8-K - UNB - Equibles

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 5, 2026

(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 5, 2026, Union Bankshares, Inc. (the "Company") distributed its Fourth 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 twelve months ended December 31, 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. Fourth Quarter 2025 Report to Shareholders distributed February 5, 2026 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 5, 2026	/s/ David S. Silverman
	David S. Silverman
	President/Chief Executive Officer
February 5, 2026	/s/ Karyn J. Hale
	Karyn J. Hale
	Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1	Union Bankshares, Inc. Fourth Quarter 2025 Report to Shareholders distributed February 5, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Document

Exhibit 99.1

February 5, 2026
As we open 2026 with a great beginning to the winter season across our communities, I’m pleased to share results that reflect the resilience of our bank and the discipline of our team. Our performance in 2025 demonstrates that we are executing against our long-term strategy while serving customers and neighbors with consistency and care.For the full year 2025, Union Bankshares delivered consolidated net income of 11.1 million, or 2.43 per share, up from 8.8 million, or 1.94 per share, in 2024—a year that included a strategic bond sale resulting in a pre-tax loss of 1.3 million to reposition the balance sheet for future earnings. Fourth quarter 2025 net income was 2.7 million versus 3.0 million in the same period of 2024, reflecting higher noninterest expenses partially offset by stronger net interest income, higher noninterest income, and lower credit loss expense.Top-line momentum remained healthy. Interest income rose to 75.8 million in 2025 from 68.0 million in 2024, driven by a larger earning asset base and higher yields, while interest expense increased to 32.8 million from 29.6 million. Together, these shifts produced a 4.7 million, or 12.1%, improvement in netinterest income year over year. Credit loss expense declined to 774 thousand from 930 thousand, consistent with portfolio mix and performance. Noninterest income reached 11.5 million, supported by mortgage banking gains of 2.1 million, comparedto 1.7 million in 2024, alongside continued strength in core fee categories. As we invested in talent and capabilities, noninterest expenses rose to 41.7 million from 38.0 million, reflecting higher salaries and benefits as well as occupancy and equipment costs.Our balance sheet remains a source of strength. Total assets ended the year at 1.62 billion, up 5.8% from 1.52 billion in 2024. We prudently increased investment securities to 328.3 million from 252.3 million, pre-investing expected cash flows late in the year. Loans grew modestly to 1.2 billion, tempered				by robust secondary-market sales of qualifying mortgages totaling $143.5 million, up from $113.5 million in 2024. Asset quality remains solid; the allowance for credit losses increased to $8.4 million from $7.7 million as we continually calibrate for risk. Total deposits were $1.21 billion, including $10.2 million of brokered deposits, and we utilized $286.5 million in FHLB advances to effectively manage funding and liquidity.<br><br>Stockholders’ equity strengthened meaningfully. Book value per share increased 19.7% to $17.53 from $14.65, aided by retained earnings of $96.2 million, growth in additional paid-in capital to $4.6 million following sales of 56,260 shares (net proceeds of $1.2 million), and an improved accumulated other comprehensive loss position of $25.9 million versus $34.0 million in 2024. Reflecting our continued commitment to returning capital, the Board declared a quarterly cash dividend of $0.36 per share, payable February 5, 2026 to shareholders of record as of January 31, 2026.<br><br>The early winter has brought a welcome lift to many local businesses and households, and we are encouraged by the constructive tone we’re seeing in our markets. While we will navigate the same uncertainties as our industry peers, our strong credit culture, careful balance-sheet positioning, and deep community relationships give us confidence that the positive trends we saw in 2025 can continue.<br><br>Thank you for your continued trust and investment in Union Bankshares. We enter the new year with momentum, a clear strategy, and a shared commitment to delivering long-term value—for our customers, communities, employees, and you, our owners.<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	DEC 31, 2025					DEC 31, 2024							DEC 31, 2025					DEC 31, 2024				DEC 31, 2025					DEC 31, 2024									Timothy W. Sargent - Vice Chair					David S. Silverman - President & CEO
