MORRISVILLE, Vt., Oct. 15, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income was $3.4 million and $8.3 million for the three and nine months ended September 30, 2025, respectively, compared to $1.3 million and $5.8 million for the three and nine months ended September 30, 2024, respectively. Earnings for the three and nine months ended September 30, 2024 were reduced by the impact of the strategic balance sheet repositioning whereby the Company's wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024.

Balance Sheet

Total assets reached $1.57 billion as of September 30, 2025 from $1.52 billion as of September 30, 2024. The increase was driven primarily by loan growth, with loans increasing 5.1%, to $1.18 billion as of September 30, 2025 compared to $1.12 billion as of September 30, 2024. Investment securities also increased 6.4% to $262.4 million during the comparison period due to investment purchase activity during the period. Federal funds sold and overnight deposits declined 28.6% during the comparison period, reflecting strategic liquidity management.

Despite ongoing economic uncertainty, asset quality continues to remain strong. The allowance for credit losses on loans increased 14.0% over the comparison period as a result of loan growth and proactive risk management and portfolio monitoring. The Company remains vigilant in assessing credit risk exposure and adjusting reserves as needed. Management believes the current credit loss expense is appropriate given the composition and performance of the loan portfolio, and continues to monitor macroeconomic indicators that may impact borrower behavior and repayment capacity.

In addition to the balance sheet growth in loans, qualifying residential loans of $46.0 million and $102.8 million were originated and sold to the secondary market for the three and nine months ended September 30, 2025, respectively, compared to sales of $35.2 million and $76.1 million for the three and nine months ended September 30, 2024, respectively.

Total deposits were $1.19 billion as of September 30, 2025 compared to $1.17 billion as of September 30, 2024, and included purchased brokered deposits of $65.3 million and $80.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.8 million as of September 30, 2025 compared to $230.7 million as of September 30, 2024. There were also $10.0 million in advances from the Federal Reserve's Bank Term Funding Program outstanding as of September 30, 2024.

Stockholder's equity strengthened with book value per share rising 6.1% to $16.95 as of September 30, 2025 compared to $15.98 as ...