FALSE000070686300007068632025-02-062025-02-06

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)
VT001-1598503-0283552
(Address of principal executive offices)(Zip Code)
20 Lower Main St., P.O. Box 66705661-0667
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 valueUNBNasdaq 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
Union Bankshares, Inc. Fourth Quarter 2024 Report to Shareholders distributed February 6, 2025.


Exhibit 99.1
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February 6, 2025
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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.
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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:
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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
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Neil J. Van Dyke
Chair
David S. Silverman
President & Chief Executive Officer
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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
ASSETSDec 31, 2024Dec 31, 2023Dec 31, 2024Dec 31, 2023Dec 31, 2024Dec 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 Expense8,148 6,314 29,590 19,267 Nancy C. Putnam
Federal Funds Sold & Overnight Deposits10,670 73,237 Gregory D. Sargent
Net Interest Income10,442 9,102 38,364 37,843 David S. Silverman
Interest Bearing Deposits in Banks9,462 14,690 Janet P. Spitler
Credit Loss Expense (Benefit)347 (338)930 (499)
Investment Securities252,258 265,883 Net Interest Income After
Credit Loss Expense (Benefit)		10,095 9,440 37,434 38,342 Union BankREGIONAL
ADVISORY BOARD
MEMBERS
Loans Held for Sale5,204 3,070 
DIRECTORS
Loans, net1,157,898 1,030,022 Wealth Management Income274 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, net20,225 20,771 Noninterest Income2,512 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 Assets75,153 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 & Wages4,336 3,352 15,678 14,247 Janet P. Spitler
Justin P. Lavely - St. Johnsbury
Daniel J. Luneau - St. Albans
Employee Benefits1,074 1,300 5,716 5,365 
Samuel H. Ruggiano - St. Albans
Christine A. Sheley - Northern NH
LIABILITIES & SHAREHOLDERS' EQUITYDec 31, 2024Dec 31, 2023Occupancy Expense, net576 516 2,194 2,035 
David S. Silverman - All
Union Bank Offices
(ATMs at all Branch Locations)
Equipment Expense1,026 1,008 3,992 3,722 
Noninterest Bearing Deposits$226,048 $250,992 
Other Expenses2,602 2,454 10,447 10,000 VERMONT
Interest Bearing Deposits714,862 765,689 
Total9,614 8,630 38,027 35,369 Berlin1028 US Route 302802.476.0061
Time Deposits227,984 288,922 Income Before Taxes3,267 3,479 9,130 12,877 FairfaxJct. Routes 104 & 128802.849.2600
Hardwick103 VT Route 15 West802.472.8100
Borrowed Funds259,696 65,696 Income Tax (Benefit) Expense266 430 369 1,620 Jeffersonville5062 VT Route 15802.644.6600
Jericho368 VT Route 15802.899.7500
Subordinated Notes16,273 16,239 Net income$3,001 $3,049 $8,761 $11,257 Lyndonville183 Depot Street802.626.3100
Morrisville20 Lower Main Street802.888.6600
Accrued Interest & Other Liabilities17,015 15,534 Earnings Per Share$0.67 $0.68 $1.94 $2.50 65 Northgate Plaza802.888.6860
Shelburne5068 Shelburne Road802.985.0227
Common Stock10,024 9,991 Book Value Per Share$14.65 $14.56 St. Albans15 Mapleville Depot802.524.9000
St. JohnsburyOperations and Loan Center
Additional Paid-in Capital3,031 2,621 364 Railroad Street802.748.3131
Retained EarningsBranch
91,722 89,472 325 Portland Street802.748.3121
Accumulated Other
Comprehensive Loss		(33,997)(31,955)Stowe47 Park Street802.253.6600
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WillistonBranch
31 Market St802.878.7900
Treasury Stock at Cost(4,300)(4,322)Loan Center
31 Market St802.865.1000
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
Groveton3 State Street603.636.1611
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Littleton263 Dells Road603.444.7136
76 Main Street603.444.5321
Lincoln135 Main Street603.745.4000
North Conway120 North-South Road603.356.4010

v3.25.0.1
Cover
Feb. 06, 2025
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 06, 2025
Entity Registrant Name UNION BANKSHARES, INC.
Entity Central Index Key 0000706863
Entity Incorporation, State or Country Code VT
Entity File Number 001-15985
Entity Tax Identification Number 03-0283552
Entity Address, Address Line One 20 Lower Main St., P.O. Box 667
Entity Address, City or Town Morrisville
Entity Address, State or Province VT
Entity Address, Postal Zip Code 05661-0667
City Area Code 802
Local Phone Number 888-6600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
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