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UNB on Nasdaq

UNION BANKSHARES INC

UNION BANKSHARES INC is an American state commercial bank, incorporated in Vermont, listed on Nasdaq (UNB).1 It is headquartered in Morrisville, Vermont.1

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Last updated Oct 21, 2026.

Overview

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  • TickerUNB on Nasdaq1
  • IndustryState Commercial Banks1
  • HeadquartersMorrisville, Vermont1
  • Incorporated inVT2
  • Business addressP O Box 667, 20 Main Street, Morrisville, Vt 05661-06672
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Certain Definitions: Capitalized terms used in the following discussion and not otherwise defined below have the meanings assigned to them in Note 1 to the Company's audited consolidated financial statements contained in Part II, item 8, page 55 of this Annual Report.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5678910$11.1M in 2025+4% since 2019
0$5.0M$10.0M$15.0M2019: $10.6M$10.6M20192020: $12.8M$12.8M2020+20%2021: $13.2M$13.2M2021+3%2022: $12.6M$12.6M2022−4%2023: $11.3M$11.3M2023−11%2024: $8.8M$8.8M2024−22%2025: $11.1M$11.1M2025+26%

Every line of the income statement as filed: the last 2 fiscal years (annual) or 8 quarters (quarterly), latest first.10

Period ending2025-12-312024-12-31
Interest and fees on loans$66.3M$59.3M
Taxable$6.0M$4.6M
Tax exempt$1.6M$1.9M
Dividends$831.0K$541.0K
Interest on federal funds sold and overnight deposits$740.0K$1.1M
Interest on interest bearing deposits in banks$342.0K$480.0K
Total interest and dividend income$75.8M$68.0M
Interest on deposits$21.4M$20.6M
Interest on short-term borrowed funds$459.0K$1.3M
Interest on long-term borrowed funds$10.3M$7.2M
Interest on subordinated notes$570.0K$570.0K
Total interest expense$32.8M$29.6M
Net interest income$43.0M$38.4M
Credit loss expense, net$774.0K$930.0K
Net interest income after credit loss expense$42.2M$37.4M
Wealth management income$1.2M$1.1M
Service fees$6.9M$7.0M
Net losses on sales of investment securities available-for-sale$0-$1.3M
Net gains on sales of loans held for sale$2.1M$1.7M
Net gains on other investments$203.0K$216.0K
Other income$985.0K$996.0K
Total noninterest income$11.5M$9.7M
Salaries and wages$17.5M$15.7M
Employee benefits$6.5M$5.7M
Occupancy expense, net$2.3M$2.2M
Equipment expense$4.4M$4.0M
Other expenses$11.1M$10.4M
Total noninterest expenses$41.7M$38.0M
Income before provision for income taxes$12.0M$9.1M
Provision for income taxes$928.0K$369.0K
Net income$11.1M$8.8M
Basic earnings per common share (in usd per share)$2.43$1.94
Diluted earnings per common share (in usd per share)$2.41$1.92
Dividends per common share (in usd per share)$1.44$1.44

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Corporate structure

UNION BANKSHARES INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of UNION BANKSHARES INC

  • Anita G. Zucker Filed SCHEDULE 13D on UNION BANKSHARES INC, latest May 18, 2026
  • FMR LLC Filed SCHEDULE 13G/A on UNION BANKSHARES INC, latest Nov 5, 2025 (2 filings since Feb 12, 2025)
  • UNION BANKSHARES INC Morrisville, Vermont
    • • Union Bank, incorporated in the State of Subsidiary · Vermont, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What UNION BANKSHARES INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$39.6M10 Dec 31, 2025$39.5M10 Dec 31, 2024+0.3%
Accumulated depreciation$19.8M10 Dec 31, 2025$19.3M10 Dec 31, 2024+2.5%
Property and equipment, net$19.8M10 Dec 31, 2025$20.2M10 Dec 31, 2024−1.9%
Operating-lease assets (leased space)$2.2M10 Dec 31, 2025$2.3M10 Dec 31, 2024−5.0%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$13.1M10 Dec 31, 2025$12.9M10 Dec 31, 2024+1.4%
Loans, net of allowance$1.2B10 Dec 31, 2025$1.2B10 Dec 31, 2024+1.6%
Deposits held (banks)$1.2B10 Dec 31, 2025$1.2B10 Dec 31, 2024+3.9%

Properties, in its own words

As of December 31, 2025, Union operated 13 community banking locations in Lamoille, Caledonia, Chittenden, Franklin and Washington counties of Vermont and five in Grafton and Coos counties of New Hampshire. Union also operates three loan centers in St. Johnsbury and Williston, Vermont and Plymouth, New Hampshire. In addition, Union owns a property located in Johnson, VT that was previously a branch location. This property was damaged due to flooding in 2024 and was not re-opened. Union owns, free of encumbrances, 16 of its branch locations and its headquarters and operates several ATMs in northern Vermont and New Hampshire. Union leases three branch locations, one loan production office, land upon which the Williston branch was built, and certain ATM premises from third parties under terms and conditions considered by management to be favorable to Union. Union also owns or leases certain properties contiguous to its branch locations for staff and customer parking convenience.

