Union Bankshares third-quarter earnings rise to $3.8 million
Main Street in downtown Morrisville, where Union Bankshares, the parent of Union Bank, is headquartered. Photo: Runningonbrains, public domain, via Wikimedia Commons.
Union Bankshares, the Morrisville-based parent of Union Bank, said Oct. 21 that third-quarter earnings rose to $3.8 million, or 77 cents a share, from $3.4 million, or 75 cents a share, a year earlier.
Nine-month earnings were $9.7 million, or $2.03 a share, up from $8.3 million, or $1.83 a share, in the first nine months of 2025, the company said in a GlobeNewswire release also filed with the U.S. Securities and Exchange Commission. President and CEO Jeffrey F. Weidley said the quarter reflected “the trust our customers place in us, and the dedication our employees bring to serving our communities every day.”
Net interest income for the quarter was $12.1 million, up $988,000, or 10.0%, from a year earlier, as interest income rose to $20.4 million and interest expense was $8.2 million. Credit-loss expense fell to $34,000 from $313,000. Noninterest income slipped to $2.8 million from $3.3 million, including net gains on sales of qualifying residential mortgages of $553,000, down from $700,000. Noninterest expenses were $10.6 million, up 2.6%.
Total assets were $1.64 billion as of Sept. 30, up $62.6 million, or 4.0%, from a year earlier. Loans outstanding were $1.23 billion, up $52.5 million in that comparison. Deposits were $1.25 billion, compared with $1.19 billion a year earlier, and included $110.8 million of purchased brokered deposits, up from $65.3 million. Borrowed funds were $271.1 million, including $241.1 million of Federal Home Loan Bank advances and $30.0 million from the Federal Reserve.
Stockholders’ equity was $78.8 million, with a book value of $15.94 a share, down from $16.95 a year earlier. The company said the book-value decline reflected a larger accumulated other comprehensive loss on investment securities, $40.7 million compared with $27.5 million a year earlier, even as equity rose with retained earnings and $8.6 million in net proceeds from 384,066 shares sold under an equity distribution agreement announced May 20, 2025.
The board declared a quarterly cash dividend of 36 cents a share, payable Nov. 5 to shareholders of record as of Oct. 31. Union Bank, founded in 1891, operates 18 banking offices and three loan centers in northern Vermont and New Hampshire.
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