 million in 2024 .Salaries and wages: $17.452 million in 2025 ($15.678 million in 2024) .Employee benefits: $6.479 million in 2025 ($5.716 million in 2024) .Occupancy expense, net: $2.335 million in 2025 ($2.194 million in 2024) .Equipment expense: $4.381 million in 2025 ($3.992 million in 2024) .FDIC insurance assessment: $1.477 million in 2025 ($1.167 million in 2024) .Electronic banking expense: $640 thousand in 2025 ($504 thousand in 2024) .Wealth management expenses: $544 thousand in 2025 ($491 thousand in 2024) .Professional fees: $1.147 million in 2025 ($1.062 million in 2024) .Advertising and public relations: $860 thousand in 2025 ($704 thousand in 2024) .Cash FlowNet cash provided by operating activities: Increased to $17.225 million in 2025 from $12.151 million in 2024 .Loan Portfolio (Gross Loans, including loans held for sale)Total Loans: $1.1789 billion at December 31, 2025 ($1.1609 billion at December 31, 2024) .Residential real estate (Non-revolving): $445.199 million in 2025 ($445.425 million in 2024) .Residential real estate (Revolving): $29.075 million in 2025 ($21.884 million in 2024) .Commercial construction real estate: $51.347 million in 2025 ($54.985 million in 2024) .Residential construction real estate: $52.478 million in 2025 ($51.202 million in 2024) .Non-residential commercial real estate: $345.900 million in 2025 ($330.010 million in 2024) .Multi-family residential real estate: $99.269 million in 2025 ($104.328 million in 2024) .Commercial: $31.159 million in 2025 ($35.175 million in 2024) .Consumer: $2.414 million in 2025 ($2.523 million in 2024) .Municipal: $117.893 million in 2025 ($110.204 million in 2024) .Loans held for sale: $4.172 million in 2025 ($5.204 million in 2024) .Asset QualityNonperforming Loans: Increased to $13.803 million at December 31, 2025, from $1.893 million at December 31, 2024, primarily due to a commercial real estate loan .Nonaccrual loans: $13.562 million in 2025 ($1.652 million in 2024) .Loans past due 90 days or more and still accruing interest: $241 thousand for both 2025 and 2024 .Nonperforming Assets to Total Assets: Increased to 0.85% in 2025 from 0.12% in 2024 .Allowance for Credit Losses (ACL) on Loans: Increased to $8.407 million at December 31, 2025, from $7.680 million at December 31, 2024 .ACL on loans to total loans outstanding: 0.71% in 2025 (0.66% in 2024) .ACL on loans to nonperforming loans: 60.91% in 2025 (405.71% in 2024) .Net Charge-offs (recoveries): Net charge-offs were $28 thousand in 2025, compared to net recoveries of $-22 thousand in 2024 .ACL on Off-Balance Sheet Credit Exposures: Totaled $1.090 million at December 31, 2025 ($1.071 million at December 31, 2024) .Investment Securities Available-for-Sale (AFS)Total AFS Investment Securities (Fair Value): Increased to $326.255 million at December 31, 2025, from $250.504 million at December 31, 2024 .Net Unrealized Losses: Decreased to $-33.1 million at December 31, 2025, from $-43.6 million at December 31, 2024 .DepositsTotal Deposits: Increased to $1.2149 billion at December 31, 2025, from $1.1688 billion at December 31, 2024 .Noninterest bearing deposits: $226.939 million in 2025 ($226.048 million in 2024) .Interest bearing deposits: $725.996 million in 2025 ($714.862 million in 2024) .Time deposits: $262.047 million in 2025 ($227.984 million in 2024) .Estimated Uninsured Deposits: Totaled $437.6 million, or 36.0% of total deposits, at December 31, 2025 .BorrowingsBorrowed Funds: Increased to $286.481 million at December 31, 2025, from $259.696 million at December 31, 2024, primarily FHLB advances .Subordinated Notes: $16.307 million at December 31, 2025 ($16.273 million at December 31, 2024) .Capital ResourcesTotal Stockholders’ Equity: Increased to $80.864 million at December 31, 2025, from $66.480 million at December 31, 2024 .Total Capital to Risk Weighted Assets: Increased to 12.8% at December 31, 2025, from 12.5% at December 31, 2024 .Tier I Capital to Risk Weighted Assets: Increased to 10.3% at December 31, 2025, from 10.0% at December 31, 2024 .Tier I Capital to Average Assets: Increased to 6.4% at December 31, 2025, from 6.3% at December 31, 2024 .Outlook / GuidanceManagement anticipates some relief in the cost of funds for 2026 due to a cumulative 75 basis point decrease in the Federal Funds target range during 2025 . This expected decline in customer deposit interest rates in 2026 is projected to positively impact net interest income . However, market rates remain beyond the company’s control .