Exhibit 99.1

			May 5, 2022
			We are pleased to report our financial results for the first quarter of 2022. Consolidated net income for the first quarter was $2.5 million, or $0.55 per share compared to $2.9 million, or $0.64 cents per share, for the same period in 2021, a decrease of 13.7%. There were two primary reasons for the decrease in net income. As the SBA PPP program continues to run its course, outstanding balances of PPP loans have decreased due to forgiveness which has resulted in a reduction of fee income related to PPP loans of $381 thousand year over year. Second, gains on sales of real estate loans were sharply lower as long-term interest rates increased sharply in response to high inflation. Loans already in our pipeline with interest rates committed saw premiums reduced, causing management to elect to hold these loans in the portfolio rather than sustain losses on sales. This should be a temporary phenomenon as rates charged going forward are reflective of the current interest rate environment with interest rates stabilizing at new, higher levels. Asset quality remains strong as no provision for loan losses was recorded for the three months ended March 31, 2022, compared to $150 thousand for the comparable quarter in 2021. All our commercial borrowers have exited pandemic related payment modifications and all but four of our residential customers have done the same. Total assets were $1.2 billion as of March 31, 2022, compared to $1.1 billion as of March 31, 2021, an increase of $129.2 million, or 11.7%. Asset growth continued to be fueled by increases in customer deposits that were reinvested into investment securities and into our communities through loans to individuals, businesses, and municipalities. Investment securities reached $287.6 million on March 31, 2022, compared to $157.8 million on March 31, 2021. The $129.8 million increase was caused by using low yielding excess liquidity to purchase higher yielding investments, primarily US Government Agency mortgage-backed securities. Since the settlement of these purchases, interest rates increased rapidly resulting in unrealized losses of $22.1 million in the securities portfolio as of March 31, 2022. The offset to recording the unrealized losses was an increase in deferred taxes included in other assets and		accumulated comprehensive losses of $17.5 million included in total equity. The Company had total equity capital of $69.4 million and a book value per share of $15.45 as of March 31, 2022, compared to $79.8 million and $17.81 per share as of March 31, 2021. The reduction in book value per share is the result of the unrealized loss on the investment portfolio and does not impact regulatory capital ratios. Total loans outstanding as of March 31, 2022, were $831.0 million compared to $841.7 million as of March 31, 2021. The decrease in total loans was due to a reduction in pandemic related SBA PPP loans of $70.4 million and a reduction in $10.8 million in municipal loans. The pandemic related SBA PPP loans were designed to be short term in nature and have been forgiven in accordance with the PPP program. These decreases were partially offset by increases of $40.3 million in commercial real estate loans and $29.9 million in residential loans. Excluding SBA PPP loans forgiven, loan growth quarter over quarter was 7.8%. We live in interesting times. Inflation is higher than it has been in decades, causing pain at the fuel pump and grocery stores. Russia has invaded Ukraine, causing senseless human carnage with more to come, sadly. The Federal Reserve meets on May 3rd and 4th, surely bringing us higher short term interest rates with hopes of a soft economic landing. Supply chains remain challenged, as do labor and housing markets. Yet here in Northern New England we anxiously await spring and its green leaves and flowers with another excellent maple season wrapped up. Despite the current uncertainty, we are confident facing the future and what it brings. We are pleased to announce that the Board of Directors declared a cash dividend of $0.35 per share for the quarter payable May 5, 2022, to shareholders of record as of April 30, 2022. Sincerely,
	If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below:
	TRANSFER AGENT:
	Broadridge Corporate Issuer Solutions, Inc. P.O. Box 1342 Brentwood, NY 11717 866.321.8022 or 720.378.5956 E-mail: shareholder@broadridge.com
	NASDAQ STOCK MARKET
	Ticker Symbol: UNB Corporate Name: Union Bankshares, Inc. Corporate Address: 20 Lower Main Street P.O. Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLocal.com
					Neil J. Van Dyke Chair	David S. Silverman President & Chief Executive Officer
			AboutUnion Bankshares
			Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank’s and its holding company’s headquarters are located. Union Bank operates 18 banking offices, three loan centers and several ATMs throughout its geographical footprint. Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 130 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities.

	Consolidated Balance Sheets (unaudited, in thousands)							Consolidated Statements of Income (unaudited, in thousands)							Union Bankshares, Inc.
