8-K
UNION BANKSHARES INC (UNB)
8-K
2025-11-07
For: 2025-11-06
View Original
Added on
April 09, 2026
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 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 November 6, 2025, Union Bankshares, Inc (the "Company") distributed its Third Quarter 2025 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, 2025 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 2025 Report to Shareholders distributed November 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. | |
|---|---|
| November 7, 2025 | /s/ David S. Silverman |
| David S. Silverman | |
| President/Chief Executive Officer | |
| November 7, 2025 | /s/ Karyn J. Hale |
| Karyn J. Hale | |
| Chief Financial Officer |
1
EXHIBIT INDEX
| Exhibit 99.1 | Union Bankshares, Inc. Third Quarter 2025 Report to Shareholders distributed November 6, 2025. |
|---|
Document
Exhibit 99.1
| November 6, 2025 | ||||
|---|---|---|---|---|
| I am pleased to present Union Bankshares Inc.’s financial results for the third quarter ended September 30, 2025. Our net interest margin continues to strengthen quarter over quarter, driven by the increase in higher-yielding assets and the runoff of lower-yielding ones. This, coupled with a focus on growing core deposits to replace wholesale funding, is helping our financial performance. We are fortunate to have a dedicated team of bankers executing our game plan and the trust of our growing customer base.Consolidated net income reached 3.4 million for the third quarter and 8.3 million for the nine months ended September 30, 2025, compared to 1.3 million and 5.8 million for the same periods in 2024. Last year’s results were impacted by the strategic balance sheet repositioning which included the sale of 38.8 million in lower-yielding debt securities for a pre-tax realized loss of 1.3 million.Total assets grew to 1.57 billion, up from 1.52 billion a year ago. Loan growth was a key driver, with loans increasing 5.1% to 1.18 billion. Investment securities rose 6.4% to 262.4 million, while federal funds sold and overnight deposits declined 28.6%, reflecting strategic liquidity management.Asset quality remains strong. The allowance for credit losses on loans increased 14.0% over the comparison period, driven by loan growth and proactive risk management. Management continues to monitor macroeconomic indicators and adjust reserves as needed.We originated and sold 46.0 million in qualifying residential loans to the secondary market this quarter, and 102.8 million year-to-date, compared to 35.2 million and 76.1 million for the same periods last year.Total deposits were 1.19 billion, including purchased brokered deposits of 65.3 million. Federal Home Loan Bank advances totaled 270.8 million, up from 230.7 million last year. | Shareholders equity strengthened, with book value per share rising 6.1% to $16.95 and retained earnings increasing 5.3% to $95.1 million.<br><br>Net interest income was $11.2 million, up 18.3% from last year. Interest income increased 11.7% to $19.2 million, while interest expense rose 3.7% to $8.1 million. Noninterest income was $3.4 million, and noninterest expenses increased 9.9% to $10.3 million<br><br>As autumn transitions to winter in northern Vermont and New Hampshire, our region continues to benefit from robust tourism, with local businesses, inns, and restaurants seeing excellent traffic. While locals may consider this year’s foliage viewing average, it has done little to dampen the enthusiasm of visitors from near and far.<br><br>This coupled with a beautiful sunshine filled autumn has led to a banner Fall Foliage tourism season. The nearly constant sunny days from midsummer through fall have caused a localized drought worrying residents about their water wells and springs. This has also greatly impacted local agriculture, particularly those involved in the dairy industry. As always, we are dependent on weather in so many ways. Generally, despite some economic uncertainty, our region’s economy remains sound and our asset quality is evidence of this.<br><br>We are pleased to inform you that your Board of Directors declared a cash dividend of $0.36 per share, payable November 6, 2025, to shareholders of record as of October 25, 2025.<br><br>Thank you for your continued trust and support.<br><br>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 Bethany Moore, 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 11717866.321.8022 or720.378.5956E-mail: shareholder@broadridge.com | ||||
| NASDAQ STOCK MARKET | ||||
| Ticker Symbol: UNBCorporate Name: Union Bankshares, Inc.Corporate Address:20 Lower Main StreetP.O. Box 667Morrisville, VT 05661-0667Investor Relations: UBLocal.com | ||||
| David S. Silverman<br><br>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. |
All values are in US Dollars.