Additional information relating to the Company's properties as of December 31, 2025, is set forth in Notes 8 and 9 to the Company's audited consolidated financial statements contained in Part II, Item 8 of this Annual Report.

Item 2 of the 10-K filed Mar 20, 2026.4

Leadership

Who has led UNION BANKSHARES INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kenneth D. Gibbons2006–2011
  2. David Scott Silverman2012–now

Chair

  1. Dyke Cornelius John Van2017–2021
  2. Timothy Willis Sargent2021–now

President

  1. Kenneth D. Gibbons2006–2011
  2. David Scott Silverman2011–2026
  3. Jeffrey F. Weidley2026–now

Chief financial officer

  1. Marsha A. Mongeon2009–2014
  2. Karyn J. Hale2014–now
2010201520202025
Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • • Union Bank, incorporated in the State of Vermont.3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jul 16, 20268-K Executive or director change42
  2. Jul 15, 20268-K Results of operations; Other events43
  3. May 21, 20268-K Executive or director change; Shareholder vote44
  4. May 7, 20268-K Results of operations45
  5. Apr 17, 20268-K Results of operations46
  6. Apr 15, 20268-K Results of operations; Other events47
  7. Mar 24, 20268-K Executive or director change48
  8. Feb 26, 20268-K Executive or director change49
  9. Feb 5, 20268-K Results of operations50
  10. Jan 21, 20268-K Results of operations; Other events51
  11. Nov 19, 20258-K Change of auditor; Other events52
  12. Nov 7, 20258-K Results of operations53
  13. Nov 9, 2012New chief executive David Scott Silverman becomes CEO13
  14. Dec 21, 2006New chief executive Kenneth D. Gibbons becomes CEO14

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202654

When it reported results

  1. Jul 15, 2026Reported quarterly or annual results43
  2. May 7, 2026Reported quarterly or annual results45
  3. Apr 17, 2026Reported quarterly or annual results46
  4. Apr 15, 2026Reported quarterly or annual results47
  5. Feb 5, 2026Reported quarterly or annual results50
  6. Jan 21, 2026Reported quarterly or annual results51
  7. Nov 7, 2025Reported quarterly or annual results53
  8. Oct 15, 2025Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

234 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 56 major events, 137 insider forms, 3 large holders, 17 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Sep 22, 20263 EDGAR
  3. Sep 16, 20263 EDGAR
  4. Aug 28, 20264 EDGAR
  5. Aug 26, 20264 EDGAR
  6. Aug 7, 202610-Q BODY OF FORM 10-Q EDGAR
  7. Aug 3, 20264 EDGAR
  8. Jul 16, 20268-K BODY OF FORM 8-K EDGAR
  9. Jul 15, 20268-K BODY OF FORM 8-K EDGAR
  10. May 22, 20264 EDGAR
  11. May 22, 20264 EDGAR
  12. May 22, 20264 EDGAR
  13. May 22, 20264 EDGAR
  14. May 22, 20264 EDGAR
  15. May 22, 20264 EDGAR
  16. May 22, 20264 EDGAR
  17. May 22, 20264 EDGAR
  18. May 22, 20264 EDGAR
  19. May 21, 20268-K BODY OF FORM 8-K EDGAR
  20. May 18, 2026SCHEDULE 13D EDGAR

The 234 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

38 open-market trades by officers, directors and large owners since October 2021: 37 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 26, 2026Silverman David ScottDirectorBuy1,000$23.76$23.8KForm 4
Aug 25, 2026Bugbee Dawn DDirectorBuy200$23.80$4.8KForm 4
Jul 27, 2026Bugbee Dawn DDirectorBuy200$23.30$4.7KForm 4
Feb 5, 2026Hogan Patricia NBuy9$25.28$217Form 4
Dec 1, 2025Van Dyke Cornelius JohnChairmanBuy250$22.61$5.7KForm 4
Nov 6, 2025Hogan Patricia NBuy9$23.09$213Form 4
Nov 5, 2025Parent Mary KDirectorBuy50$23.53$1.2KForm 4
Oct 31, 2025Van Dyke Cornelius JohnChairmanBuy200$22.44$4.5KForm 4
Aug 7, 2025Hogan Patricia NBuy8$27.01$211Form 4
May 1, 2025Hogan Patricia NBuy6$34.67$208Form 4
Feb 6, 2025Hogan Patricia NBuy6$31.79$206Form 4
Nov 7, 2024Hogan Patricia NBuy7$29.11$204Form 4
Aug 1, 2024Hogan Patricia NBuy8$24.98$201Form 4
May 2, 2024Hogan Patricia NBuy8$26.39$198Form 4
Feb 22, 2024Parent Mary KDirectorBuy100$31.15$3.1KForm 4
Feb 1, 2024Hogan Patricia NBuy7$29.81$196Form 4
Nov 2, 2023Hogan Patricia NBuy206$26.20$5.4KForm 4
Sep 13, 2023Silverman David ScottDirectorBuy500$20.11$10.1KForm 4
Sep 13, 2023Bugbee Dawn DDirectorBuy300$20.89$6.3KForm 4
Aug 3, 2023Hogan Patricia NBuy7$22.88$167Form 4

