It's like Bank of America for northern Vermont and New Hampshire.

Think of it as a community-focused JPMorgan Chase for northern Vermont and New Hampshire.

• Depository Services: Union Bank offers various accounts for individuals and businesses, including checking, savings, money market, and certificates of deposit.
• Lending Services (Personal): The bank provides loans for residential mortgages, home construction, and home improvements to individual customers.
• Lending Services (Commercial): It offers a range of commercial loans, including real estate, working capital, equipment financing, and SBA guaranteed loans for businesses.
• Business Banking Solutions: Union Bank provides essential services for businesses such as cash management, merchant credit card processing, and remote deposit capture.
• Wealth Management & Trust Services: The company offers asset management, fiduciary, and trust services to help clients manage and protect their wealth.
• Ancillary Banking Services: This includes offerings like standby letters of credit, bank checks, money orders, and safe deposit boxes.

Union Bankshares (UNB) serves a diverse customer base, primarily categorized as:

• Individuals: The bank provides a wide range of retail banking services, including personal checking, savings, money market, IRA/SEP/KEOGH, and health savings accounts, as well as certificates of deposit, home improvement loans, and residential construction and mortgage loans.
• Small and Medium-Sized Businesses: Union Bank offers commercial real estate loans, commercial loans for plant and equipment, working capital, real estate renovation, and other business purposes to business owners and investors. This category includes small and medium-sized corporations, partnerships, and sole proprietorships, benefiting from services like small business administration guaranteed loans, online cash management, and merchant credit card services.
• Nonprofit Organizations, Local Municipalities, and School Districts: The company provides commercial and municipal banking services tailored to the needs of these institutional clients, which include business checking accounts, standby letters of credit, and other financial services.

David S. Silverman
Chief Executive Officer and President

David S. Silverman has served as the Chief Executive Officer of Union Bankshares, Inc. and Union Bank since May 2012, and as President of both entities since April 2011. He has been with Union Bank for 34 years, holding various roles including Vice President of the Company and Senior Vice President and Senior Loan Officer of the Bank. Mr. Silverman is active in his community, having served as a Commissioner of the Hardwick Electric Department and on the boards of the Stowe Area Association, Lamoille County Mental Health Services, and the Morristown Development Review Board, among others. He will retire from his executive management role in July 2026.

Jeffery F. Weidley
Incoming President and Chief Executive Officer

Jeffery F. Weidley is set to become the President of Union Bankshares, Inc. and Union Bank on May 4, 2026, and will assume the role of Chief Executive Officer in early July 2026 upon the retirement of David S. Silverman. Mr. Weidley brings over two decades of experience in community and regional banking, with a career encompassing commercial banking, business banking, treasury management, digital transformation, and enterprise leadership. He most recently served as Chief Deposit Officer at MVB Bank.

Karyn J. Hale
Chief Financial Officer and Chief Operating Officer

Karyn J. Hale is the Chief Financial Officer and Chief Operating Officer of Union Bankshares, Inc. She joined Union Bank in 2005 as a project specialist, became Finance Officer in 2008, and was appointed Chief Financial Officer and Treasurer on April 1, 2014. Ms. Hale was promoted to Executive Vice President on December 31, 2019, and additionally elevated to Chief Operating Officer in April 2025. Her responsibilities include overseeing accounting, internal controls, treasury, taxation, regulatory reporting, asset/liability management, audit/exam processes, and shareholder relations. Prior to joining Union Bank, Ms. Hale worked for twelve years in public accounting with A. M. Peisch & Company and is a Certified Public Accountant.

Timothy Willis Sargent
Independent Vice Chairman & Secretary

Timothy Willis Sargent serves as the Independent Vice Chairman and Secretary of Union Bankshares, Inc. He provides objective oversight and strategic guidance to the board and is involved in the governance and administrative functions of the corporation.

Carrie Locklin
Chief Accounting Officer

Carrie Locklin was promoted to Chief Accounting Officer in April 2025. She joined Union Bank in 2006 and has held various positions including Loan Reviewer, Internal Auditor, Senior Accountant, and Finance Officer. Her expertise lies in financial accounting, taxation, and internal controls, with expanded responsibilities in investment portfolio management and asset/liability strategies.

The key risks for Union Bankshares (UNB) are primarily associated with its geographic concentration, sensitivity to interest rate changes, and the competitive landscape of the banking sector.