| Consolidated Balance Sheets(unaudited, in thousands) | Consolidated Statements of Income<br><br>(unaudited, in thousands) | Union Bankshares, Inc. | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DIRECTORS | OFFICERS | ||||||||||||||||||||||||||||||||||||||||||
| Neil J. Van Dyke - Chair | Neil J. Van Dyke - Chair | ||||||||||||||||||||||||||||||||||||||||||
| ASSETS | SEPT 30, 2025 | SEPT 30, 2024 | SEPT 30, 2025 | SEPT 30, 2024 | SEPT 30, 2025 | SEPT 30, 2024 | Timothy W. Sargent - Vice Chair | David S. Silverman - President & CEO | |||||||||||||||||||||||||||||||||||
| Dawn D. Bugbee | Karyn J. Hale - Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||
| (3 months ended) | (9 months ended) | ||||||||||||||||||||||||||||||||||||||||||
| Timothy W. Sargent - Secretary | |||||||||||||||||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 4,923 | $ | 4,468 | Interest Income | $ | 19,207 | 17,191 | $ | 56,223 | $ | 49,364 | |||||||||||||||||||||||||||||||
| Nancy C. Putnam | Bethany Moore - Assistant Secretary | ||||||||||||||||||||||||||||||||||||||||||
| Interest Expense | 8,051 | 7,761 | 24,351 | 21,442 | Gregory D. Sargent | ||||||||||||||||||||||||||||||||||||||
| Federal Funds Sold & Overnight Deposits | 30,550 | 42,793 | David S. Silverman | ||||||||||||||||||||||||||||||||||||||||
| Net Interest Income | 11,156 | 9,430 | 31,872 | 27,922 | Janet P. Spitler | ||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits in Banks | 8,457 | 13,445 | |||||||||||||||||||||||||||||||||||||||||
| Credit Loss Expense | 313 | 425 | 769 | 583 | |||||||||||||||||||||||||||||||||||||||
| Investment Securities | 262,371 | 246,658 | Net Interest Income After<br>Credit Loss Expense | 10,843 | 9,005 | 31,103 | 27,339 | Union Bank | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | ||||||||||||||||||||||||||||||||||
| Loans Held for Sale | 4,529 | 8,449 | |||||||||||||||||||||||||||||||||||||||||
| DIRECTORS | |||||||||||||||||||||||||||||||||||||||||||
| Loans, net | 1,176,380 | 1,119,480 | Wealth Management Income | 297 | 265 | 868 | 793 | Neil J. Van Dyke - Chair | Michael R. Barrett - St. Johnsbury | ||||||||||||||||||||||||||||||||||
| Timothy W. Sargent - Vice Chair | Steven J. Bourgeois - St. Albans | ||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (8,397) | (7,366) | Net losses on Sales of Investment Securities | — | (1,293) | — | (1,293) | Dawn D. Bugbee | Andrew A. Dean - Northern NH | ||||||||||||||||||||||||||||||||||
| Mary K. Parent | Stanley T. Fillion - Northern NH | ||||||||||||||||||||||||||||||||||||||||||
| Noninterest Income | 3,053 | 2,633 | 7,681 | 7,437 | Nancy C. Putnam | Rosemary H. Gingue - St. Johnsbury | |||||||||||||||||||||||||||||||||||||
| Premises and Equipment, net | 19,980 | 20,460 | Gregory D. Sargent | John M. Goodrich - Northern NH | |||||||||||||||||||||||||||||||||||||||
| Noninterest Expenses: | David S. Silverman | Christopher M. Knapp - Northern NH | |||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Assets | 75,124 | 71,107 | Salaries & Wages | 4,436 | 4,015 | 12,432 | 11,342 | Janet P. Spitler | Coleen K. Kohaut - St. Albans | ||||||||||||||||||||||||||||||||||
| Justin P. Lavely - St. Johnsbury | |||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,573,917 | $ | 1,519,494 | Employee Benefits | 1,406 | 1,522 | 4,958 | 4,642 | Daniel J. Luneau - St. Albans | |||||||||||||||||||||||||||||||||
| Samuel H. Ruggiano - St. Albans | |||||||||||||||||||||||||||||||||||||||||||
