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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2024

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.


(State or other jurisdiction		(Commission	(IRS Employer
of incorporation)		File Number)	Identification Number)
VT		001-15985	03-0283552

(Address of principal executive offices)			(Zip Code)
20 Lower Main St., P.O. Box 667			05661-0667
Morrisville	,	VT

Registrant's telephone number, including area code: (802) 888-6600

(Former name or former address, if changed since last report)

Not applicable

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

Common Stock, $2.00 par value

UNB

Nasdaq Stock Market

(Title of class)

(Trading Symbol)

(Exchanges registered on)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02: Results of Operations and Financial Condition

As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 and in Exhibits 99.1 hereto shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing.

On November 7, 2024, Union Bankshares, Inc (the "Company") distributed its Third Quarter 2024 unaudited Report to Shareholders (the "Quarterly Report") presenting information concerning the Company's results of operations and financial condition for the three and nine months ended September 30, 2024 and declaration of a regular quarterly dividend. A copy of the Quarterly Report is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01: Financial Statements and Exhibits

d) Exhibits:


			99.1			Union Bankshares, Inc. Third Quarter 2024 Report to Shareholders distributed November 7, 2024 referred to in Item 2.02 of the Report as furnished, not filed; herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			Union Bankshares, Inc.

November 7, 2024			/s/ David S. Silverman
			David S. Silverman
			President/Chief Executive Officer

November 7, 2024			/s/ Karyn J. Hale
			Karyn J. Hale
			Chief Financial Officer

EXHIBIT INDEX


Exhibit 99.1			Union Bankshares, Inc. Third Quarter 2024 Report to Shareholders distributed November 7, 2024.

EX-99.1 2 exhibit9913rdqtr2024shrepo.htm EXHIBIT 99.1 Document

Exhibit 99.1

November 7, 2024

We are pleased to report a summary of the financial results for Union Bankshares, Inc., for the three months ended September 30, 2024. Consolidated net income was $1.3 million, compared to $2.5 million, for the same period in 2023, and $5.8 million, for the nine months ended September 30, 2024, compared to $8.2 million, for the same period in 2023. The decrease in earnings for the comparison periods was primarily due to the impact of a strategic balance sheet repositioning executed during the third quarter. 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. The proceeds of the securities sale were invested in higher yielding securities and loans. The loss is projected to be earned back in approximately 12 months from the newly acquired higher yielding assets.

Total assets were $1.52 billion as of September 30, 2024, compared to $1.40 billion as of September 30, 2023. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.13 billion as of September 30, 2024, compared to $1.03 billion as of September 30, 2023. Asset quality remains strong with minimal past due loans and net recoveries of $15 thousand thus far this year.

Loan demand has remained strong during the third quarter of 2024 with growth in the residential, commercial, and municipal portfolios, despite higher interest rates a low residential inventory. Qualifying residential loans of $76.1 million were sold during the first nine months of 2024 compared to sales of $54.2 million for the first nine months of 2023.

Total deposits were $1.17 billion as of September 30, 2024 and include $80.0 million of purchased brokered deposits compared to deposits of $1.22 billion as of September 30, 2023, with $153.0 million of purchased deposits. Federal Home

Loan Bank advances of $230.7 million were outstanding as of September 30, 2024, compared to $90.7 million outstanding as of September 30, 2023. In addition to borrowings from the Federal Home Loan Bank, $10.0 million in advances from the Federal Reserve’s Bank Term Funding Program were outstanding as of September 30, 2024..

The Company had total equity capital of $72.3 million and a book value per share of $15.98 as of September 30, 2024, compared to $49.2 million and a book value of $10.92 per share as of September 30, 2023. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of September 30, 2024, was $26.8 million compared to $47.1 million as of September 30, 2023. The reduction in other comprehensive loss is mainly attributable to the decrease in market interest rates between 2023 and 2024, causing the market value of our remaining securities portfolio to increase.

We are nearing the end of a successful Fall Foliage tourism season. We have anecdotal evidence that the season was a tourism standout throughout our market area, though foliage may have been a bit muted compared to other years. The economy in the markets we serve continues to be strong with the unemployment rate remaining low and the housing market remaining tight. Our region remains a great place to live and do business.

The Board of Directors is pleased to declare a cash dividend of $0.36 per share for the quarter payable November 7, 2024, to shareholders of record as of October 26, 2024.