All 38 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Anita G. ZuckerSCHEDULE 13D, 1 filing May 18, 202656
  • FMR LLCSCHEDULE 13G/A, 2 filings Feb 12, 2025 to Nov 5, 202557

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David S. SilvermanPresident and CEO$492.8K$860.5K58
2025Karyn J. HaleEVP, CFO and COO$294.2K$474.4K58
2025Jonathan J. GouldEVP, Senior Commercial Lender, Union Bank$275.3K$445.4K58
2024David S. SilvermanPresident and CEO$473.8K$807.4K58
2024Karyn J. HaleEVP, CFO and COO$267.8K$405.7K58
2024Jonathan J. GouldEVP, Senior Commercial Lender, Union Bank$264.7K$401.7K58

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 48. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC151,233$3.7M0.0%+1,759
Cardinal Capital Management104,509$2.5M0.3%+1,949
Truffle Hound Capital, LLC80,000$1.9M1.2%New
BlackRock, Inc.65,942$1.6M0.0%−134,089
Geode Capital Management, LLC45,223$1.1M0.0%−43,257
Dimensional Fund Advisors LP41,052$995.9K0.0%No change
Cannell & Spears LLC40,169$974.5K0.0%No change
Millennium Management LLC31,709$769.3K0.0%New
Trust Co Of Vermont29,323$711.4K0.0%New
Vanguard Fiduciary Trust Co22,438$544.3K0.0%−2,910
Renaissance Technologies LLC21,852$530.1K0.0%+3,620
Morgan Stanley21,236$515.2K0.0%+1,434
Goldman Sachs Group Inc16,723$405.7K0.0%−12,383
Northern Trust Corp16,494$400.1K0.0%−31,149
Jane Street Group, LLC13,966$338.8K0.0%New
LPL Financial LLC13,924$337.8K0.0%+51
Aqr Capital Management LLC13,390$324.8K0.0%New
State Street Corp11,191$271.5K0.0%−25,384
Hsbc Holdings PLC10,535$251.6K0.0%New
Citadel Advisors LLC9,381$227.6K0.0%−2,165
Squarepoint Ops LLC9,261$224.7K0.0%New
Community Financial Services Group, LLC7,180$177.2K0.0%−1,000
Barclays PLC2,913$70.7K0.0%−850
Russell Investments Group, Ltd.2,050$49.7K0.0%+1,578
Vanguard Global Advisers, LLC1,628$39.5K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How UNION BANKSHARES INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARUNION BANKSHARES INC1
  • CIK0000706863
  • Employer ID (EIN)03-02835524
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inVermont4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressP O Box 667, 20 Main Street, Morrisville, VT 05661-06671
  • Phone80288866001
  • Shares outstanding4,945,868 as of Jul 27, 202612
  • Public float$107.3M as of Jun 30, 20254
  • AuditorBDMP Assurance, LLP, Manchester, New Hampshire PCAOB ID 72934
  • On EDGAR sinceJul 12, 19991
  • Filings894 in all: 4 (293), 8-K (278), 10-Q (81), 5 (81), 10-K (27), 3 (27), DEF 14A (27), 4/A (19)1
    All 37 form types

    DEFA14A (9), 10-K/A (8), 10-Q/A (7), 8-K/A (6), S-8 (3), 5/A (2), S-3 (2), S-4/A (2), SC 13G/A (2), 25 (1), 3/A (1), 424B3 (1), 424B5 (1), 8-A12B (1), 8-A12B/A (1), 8-K12G3 (1), CERTNAS (1), CORRESP (1), D (1), EFFECT (1), POS AM (1), PRE 14A (1), S-4 (1), S-8 POS (1), SC 13G (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Jul 16, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $2.00 par valueUNBThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks UNION BANKSHARES INC names in Item 1A of its 10-K filed Mar 20, 2026: 42 risks under these headings, as written.4