1. Exposure to Regional Economic Conditions and Credit Risk: Union Bankshares operates primarily in northern Vermont and New Hampshire. Its loan portfolio is substantially concentrated in residential mortgages and commercial real estate loans, which together constitute approximately 80% of its loan book. A significant economic downturn, industry-specific challenges, or adverse demographic shifts within this concentrated geographic area could lead to increased loan defaults, reduced demand for new loans, and slower deposit growth, directly impacting the company's asset quality and overall profitability. Recent reports indicate a rise in non-performing loans, suggesting elevated credit risk.
2. Interest Rate Fluctuations: As a bank, Union Bankshares' profitability, particularly its net interest margin, is highly sensitive to changes in prevailing interest rates. Increases or decreases in market interest rates can affect the interest earned on its loan portfolio and investment securities, as well as the interest paid on deposits. A rise in market interest rates, for instance, could negatively impact the value of its available-for-sale securities and tangible book value.
3. Competition and Technological Advancements: Union Bankshares operates in a competitive banking environment in its regional markets. It faces competition from larger national and regional banks, local credit unions, and increasingly, financial technology (fintech) companies. Failure to effectively compete on loan and deposit pricing, product and service offerings, and technological capabilities (such as advanced mobile and online banking services) could result in a loss of market share, difficulty attracting new customers, and increased operational costs required to remain competitive.

For Union Bankshares (UNB), the addressable markets for its main products and services, based on available state-level data for Vermont and New Hampshire, are as follows:

Vermont Market

• Total Banking Industry Assets: The total assets for institutions in Vermont were approximately $8.836 billion as of the third quarter of 2025.
• Total Deposits: As of June 30, 2015, total deposits for FDIC-insured institutions in Vermont were around $12.1 billion.
• New Home Loans: In 2023, new home loans booked in Vermont amounted to $1.1 billion.
• Small Business Loans: Small business loans originated in Vermont totaled $1 billion in 2023.
• Commercial Real Estate Financing: While specific market sizing in USD was not found, the commercial lending market in Vermont is characterized as small, conservative, and relationship-driven, with capital primarily available through community and regional banks.

New Hampshire Market

• Total Banking Industry Lending: Banks in New Hampshire provided $40 billion in lending in 2024.
• New Home Loans: In 2024, new home loans booked in New Hampshire totaled $4.3 billion.
• Small Business Lending: New lending to small businesses in New Hampshire amounted to $619 million in 2024. The total value of small business loans in New Hampshire in 2024 was $2.4 billion.
• Total Deposits: Banks in New Hampshire held $47.7 billion in deposits in 2024.
• Wealth Management (Portfolio Management & Investment Advice): The market size for the Portfolio Management & Investment Advice industry in New Hampshire is estimated to be $2.2 billion in 2026.

Here are 3-5 expected drivers of future revenue growth for Union Bankshares (UNB) over the next 2-3 years:

1. Continued Loan Growth: Union Bankshares has demonstrated consistent growth in its loan portfolio. Robust loan growth was observed in various recent quarters, including a 12.3% increase in Q1 2025, a 12.6% increase in Q4 2024, and a 9.8% increase in Q2 2025. This expansion of the loan book, encompassing commercial real estate, commercial, and residential mortgage loans, is a primary driver of increased interest income. While the full year 2025 saw modest loan growth of 1.5%, this was alongside strategic sales of qualifying mortgage loans, indicating active management of the portfolio.
2. Expansion of Net Interest Income (NII) through Yield Management: The company's strategic focus on enhancing net interest income is a significant growth driver. This is evidenced by a strategic balance sheet repositioning in Q4 2024, which involved selling lower-yielding securities to improve future earnings. As a result, interest income increased by 17.1% in Q1 2025 and 11.5% for the full year 2025. Net interest income also grew by 14% in Q1 2025, 12.1% for the full year 2025, and 18.3% in Q3 2025, primarily due to an increase in the yield on earning assets and higher loan volumes. Analysts also anticipate an expanding net interest income in FY 2026.
3. Growth in Noninterest Income: Union Bankshares has shown increases in noninterest income, which contributes to overall revenue growth. For example, noninterest income saw an increase of $117 thousand in Q4 2024 and reached $11.5 million for the full year 2025, up from $11.0 million in 2024 (excluding a bond sale). This growth can be attributed to various fee-based services and potentially gains from the strategic sale of mortgage loans to the secondary market.

Share Repurchases

• Union Bankshares's 3-year average share buyback ratio was -0.3.
• The number of outstanding shares for Union Bankshares was 4,581,333 at the end of 2025 and as of February 2026, which is usually impacted by share buybacks.

Share Issuance

• The company has an at-the-market equity program with approximately $39.7 million available for potential future share issuance.
• In March 2026, officers received grants of restricted stock units (RSUs) that will be settled in common shares upon vesting, including 2,301 RSUs for Vincent W. Schoenig, 920 shares for Carrie R. Locklin, and 2,301 shares for Stephen H. Kendall.
• Officers and directors acquired shares through the company's Dividend Reinvestment Plan (DRIP); for instance, Vincent W. Schoenig acquired 47.374 shares at $24.7444 per share on February 5, 2026, and Stephen H. Kendall acquired 105.7805 shares on the same date.

Inbound Investments

• In August 2021, Union Bankshares completed a private placement of $16.5 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2031 to qualified institutional buyers and accredited investors.
• The proceeds from this private placement were intended to provide additional capital support to its wholly-owned subsidiary, Union Bank, for growth and other general corporate purposes.