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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): February 6, 2025

(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 February 6, 2025, Union Bankshares, Inc (the "Company") distributed its Fourth 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 twelve months ended December 31, 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. Fourth Quarter 2024 Report to Shareholders distributed February 6, 2025 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.

February 6, 2025			/s/ David S. Silverman
			David S. Silverman
			President/Chief Executive Officer

February 6, 2025			/s/ Karyn J. Hale
			Karyn J. Hale
			Chief Financial Officer

EXHIBIT INDEX


Exhibit 99.1			Union Bankshares, Inc. Fourth Quarter 2024 Report to Shareholders distributed February 6, 2025.

EX-99.1 2 exhibit9914thqtr2024shrepo.htm EXHIBIT 99.1 Document

Exhibit 99.1

February 6, 2025

We are pleased to report results for the three months and year ended December 31, 2024. Consolidated net income for the three months ended December 31, 2024, was $3.0 million, compared to $3.0 million, for the same period in 2023, and $8.8 million, for the year ended December 31, 2024, compared to $11.3 million, for the same period in 2023. The decrease in earnings for the comparison periods was impacted by the previously announced balance sheet repositioning with the sale of $38.8 million of 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 repositioning were invested in higher yielding debt securities and loans. Also impacting 2024 profitability was credit loss expense of $930 thousand for the year ended December 31, 2024, compared to a benefit of $499 thousand for the year ended December 31, 2023, a difference of $1.429 million year over year. The increase in credit loss expense was to support loan growth during 2024 and was not due to a deterioration in credit quality.

Total assets were $1.53 billion as of December 31, 2024, compared to $1.47 billion as of December 31, 2023, an increase of $59.5 million, or 4.0%. Loan demand was robust in 2024 resulting in an increase of $130.0 million, or 12.6%, to reach $1.16 billion as of December 31, 2024, compared to $1.03 billion as of December 31, 2023. Asset quality remains strong with minimal past due loans and net recoveries of $22 thousand for the year ended December 31, 2024.

Total deposits were $1.17 billion as of December 31, 2024, compared to deposits of $1.31 billion as of December 31, 2023, that include $153.0 million of purchased brokered deposits. There were no purchased deposits as of December 31, 2024. Federal Home Loan Bank advances of $259.7 million were outstanding as of December 31, 2024, compared to

$55.7 million outstanding as of December 31, 2023. There were also $10.0 million in advances from the Federal Reserve’s Bank Term Funding Program outstanding as of December 31, 2023.

The Company had total equity capital of $66.5 million and a book value per share of $14.65 as of December 31, 2024, compared to $65.8 million and a book value of $14.56 per share as of December 31, 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 December 31, 2024, was $34.0 million compared to $32.0 million as of December 31, 2023.

The local and national economies display continued resilience. We had expected the Federal Reserve to drop short term interest rates more than the 100 basis point reduction that occurred in 2024. Likewise, it appears that interest rates will be “higher for longer” with the yield curve moving from inverted to positively steepening and short term rates being lower than long term rates. This is good for our net interest margin, though funding costs remain higher than hoped for. This will be a continued challenge in 2025. We continue to seek to originate sound, appropriately priced loans to improve our net interest margin as well as exploring other strategies to increase profitability.

The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable February 6, 2025, to shareholders of record as of January 25, 2025.

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 18 banking offices, 3 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	Dec 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023			Timothy W. Sargent - Vice Chair		David S. Silverman - President & CEO

																			Joel S. Bourassa		Karyn J. Hale - Chief Financial Officer
								(3 months ended)						(12 months ended)
																			Dawn D. Bugbee		Timothy W. Sargent - Secretary
Cash and Due from Banks		$	5,168		$	4,429	Interest Income	$	18,590		$	15,416		$	67,954		$	57,110
																			Mary K. Parent		Kristy Adams Alfieri - Assistant Secretary