  • Credit and Interest Rate Risks
  • Our loans are concentrated in certain areas of Vermont and New Hampshire and adverse conditions in those markets could adversely affect our operations.
  • If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings could decrease.
  • Our commercial, commercial real estate and construction loan portfolio may expose us to increased credit risks.
  • Changes in interest rates and interest rate volatility may reduce our profitability.
  • The fair value of our investment securities can fluctuate due to factors outside of our control, and impairment of investment securities could require charges to earnings, which could result in a negative impact on our results of operations.
  • A lack of liquidity could adversely affect the Company’s financial condition and results of operations and result in regulatory restrictions.
  • Elevated and volatile interest rates have reduced the value of the Company’s securities portfolio, and the Company could realize losses if it is required to sell such securities to meet liquidity needs.
  • Potential deterioration in the performance or financial position of the Federal Home Loan Bank ("FHLB") of Boston might restrict our funding needs and may adversely impact our financial condition and results of operations.
  • Prepayments of loans may negatively impact our business.
  • Environmental liability associated with our lending activities could result in losses.
  • Risks Relating to Regulation of the Industry
The other 32 risks
  • We operate in a highly regulated environment and may be adversely affected by changes in laws, regulations and monetary policy.
  • Additional requirements imposed by the Dodd-Frank Act could adversely affect us.
  • We are subject to stringent capital requirements which may adversely impact our return on equity, require additional capital raises, or limit our ability to pay dividends or repurchase shares.
  • We may incur fines, penalties and other negative consequences from regulatory violations, possibly even inadvertent or unintentional violations.
  • We face significant legal risks, both from regulatory investigations and proceedings and from private actions brought against us.
  • Accounting and Tax Risks
  • Changes in accounting standards can be difficult to predict and can materially impact how we record and report our financial condition and results of operations.
  • Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may adversely impact our financial statements.
  • We may be required to write down goodwill and other identifiable intangible assets.
  • The accuracy of our financial statements and related disclosures could be affected if the judgments, assumptions or estimates used in our critical accounting policies are inaccurate.
  • Risks Relating to the Company's Stock
  • If we do not maintain net income growth, the market price of our common stock could be adversely affected.
  • We are a holding company and depend on Union Bank for dividends, distributions and other payments.
  • Our stockholders may not receive dividends on our common stock.
  • We may need to raise additional capital in the future and such capital may not be available when needed or on acceptable terms.
  • Market volatility may impact our business and the value of our common stock.
  • Certain provisions of our articles of incorporation may have an anti-takeover effect.
  • If we identify any material weakness in our internal controls over financial reporting and fail to correct it, or otherwise fail to maintain effective internal controls over financial reporting, we may not be able to report our financial results accurately and timely, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports, and the price of our common stock may decline.
  • Environmental, social and governance oversight may influence the Company's stock price and increase compliance costs.
  • Operational Risks
  • We are exposed to losses from fraud, theft, and other financial crimes, which could adversely affect our results of operations and financial condition.
  • A failure in or breach of our operational systems, information systems, or infrastructure, or those of our third party vendors and other service providers, may result in financial losses, loss of customers, or damage to our reputation.
  • An interruption or breach in security of our information systems or those related to merchants and third party vendors, including as a result of cyber attacks, could disrupt our business, result in the disclosure or misuse of confidential customer or proprietary information, damage our reputation, or result in financial losses.
  • We rely on other companies to provide key components of our business infrastructure.
  • We are piloting and selectively using artificial intelligence and machine learning technologies in limited, primarily internal functions, which exposes us to operational, regulatory, and reputational risks that could adversely affect our business.
  • Strategic Risks
  • Competition in the local banking industry may impair our ability to attract and retain customers at current levels.
  • We may incur significant losses as a result of ineffective risk management processes and strategies.
  • Expansion or contraction of our branch network may adversely affect our financial results.
  • We must adapt to information technology changes in the financial services industry, which could present operational issues, require significant capital spending, or impact our reputation.
  • Economic Risks
  • External economic factors, such as changes in monetary policy and inflation and deflation, may have an adverse effect on our business, financial condition and results of operations.
  • Our financial condition and results of operations have been adversely affected, and may continue to be adversely affected, by general market and economic conditions.
  • Our business and financial results could be adversely affected by the political environment and governmental policies.
  • General Risks
  • We may be unable to attract and retain key personnel.
  • We are subject to reputational risk.
  • We face significant and increasing competition in the financial services industry.

Legal proceedings

There are no known pending legal proceedings to which the Company or its subsidiary is a party, or to which any of their properties is subject, other than ordinary litigation arising in the normal course of business activities. Although the amount of any ultimate liability with respect to such proceedings cannot be determined, in the opinion of management, any such liability would not have a material effect on the consolidated financial position or results of operations of the Company and its subsidiary.

The opening of Item 3, Legal Proceedings.4

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