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what it is
Union Bankshares runs a community bank in Vermont and New Hampshire, taking deposits and making consumer, mortgage, and business loans.
how it gets paid
FY2024 interest income was $68.0M vs. $57.1M in 2023 (+19.0%) per the Jan 15, 2025 release—community banks are spread businesses, so pair that with interest expense and noninterest lines.
why it's growing
Loans grew to ~$1.16B at year-end 2024 (+12.6%) while deposits were ~$1.17B—management flagged higher wholesale funding costs as deposits normalized after brokered deposits rolled off.
what just happened
FY2024 consolidated net income $8.8M ($1.94/sh); Q4 2024 $3.0M ($0.67/sh) per the same earnings release.
At a glance
C+ balance sheet — struggling to keep the lights on
75/100 earnings predictability — reasonably predictable
~12x trailing P/E vs. $1.94 FY2024 GAAP EPS (sanity check at your live quote)
6.1% dividend yield — cash in your pocket every quarter
$1.94 FY2024 diluted EPS (Jan 15, 2025 release)
~$259.7M FHLB advances outstanding (Dec 31, 2024)
xvary composite: 33/100 — weak
What they do
Union Bankshares runs a community bank in Vermont and New Hampshire, taking deposits and making consumer, mortgage, and business loans.
This is a local relationship bank, not a scale machine. It has 18 offices, three loan centers, and 191 employees, which means your customer base is built on people knowing your name. That helps keep deposits sticky, but it also means losing trust in one small market hurts faster than it would at a national bank.
How they make money
$68.0M
FY2024 interest income · +19.0% vs. $57.1M in 2023 (not “total revenue” like a retailer)
Interest income
$68.0M
+19.0%
Interest expense
$29.6M
+53.6%
Noninterest income (ex bond-sale loss narrative)
~$11.0M
FY2024
The products that matter
business lending and treasury services
Commercial Banking
~3% net interest margin
This is the earnings engine. Net interest margin near 3% is the spread between what the bank earns on assets and pays on funding. In human-speak: if that spread narrows, the income statement feels it fast.
earnings engine
consumer deposits and lending
Retail Banking
$8.4M loss reserve
Deposits fund the loan book. The catch is that funding only helps if the loans stay money-good. The allowance for credit losses rose to $8.4M from $7.7M, which is why the market is reading the footnotes, not just the yield.
funding base
fees and other banking income
Non-Interest Income
~$11M · FY2024 noninterest income (ex bond-sale framing)
The Jan 15, 2025 release cites about $11.0M noninterest income excluding the bond-sale loss narrative—fees and mortgage sales gains still matter, but this is not a huge non-bank revenue machine.
shock absorber
Key numbers
~12x
trailing p/e
Rough check vs. $1.94 FY2024 GAAP EPS from the Jan 15, 2025 release—recalculate whenever the quote moves.
6.1%
dividend yield
That is the cash payout rate at today's price. So what: the stock pays you to wait, but only if earnings stabilize.
~$260M
FHLB advances
The Jan 15, 2025 release states $259.7M FHLB advances at Dec 31, 2024—this is the wholesale funding line that dominated the old “$276M debt” hallucination.
75
earnings predictability
That score says results have been fairly steady by small-bank standards. So what: FY2024 EPS still printed $1.94 after balance-sheet repositioning noise.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 55 / 100
- FHLB advances (Dec 31, 2024) ~$259.7M — wholesale funding (earnings release)
C+ — balance sheet grade and wholesale funding reliance are the watch items for a small two-state bank.
Total return vs. market
Return history isn't available for UNB right now.
source: institutional data · return history unavailable
What just happened
FY2024 filed narrative
FY2024 net income $8.8M ($1.94/sh); Q4 2024 $3.0M ($0.67/sh).
The Jan 15, 2025 release also cites total assets ~$1.53B, loans ~$1.16B, deposits ~$1.17B, and FHLB advances ~$259.7M at year-end 2024. Earnings were pressured by a $1.3M pre-tax loss on an AFS securities sale used to reposition the balance sheet.
$68.0M
FY2024 interest income
$1.94
FY2024 EPS
$259.7M
FHLB advances (YE24)
the number that mattered
Funding mix: deposits stepped down as brokered deposits went to zero while FHLB advances rose—track NIM and wholesale costs more than a single “revenue growth” percent.
Union Bankshares FY2024 results (Jan 15, 2025) · GlobeNewswire · SEC filings (CIK 0000706863)
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What could go wrong
UNB's risk is not some abstract banking macro story. It is a very specific mix: a tiny two-state lender, net interest income that only moved slightly in FY2024 despite higher interest income, an $8.4M credit-loss reserve, and a 6.1% dividend that investors will only love as long as the loan book behaves.
high
net interest margin squeeze
FY2024 had $68.0M interest income vs. $29.6M interest expense—spread math dominates earnings. If deposit costs rise faster than asset yields, NIM pressure hits fast.
Most of the income statement is still interest income minus interest expense—fees are helpful, not the whole story.
med
rising credit costs
The allowance for credit losses rose to $8.4M from $7.7M. That is prudent. It is also a signal that management sees enough uncertainty in the loan book to reserve more against it.
Higher reserves reduce earnings and make the dividend look less comfortable.
med
regional concentration
UNB is concentrated in northern Vermont and New Hampshire. There is no national diversification here. If those local economies weaken, credit and deposit trends both feel it.
The page's listed $53.7M trailing revenue base depends on one compact footprint.
med
balance-sheet pressure
Long-term debt is $276M, or 72% of capital. For a $108M equity story, that narrows the room for error. Cheap valuations stop helping when the balance sheet becomes the headline.
If credit worsens at the same time funding stays tight, the low multiple will not protect you.
Between large FHLB advances, an allowance that moves with loan growth, and net interest income that only nudged up while funding costs rose, small shifts in banking math can matter more than a headline P/E multiple.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next quarterly report
Watch whether EPS stays near the recent $0.60 run-rate and whether management says anything new about the reserve after it rose to $8.4M.
margin
net interest margin
The page puts net interest margin near 3%. If that slips while net interest income stays 68% of the mix, you should expect earnings pressure to show up quickly.
credit
allowance for credit losses
$8.4M versus $7.7M is the early warning sign on this page. Another move higher would make the low multiple look less like a bargain and more like a warning.
income
dividend durability
The quarterly dividend is $0.36 per share. If profits soften, the 6.1% yield stops looking generous and starts looking like a question.
Analyst rankings
earnings predictability
75 / 100
earnings predictability: 75/100. in human-speak, this bank is usually boring. For a lender, boring is often the bull case.
short-term outlook
55%
market-beat probability: 55% over 3 months. That's only a mild edge over the average stock, which is another way of saying the model sees limited urgency either way.
source: institutional data
Institutional activity
institutional ownership data for UNB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
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