							Interest Expense	8,148			6,314			29,590			19,267		Nancy C. Putnam
Federal Funds Sold & Overnight Deposits		10,670			73,237														Gregory D. Sargent
							Net Interest Income	10,442			9,102			38,364			37,843		David S. Silverman
Interest Bearing Deposits in Banks		9,462			14,690														Janet P. Spitler
							Credit Loss Expense (Benefit)	347			(338)			930			(499)
Investment Securities		252,258			265,883		Net Interest Income After Credit Loss Expense (Benefit)	10,095			9,440			37,434			38,342		Union Bank		REGIONAL ADVISORY BOARD MEMBERS
Loans Held for Sale		5,204			3,070
																			DIRECTORS
Loans, net		1,157,898			1,030,022		Wealth Management Income	274			248			1,067			943		Neil J. Van Dyke - Chair		Michael R. Barrett - St. Johnsbury
																			Timothy W. Sargent - Vice Chair		Steven J. Bourgeois - St. Albans
Allowance for Credit Losses		(7,680)			(6,566)		Net losses on sales of investment securities	—			—			(1,293)			—		Joel S. Bourassa		Andrew A. Dean - Northern NH
																			Dawn D. Bugbee		Stanley T. Fillion - Northern NH
Premises and Equipment, net		20,225			20,771		Noninterest Income	2,512			2,421			9,949			8,961		Mary K. Parent		Rosemary H. Gingue - St. Johnsbury
																			Nancy C. Putnam		John M. Goodrich - Northern NH
Accrued Interest & Other Assets		75,153			63,343		Noninterest Expenses:												Gregory D. Sargent		Christopher M. Knapp - Northern NH
																			David S. Silverman		Coleen K. Kohaut - St. Albans
Total Assets		$	1,528,358		$	1,468,879	Salaries & Wages	4,336			3,352			15,678			14,247		Janet P. Spitler		Justin P. Lavely - St. Johnsbury
																					Daniel J. Luneau - St. Albans
							Employee Benefits	1,074			1,300			5,716			5,365				Samuel H. Ruggiano - St. Albans
																					Christine A. Sheley - Northern NH
LIABILITIES & SHAREHOLDERS' EQUITY	Dec 31, 2024			Dec 31, 2023			Occupancy Expense, net	576			516			2,194			2,035				David S. Silverman - All
																			Union Bank Offices (ATMs at all Branch Locations)
							Equipment Expense	1,026			1,008			3,992			3,722
Noninterest Bearing Deposits		$	226,048		$	250,992
							Other Expenses	2,602			2,454			10,447			10,000		VERMONT
Interest Bearing Deposits		714,862			765,689
							Total	9,614			8,630			38,027			35,369		Berlin	1028 US Route 302		802.476.0061
Time Deposits		227,984			288,922		Income Before Taxes	3,267			3,479			9,130			12,877		Fairfax	Jct. Routes 104 & 128		802.849.2600
																			Hardwick	103 VT Route 15 West		802.472.8100
Borrowed Funds		259,696			65,696		Income Tax (Benefit) Expense	266			430			369			1,620		Jeffersonville	5062 VT Route 15		802.644.6600
																			Jericho	368 VT Route 15		802.899.7500
Subordinated Notes		16,273			16,239		Net income	$	3,001		$	3,049		$	8,761		$	11,257	Lyndonville	183 Depot Street		802.626.3100
																			Morrisville	20 Lower Main Street		802.888.6600
Accrued Interest & Other Liabilities		17,015			15,534		Earnings Per Share	$	0.67		$	0.68		$	1.94		$	2.50		65 Northgate Plaza		802.888.6860
																			Shelburne	5068 Shelburne Road		802.985.0227
Common Stock		10,024			9,991		Book Value Per Share							$	14.65		$	14.56	St. Albans	15 Mapleville Depot		802.524.9000
																			St. Johnsbury	Operations and Loan Center
Additional Paid-in Capital		3,031			2,621															364 Railroad Street		802.748.3131
Retained Earnings																				Branch
		91,722			89,472															325 Portland Street		802.748.3121
Accumulated Other Comprehensive Loss		(33,997)			(31,955)														Stowe	47 Park Street		802.253.6600
																			Williston	Branch
																				31 Market St		802.878.7900
Treasury Stock at Cost		(4,300)			(4,322)															Loan Center
																				31 Market St		802.865.1000
Total Liabilities & Shareholders' Equity		$	1,528,358		$	1,468,879
Standby letters of credit were $1,640,000 and $1,557,000 at December 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