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Union Bankshares, Inc. operates as the bank holding company for Union Bank that provides retail, commercial, and municipal banking products and services in the United States. The company offers retail depository services, such as personal checking, savings, money market, IRA/SEP/KEOGH, and health savings accounts, as well as certificates of deposit. It also provides commercial real estate loans; commercial loans for plant and equipment, working capital, real estate renovation, and other business purposes to business owners and investors; small business administration guaranteed loans; residential construction and mortgage loans; municipal financing, including loans and excess deposits secured by FHLBB letters of credit; and home improvement loans and overdraft checking privileges against preauthorized lines of credit. In addition, the company offers online cash management services, including account reconciliation, credit card depository, automated clearing house origination, wire transfers, positive pay and night depository services; merchant credit card services for the deposit and immediate credit of sales drafts; remote deposit capture services; and online mortgage application and consumer deposit account opening services. Further, the company provides business checking accounts; standby letters of credit, bank checks or money orders, and safe deposit boxes; ATM cards and services; debit cards; telephone, internet, and mobile banking services, including bill pay; and wealth management, fiduciary, and trust services. It offers retail banking services to individuals; and commercial banking services to small and medium sized business corporations, limited liability companies, partnerships, and sole proprietorships, as well as nonprofit organizations, local municipalities, and school districts. The company was founded in 1891 and is headquartered in Morrisville, Vermont.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $53M | - | $11M | $16M | 13.7% | 13.7% | 26.5% |
| 2024 | $47M | - | $9M | $11M | 13.2% | -0.0% | -22.2% |
| 2023 | $47M | - | $11M | $7M | 17.1% | -2.2% | -10.8% |
| 2022 | $48M | - | $13M | $28M | 22.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 47.90 | 46.84 | 46.83 | 53.23 |
| Operating Revenue | - | 47.90 | 46.84 | 46.83 | 53.23 |
| Selling General And Administration | - | 20.35 | 20.61 | 22.56 | 25.41 |
| Interest Income | - | 43.92 | 56.85 | 67.41 | 74.96 |
| Interest Expense | - | 4.52 | 19.27 | 29.59 | 32.77 |
| Net Interest Income | - | 39.40 | 37.58 | 37.82 | 42.19 |
| Pretax Income | - | 15.25 | 12.88 | 9.13 | 12.01 |
| Tax Provision | - | 2.63 | 1.62 | 0.37 | 0.93 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Net Income From Continuing And Discontinued Operation | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Net Income From Continuing Operation Net Minority Interest | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Net Income | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Net Income Common Stockholders | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Net Income Including Noncontrolling Interests | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Normalized Income | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Diluted NI Availto Com Stockholders | - | 12.62 | 11.26 | 8.76 | 11.08 |
| Basic Average Shares | - | 4.49 | 4.50 | 4.52 | 4.56 |
| Diluted Average Shares | - | 4.49 | 4.50 | 4.52 | 4.56 |
| Reconciled Depreciation | - | 1.80 | 1.64 | 1.59 | 1.63 |
| Gain On Sale Of Security | - | -0.03 | 0.19 | -1.08 | 0.20 |
| General And Administrative Expense | - | 19.74 | 20.61 | 22.56 | 25.41 |
| Salaries And Wages | - | 19.11 | 19.61 | 21.39 | 23.93 |
| Insurance And Claims | - | 0.62 | 1 | 1.17 | 1.48 |
| Selling And Marketing Expense | 0.53 | 0.62 | 0.66 | - | - |
| Occupancy And Equipment | - | 5.60 | 5.76 | 6.19 | 6.72 |
| Professional Expense And Contract Services Expense | - | 0.88 | 1.02 | 1.06 | 1.15 |
| Other Non Interest Expense | - | 5.82 | 7.08 | 6.96 | 7.18 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Union Bankshares, Inc.this co. | UNB | $106M | 9.60↓ discount | 1.32 | 13.7% | - |
| SB Financial Group, Inc. | SBFG | $139M | 9.92 | 0.98 | 9.9% | - |
| SR Bancorp, Inc. | SRBK | $138M | 26.82 | 0.71 | 2.7% | - |
| Patriot National Bancorp, Inc. | PNBK | $125M | -9.81 | 1.32 | -13.4% | - |
| Riverview Bancorp, Inc. | RVSB | $115M |
| - |
| - |
| - |
| - |
| - |
| 23.53 |
| 0.72 |
| 3.1% |
| - |
| Sound Financial Bancorp, Inc. | SFBC | $100M | 13.92 | 0.91 | 6.5% | - |
| Kestrel Group Ltd | KG | $88M | 1.88 | 0.69 | 36.4% | 796.59 |
| Silvercrest Asset Management Group Inc. | SAMG | $86M | 17.60 | 1.71 | 9.7% | 4.83 |
| Siebert Financial Corp. | SIEB | $81M | 15.75 | 0.90 | 5.7% | 8.30 |
| Peer Median | - | 14.84 | 0.91 | 6.1% | 8.30 | |