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Here are 1-3 brief analogies for Union Bankshares (UNB):

• It's like a regional version of Wells Fargo, focused on providing a full suite of banking services across Virginia, Maryland, and North Carolina.
• Imagine Bank of America, but scaled down to be a leading regional bank exclusively serving Virginia, Maryland, and North Carolina.
• Think of it as the PNC Bank or Truist Financial of the Mid-Atlantic, but on a slightly smaller, more focused scale.

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• Deposit Accounts: Services that allow individuals and businesses to securely store funds and earn interest, including checking, savings, money market, and certificates of deposit.
• Lending Services: Providing various types of loans to individuals and businesses, such as residential mortgages, commercial real estate loans, commercial and industrial loans, and consumer loans.
• Treasury Management Services: Solutions for businesses to efficiently manage their cash flow, payments, and financial operations through services like ACH, wire transfers, and remote deposit capture.
• Wealth Management & Trust Services: Offering comprehensive financial planning, investment management, and trust administration to help individuals and families manage and grow their assets.

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Major Customers of Union Bankshares (UNB)

Union Bankshares (UNB), through its subsidiary Union Bank & Trust, is a regional bank holding company. As such, it serves a diversified customer base rather than having a few specific "major customers" in the traditional sense of a B2B supplier. Its primary customers fall into the following categories:

• Retail Customers: Individuals and families seeking personal banking services such as checking accounts, savings accounts, mortgages, home equity loans, personal loans, and wealth management services.
• Small to Medium-sized Businesses (SMBs): Local and regional businesses that utilize commercial banking services, including business checking and savings accounts, lines of credit, term loans, equipment financing, and treasury management solutions.
• Commercial and Corporate Clients: Larger businesses, institutions, and commercial real estate developers/investors that require more substantial lending, specialized financing, and sophisticated financial services.

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David S. Silverman, President and Chief Executive Officer

David S. Silverman has been with Union Bank for over 34 years, becoming President of the Company and the Bank on April 1, 2011, and CEO in May 2012. Prior to his current role, he served in various capacities, including Vice President of the Company and Senior Vice President and Senior Loan Officer of the Bank.

Karyn J. Hale, Executive Vice President, Chief Financial Officer and Chief Operating Officer

Karyn J. Hale joined Union Bank in 2005 as a project specialist, progressing to Finance Officer in 2008, and then to Chief Financial Officer and Treasurer of the Company and Union Bank on April 1, 2014. She was promoted to Senior Vice President of Union on May 21, 2014, and Executive Vice President on December 31, 2019. On April 1, 2025, she was also appointed Chief Operating Officer of Union Bank, while continuing in her CFO and Executive Vice President roles. Before joining Union, Ms. Hale worked in public accounting with A. M. Peisch & Company for twelve years and is a Certified Public Accountant.

Carrie R. Locklin, Chief Accounting Officer and Senior Vice President - Finance

Carrie R. Locklin was appointed to the newly created position of Chief Accounting Officer of Union Bank on April 1, 2025, and continues as Senior Vice President - Finance. She joined Union Bank in 2006 as Internal Auditor and Loan Reviewer, and has held various roles including Assistant Vice President - Senior Accountant (2011), Vice President and Finance Officer (2014), and Senior Vice President - Finance (2019).

Patricia N. Hogan, Executive Vice President and Senior Risk Officer

Patricia N. Hogan serves as the Executive Vice President and Senior Risk Officer of Union Bank.

Vincent W. Schoenig, Executive Vice President, Senior Information Technology and Operations Officer

Vincent W. Schoenig holds the position of Executive Vice President, Senior Information Technology and Operations Officer of Union Bank.

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The key risks to Union Bankshares (symbol: UNB) include its significant exposure to real estate, ongoing struggles with growth and financial performance, and elevated leverage.

1. Concentration in Real Estate Loans and Regional Economic Risks: Union Bankshares' loan portfolio is heavily concentrated in residential and commercial real estate, making the company particularly vulnerable to regional economic downturns and fluctuations in the real estate market.
2. Limited Growth and Subpar Financial Performance: The company has demonstrated limited growth prospects and exhibits subpar financial metrics compared to its peers. This includes falling behind the national average for banks of its size in net interest margin and return on assets, and maintaining a significantly higher efficiency ratio, indicating high non-interest expenses relative to revenues. The bank has also experienced stagnant dividends since early 2023, signaling limited financial flexibility.
3. Elevated Leverage and Vulnerability to Economic Downturns: Union Bankshares operates with elevated leverage, which increases its vulnerability in the event of an economic downturn.

