UNB · Union Bankshares, Inc.

Union Bankshares, Inc. reported solid first quarter 2026 results, with consolidated net income increasing to $3.0 million, or $0.65 per share, compared to $2.5 million, or $0.55 per share, for the same period in 2025. The improvement in earnings was primarily driven by a $1.0 million, or 10.0%, increase in net interest income, attributed to a larger earning asset base and higher interest rates on assets. Interest income grew 6.8% to $19.5 million, outpacing a modest 2.6% increase in interest expense to $8.2 million. Additionally, the company recorded a credit loss benefit of $325 thousand in the current quarter, a swing from a $235 thousand expense in the prior year period, due to the size and mix of the loan portfolio. These positive factors were partially offset by a 9.8% rise in noninterest expenses to $10.8 million, driven by higher salaries, employee benefits, and equipment costs. Balance sheet strength remains a focus, with total assets growing 6.6% to $1.63 billion, driven by increases in federal funds sold and the investment securities portfolio. Stockholders' equity increased to $80.6 million, resulting in a 13.1% rise in book value per share to $17.46, aided by a reduction in accumulated other comprehensive loss. The Board declared a regular quarterly cash dividend of $0.36 per share, payable May 7, 2026, consistent with the company's commitment to returning capital to shareholders.