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

About Union 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 19 banking offices, 2 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	Sept 30, 2024			Sept 30, 2023			Sept 30, 2024			Sept 30, 2023			Sept 30, 2024			Sept 30, 2023			Timothy W. Sargent - Vice Chair		David S. Silverman - President & CEO

																			Joel S. Bourassa		Karyn J. Hale - Chief Financial Officer
								(3 months ended)						(9 months ended)
																			Dawn D. Bugbee		Timothy W. Sargent - Secretary
Cash and Due from Banks		$	4,468		$	4,187	Interest Income	$	17,191		$	14,847		$	49,364		$	41,694
																			Mary K. Parent		Kristy Adams Alfieri - Assistant Secretary

							Interest Expense	7,761			5,699			21,442			12,953		Nancy C. Putnam
Federal Funds Sold & Overnight Deposits		42,793			17,143														Gregory D. Sargent
							Net Interest Income	9,430			9,148			27,922			28,741		David S. Silverman
Interest Bearing Deposits in Banks		13,445			14,436														Janet P. Spitler
							Credit Loss Expense (Benefit)	425			(139)			583			(161)
Investment Securities		246,658			250,337		Net Interest Income After Credit Loss Expense (Benefit)	9,005			9,287			27,339			28,902		Union Bank		REGIONAL ADVISORY BOARD MEMBERS
Loans Held for Sale		8,449			6,452
																			DIRECTORS
Loans, net		1,119,480			1,023,283		Wealth Management Income	265			244			793			695		Neil J. Van Dyke - Chair		Michael R. Barrett - St. Johnsbury
																			Timothy W. Sargent - Vice Chair		Steven J. Bourgeois - St. Albans
Allowance for Credit Losses		(7,366)			(6,895)		Net losses on sales of investment securities	(1,293)			—			(1,293)			—		Joel S. Bourassa		Andrew A. Dean - Northern NH
																			Dawn D. Bugbee		Stanley T. Fillion - Northern NH
Premises and Equipment, net		20,460			20,365		Noninterest Income	2,633			2,223			7,437			6,540		Mary K. Parent		Rosemary H. Gingue - St. Johnsbury
																			Nancy C. Putnam		John M. Goodrich - Northern NH
Accrued Interest & Other Assets		71,107			66,320		Noninterest Expenses:												Gregory D. Sargent		Christopher M. Knapp - Northern NH
																			David S. Silverman		Coleen K. Kohaut - St. Albans
Total Assets		$	1,519,494		$	1,395,628	Salaries & Wages	4,015			3,720			11,342			10,895		Janet P. Spitler		Justin P. Lavely - St. Johnsbury
																					Daniel J. Luneau - St. Albans
							Employee Benefits	1,522			1,217			4,642			4,065				Samuel H. Ruggiano - St. Albans
																					Christine A. Sheley - Northern NH
LIABILITIES & SHAREHOLDERS' EQUITY	Sept 30, 2024			Sept 30, 2023			Occupancy Expense, net	505			459			1,618			1,519				David S. Silverman - All
																			Union Bank Offices (ATMs at all Branch Locations)
							Equipment Expense	1,006			935			2,966			2,714
Noninterest Bearing Deposits		$	233,770		$	229,101
							Other Expenses	2,361			2,595			7,845			7,546		VERMONT
Interest Bearing Deposits		643,593			707,872
							Total	9,409			8,926			28,413			26,739		Berlin	1028 US Route 302		802.476.0061
Time Deposits		295,900			285,315		Income Before Taxes	1,201			2,828			5,863			9,398		Fairfax	Jct. Routes 104 & 128		802.849.2600
																			Hardwick	103 VT Route 15 West		802.472.8100
Borrowed Funds		240,696			90,696		Income Tax (Benefit) Expense	(123)			296			103			1,190		Jeffersonville	5062 VT Route 15		802.644.6600
																			Jericho	368 VT Route 15		802.899.7500
Subordinated Notes		16,264			16,230		Net income	$	1,324		$	2,532		$	5,760		$	8,208	Johnson	198 Lower Main Street		802.635.6600
																			Lyndonville	183 Depot Street		802.626.3100
Accrued Interest & Other Liabilities		16,970			17,168		Earnings Per Share	$	0.29		$	0.56		$	1.27		$	1.82	Morrisville	20 Lower Main Street		802.888.6600
																				65 Northgate Plaza		802.888.6860
Common Stock		9,999			9,969		Book Value Per Share							$	15.98		$	10.92	Shelburne	5068 Shelburne Road		802.985.0227
																			St. Albans	15 Mapleville Depot		802.524.9000
Additional Paid-in Capital		3,089			2,607														St. Johnsbury	Operations and Loan Center
Retained Earnings																				364 Railroad Street		802.748.3131
		90,350			88,045															Branch
Accumulated Other Comprehensive Loss		(26,831)			(47,063)															325 Portland Street		802.748.3121
																			Stowe	47 Park Street		802.253.6600
																			Williston	Branch
Treasury Stock at Cost		(4,306)			(4,312)															31 Market St		802.878.7900
																				Loan Center
Total Liabilities & Shareholders' Equity		$	1,519,494		$	1,395,628														31 Market St		802.865.1000
Standby letters of credit were $1,509,000 and $1,532,000 at September 30, 2024 and 2023, 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	120 North-South Road		603.356.4010