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The rise of fintech companies and neobanks offering digitally native financial services, often with lower fees and superior user experiences, is an emerging threat. These companies compete directly for customer deposits, consumer loans, and small business lending. Additionally, big technology companies increasingly entering financial services by offering payment solutions and consumer lending products leverage their large user bases and technological capabilities to erode market share from traditional banks.

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The addressable markets for Union Bankshares (UNB) main products and services within the United States are as follows:

• Retail Banking: The United States retail banking market is valued at approximately USD 0.87 trillion in 2025, with a forecast to reach USD 1.08 trillion by 2030.
• Commercial Lending: The global commercial lending market size was approximately $16.44 trillion in 2024. With the U.S. holding approximately 75% of the North American market share, the addressable market for commercial lending in the U.S. is estimated to be around USD 12.33 trillion in 2024.
• Wealth Management: The global wealth management market size was valued at approximately USD 1.64 trillion in 2024. The United States holds a significant portion, representing about 54.2% of the total assets under management (AUM) in 2025, which would equate to an addressable market of approximately USD 0.887 trillion in the U.S.

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

1. Sustained Loan Growth: Union Bankshares anticipates continued revenue growth through an increase in its loan portfolio. The company has demonstrated consistent loan growth, with total loans reaching $1.174 billion as of September 30, 2025, up from $1.156 billion at the end of 2024, representing a 5.1% year-over-year increase. This growth in loan volume directly contributes to higher interest and fees on loans, which are a primary component of net interest income. The bank is recognized for its residential lending programs and is a top mortgage originator in Vermont, alongside offering commercial loans for various business purposes.
2. Optimized Net Interest Margin (NIM): A significant driver of future revenue growth stems from the company's strategic efforts to optimize its Net Interest Margin. In September 2024, Union Bankshares completed a balance sheet repositioning by selling lower-yielding investment securities and redeploying the proceeds into higher-yielding bonds and funding loans. This initiative is explicitly expected to be "accretive to earnings, net interest margin and return on assets in future periods," with the new assets anticipated to yield approximately 341 basis points more than the sold securities. Effective management of funding costs and the deposit mix will also be crucial for sustaining NIM improvement.
3. Increased Noninterest Income: Union Bankshares has shown an increase in noninterest income, which is expected to be a continued growth driver. Noninterest income reached $3.350 million in Q3 2025, a notable increase from $1.605 million in the comparable prior-year period. This growth is attributed to higher gains on loan sales and other income. The company's focus on diversifying its revenue streams beyond traditional interest income is a key strategy for enhancing overall profitability.
4. Expansion and Deepening of Customer Relationships within Existing Markets: As a community bank, Union Bankshares leverages its deep local market knowledge and strong community relationships across northern Vermont and New Hampshire. This approach fosters customer loyalty and referrals, driving organic growth in both its deposit and loan bases. With 18 banking offices and three loan centers, the company aims to continually expand its customer footprint and deepen existing relationships by offering personalized banking services to individuals, commercial enterprises, and municipalities.
5. Growth in Wealth Management Services: Union Bank provides wealth management services, alongside its commercial, retail, and municipal banking offerings, throughout its geographical footprint. This specialized service segment, which includes asset management, fiduciary, and trust services, represents a valuable source of non-interest income and helps diversify the company's revenue streams. Continued growth in this area is expected to contribute to overall revenue expansion.

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Share Repurchases

• In December 2024, Union Bankshares' Board reauthorized a limited stock repurchase plan for 2025 and 2026, which permits the repurchase of up to a fixed number of shares (currently 2,500 shares) each calendar quarter.
• This quarterly repurchase authorization expires at the end of each quarter if not utilized and is not carried forward. The plan is set to expire on December 31, 2026, unless further reauthorized.
• As of November 10, 2025, the company had not made any repurchases under the plan.

Share Issuance

• Through September 30, 2025, Union Bankshares sold 38,834 shares of its common stock, generating net proceeds of $801 thousand after expenses.
• These share sales were conducted under an equity distribution agreement that was previously announced on May 20, 2025.
• As of September 30, 2025, the company had 5,054,654 shares issued, with 4,582,421 shares outstanding and 472,233 held in treasury.

Inbound Investments

• As of early 2025, institutional investors collectively held 926,345 shares in Union Bankshares, representing 82.4% of total ownership, with a value of $1,275,630.
• Major institutional shareholders as of December 31, 2024, and March 31, 2025, include FMR LLC (6.24% of outstanding shares), Vanguard Group Inc (3.27% of shares), and Cardinal Capital Management (1.82% of the company).