															DIRECTORS		OFFICERS
															Neil J. Van Dyke -Chair		Neil J. Van Dyke - Chair
	ASSETS	March 31, 2022			March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022	Timothy W. Sargent-Vice Chair		David S. Silverman - President & CEO
															Joel S. Bourassa		Jeffrey G. Coslett- Vice President
									(3 months ended)
															Dawn D. Bugbee		Karyn J. Hale - Chief Financial Officer
	Cash and Due from Banks		$	5,047		$	4,684	Interest Income	$	9,726		$	9,500
															John M. Goodrich		John H. Steel - Secretary
															Nancy C. Putnam		Kristy Adams Alfieri - Assistant Secretary
	Federal Funds Sold & Overnight Deposits		45,755			51,822		Interest Expense	763			1,101			Gregory D. Sargent
								Net Interest Income	8,963			8,399			David S. Silverman
	Interest Bearing Deposits in Banks		14,192			14,691									John H. Steel
								Provision for Loan Losses	—			150
	Investment Securities		273,423			143,063		Net Interest Income After Provision for Loan Losses	8,963			8,249			Union Bank		REGIONAL ADVISORY BOARD MEMBERS
	Loans Held for Sale		2,349			40,212
								Trust Income	209			185			DIRECTORS
	Loans, net		828,614			801,489		Noninterest Income	1,846			2,436			Neil J. Van Dyke -Chair		Michael R. Barrett - St. Johnsbury
															Timothy W. Sargent -Vice Chair		Steven J. Bourgeois - St. Albans
	Reserve for Loan Losses		(8,336)			(8,429)		Noninterest Expenses:							Joel S. Bourassa		Andrew A. Dean - Northern NH
								Salaries & Wages	3,410			3,083			Dawn D. Bugbee		Stanley T. Fillion - Northern NH
	Premises and Equipment, net		21,320			19,882									John M. Goodrich		Rosemary H. Gingue - St. Johnsbury
								Employee Benefits	1,305			1,169			Mary K. Parent		John M. Goodrich - St. Johnsbury
	Accrued Interest & other Assets		51,179			36,904									Nancy C. Putnam		Christopher M. Knapp - Northern NH
															Gregory D. Sargent		Coleen K. Kohaut - St. Albans
	Total Assets		$	1,233,543		$	1,104,318	Occupancy Expense, net	527			477			David S. Silverman		Justin P. Lavely - St. Johnsbury
															Janet P. Spitler		Daniel J. Luneau - St. Albans
								Equipment Expense	916			798			John H. Steel		Mary K. Parent - St. Johnsbury
																	Samuel H. Ruggiano - St. Albans
																	Christine A. Sheley - Northern NH
	LIABILITIES & SHAREHOLDERS' EQUITY	March 31, 2022			March 31, 2021			Other Expenses	1,956			1,926					David S. Silverman - All
															Union Bank Offices (ATMs at all Branch Locations)
								Total	8,114			7,453
	Noninterest Bearing Deposits		$	303,077		$	231,992
								Income Before Taxes	2,904			3,417			VERMONT
	Interest Bearing Deposits		726,864			648,960
															Berlin	1028 US Route 302		802.476.0061
	Time Deposits		104,303			126,939		Income Tax Expense	422			541			Fairfax	Jct. Routes 104 & 128		802.849.2600
															Hardwick	103 VT Route 15 West		802.472.8100
	Borrowed Funds		—			7,164		Net income	$	2,482		$	2,876		Jeffersonville	5062 VT Route 15		802.644.6600
															Jericho	368 VT Route 15		802.899.7500
	Subordinated Debentures and Notes		16,179			—		Earnings per share	$	0.55		$	0.64		Johnson	198 Lower Main Street		802.635.6600
															Lyndonville	183 Depot Street		802.626.3100
	Accrued Interest & Other Liabilities		13,703			9,440		Book Value Per Share	$	15.45		$	17.81		Morrisville	20 Lower Main Street		802.888.6600
																65 Northgate Plaza		802.888.6860
	Common Stock		9,937			9,911									Shelburne	5068 Shelburne Road		802.985.0250
															St. Albans	15 Mapleville Depot		802.524.9000
	Additional Paid-in Capital		1,878			1,504									St. Johnsbury	Operations and Loan Center
	Retained Earnings															364 Railroad Street		802.748.3131
			79,259			72,494										Branch
	Accumulated Other Comprehensive (loss) Income		(17,426)			81										325 Portland Street		802.748.3121
															Stowe	47 Park Street		802.253.6600
															Williston	Branch
	Treasury Stock at Cost		(4,231)			(4,167)										31 Market St		802.878.7900
																Loan Center
	Total Liabilities & Shareholders' Equity		$	1,233,543		$	1,104,318									31 Market St		802.865.1000
	Standby letters of credit were $2,143,000 and $2,609,000 at March 31, 2022 and 2021, respectively.														NEW HAMPSHIRE
															Groveton	3 State Street		603.636.1611
															Littleton	263 Dells Road		603.444.7136
																76 Main Street		603.444.5321
															Lincoln	135 Main Street		603.745.4000
															North Conway	Commercial Loan Center
																2541 White Mountain Hwy		603.662.9408