| Occupancy Expense, net | 537 | 505 | 1,736 | 1,618 | Christine A. Sheley - Northern NH | ||||||||||||||||||||||||||||||||||||||
| David S. Silverman - All | |||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | SEPT 30, 2025 | SEPT 30, 2024 | Equipment Expense | 1,095 | 1,006 | 3,244 | 2,966 | ||||||||||||||||||||||||||||||||||||
| Union Bank Offices<br><br>(ATMs at all Branch Locations) | |||||||||||||||||||||||||||||||||||||||||||
| Other Expenses | 2,869 | 8,284 | 7,845 | ||||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 227,202 | $ | 233,770 | |||||||||||||||||||||||||||||||||||||||
| Total | 10,343 | 9,409 | 30,654 | 28,413 | VERMONT | ||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | 651,261 | 643,593 | Income Before Taxes | 3,850 | 1,201 | 8,998 | 5,863 | ||||||||||||||||||||||||||||||||||||
| Berlin | 1028 US Route 302 | 802.476.0061 | |||||||||||||||||||||||||||||||||||||||||
| Time Deposits | 311,123 | 295,900 | Income Tax Expense (Benefit) | 414 | (123) | 666 | 103 | Fairfax | Jct. Routes 104 & 128 | 802.849.2600 | |||||||||||||||||||||||||||||||||
| Hardwick | 103 VT Route 15 West | 802.472.8100 | |||||||||||||||||||||||||||||||||||||||||
| Borrowed Funds | 270,841 | 240,696 | Net income | $ | 3,436 | $ | 8,332 | $ | 5,760 | Jeffersonville | 5062 VT Route 15 | 802.644.6600 | |||||||||||||||||||||||||||||||
| Jericho | 368 VT Route 15 | 802.899.7500 | |||||||||||||||||||||||||||||||||||||||||
| Subordinated Notes | 16,299 | 16,264 | Earnings Per Share | $ | 0.75 | $ | 1.83 | $ | 1.27 | Lyndonville | 183 Depot Street | 802.626.3100 | |||||||||||||||||||||||||||||||
| Morrisville | 20 Lower Main Street | 802.888.6600 | |||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Liabilities | 19,512 | 16,970 | Book Value Per Share | $ | 16.95 | $ | 15.98 | 65 Northgate Plaza | 802.888.6860 | ||||||||||||||||||||||||||||||||||
| Shelburne | 5068 Shelburne Road | 802.985.0227 | |||||||||||||||||||||||||||||||||||||||||
| Common Stock | 10,110 | 9,999 | St. Albans | 15 Mapleville Depot | 802.524.9000 | ||||||||||||||||||||||||||||||||||||||
| St. Johnsbury | Operations and Loan Center | ||||||||||||||||||||||||||||||||||||||||||
| Additional Paid-in Capital | 4,234 | 3,089 | 364 Railroad Street | 802.748.3131 | |||||||||||||||||||||||||||||||||||||||
| Retained Earnings | Branch | ||||||||||||||||||||||||||||||||||||||||||
| 95,148 | 90,350 |  |
325 Portland Street | 802.748.3121 | |||||||||||||||||||||||||||||||||||||||
| Accumulated OtherComprehensive Loss | (27,530) | (26,831) | Stowe | 47 Park Street | 802.253.6600 | ||||||||||||||||||||||||||||||||||||||
| Williston | Branch | ||||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.878.7900 | ||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock at Cost | (4,283) | (4,306) | Loan Center | ||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.865.1000 | ||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,573,917 | $ | 1,519,494 | |||||||||||||||||||||||||||||||||||||||
| Standby letters of credit were 1,635,000 and 1,509,000 at September 30, 2025 and 2024, respectively. | NEW HAMPSHIRE | ||||||||||||||||||||||||||||||||||||||||||
| Groveton | 3 State Street | 603.636.1611 | |||||||||||||||||||||||||||||||||||||||||
| Littleton | 263 Dells Road | 603.444.7136 | |||||||||||||||||||||||||||||||||||||||||
| 76 Main Street | 603.444.5321 | ||||||||||||||||||||||||||||||||||||||||||
| 135 Main Street | 603.745.4000 | ||||||||||||||||||||||||||||||||||||||||||
| 120 North-South Road | 603.356.4010 |
All values are in US Dollars.