					Dawn D. Bugbee					Karyn J. Hale - Chief Financial Officer
																	(3 months ended)									(12 months ended)
																									Timothy W. Sargent - Secretary
Cash and Due from Banks			$	4,658				$	5,168				Interest Income		$	19,565					18,590					$	75,788					$	67,954
																													Nancy C. Putnam									Bethany Moore - Assistant Secretary
											Interest Expense			8,417					8,148				32,768					29,590						Gregory D. Sargent
Federal Funds Sold & Overnight Deposits			7,642					10,670																					David S. Silverman
									Net Interest Income			11,148					10,442				43,020					38,364						Janet P. Spitler
Interest Bearing Deposits in Banks			8,955					9,462
									Credit Loss Expense			5					347				774					930
Investment Securities			328,293					252,258					Net Interest Income After<br>Credit Loss Expense		11,143					10,095				42,246						37,434						Union Bank					REGIONAL<br>ADVISORY BOARD<br>MEMBERS
Loans Held for Sale			4,172					5,204
																																DIRECTORS
Loans, net			1,176,800					1,157,898					Wealth Management Income		319					274				1,187						1,067						Neil J. Van Dyke - Chair					Michael R. Barrett - St. Johnsbury
																							Timothy W. Sargent - Vice Chair								Steven J. Bourgeois - St. Albans
Allowance for Credit Losses			(8,407)					(7,680)					Net losses on Sales of Investment Securities		—					—				—						(1,293)						Dawn D. Bugbee					Andrew A. Dean - Northern NH
																							Walter B. Frane III								Stanley T. Fillion - Northern NH
													Noninterest Income		2,594					2,512				10,275						9,949						Mary K. Parent					Rosemary H. Gingue - St. Johnsbury
Premises and Equipment, net			19,847					20,225																				Nancy C. Putnam								John M. Goodrich - Northern NH
													Noninterest Expenses:																							Gregory D. Sargent					Christopher M. Knapp - Northern NH
Accrued Interest & Other Assets			75,231					75,153					Salaries & Wages		5,020					4,336				17,452						15,678						David S. Silverman					Coleen K. Kohaut - St. Albans
																												Janet P. Spitler								Justin P. Lavely - St. Johnsbury
Total Assets			$	1,617,191				$	1,528,358				Employee Benefits		1,521					1,074				6,479						5,716											Daniel J. Luneau - St. Albans
																																		Samuel H. Ruggiano - St. Albans
													Occupancy Expense, net		599					576				2,335						2,194											Christine A. Sheley - Northern NH
																																				David S. Silverman - All
LIABILITIES & SHAREHOLDERS' EQUITY	DEC 31, 2025					DEC 31, 2024							Equipment Expense		1,137					1,026				4,381						3,992
														Union Bank Offices<br><br>(ATMs at all Branch Locations)
													Other Expenses			2,769									11,053						10,447
Noninterest Bearing Deposits			$	226,939				$	226,048
											Total			11,046					9,614				41,700					38,027						VERMONT
Interest Bearing Deposits			725,996					714,862					Income Before Taxes		3,010					3,267				12,008						9,130
																							Berlin				1028 US Route 302								802.476.0061
Time Deposits			262,047					227,984					Income Tax Expense		262					266				928						369						Fairfax			Jct. Routes 104 & 128				802.849.2600
																																				Hardwick			103 VT Route 15 West				802.472.8100
Borrowed Funds			286,481					259,696					Net income		$	2,748								$	11,080					$	8,761					Jeffersonville			5062 VT Route 15				802.644.6600
																																				Jericho			368 VT Route 15				802.899.7500
Subordinated Notes			16,307					16,273					Earnings Per Share		$	0.60								$	2.43					$	1.94					Lyndonville			183 Depot Street				802.626.3100
																																				Morrisville			20 Lower Main Street				802.888.6600
Accrued Interest & Other Liabilities			18,557					17,015					Book Value Per Share											$	17.53					$	14.65								65 Northgate Plaza				802.888.6860
																																				Shelburne			5068 Shelburne Road				802.985.0227
Common Stock			10,169					10,024																												St. Albans			15 Mapleville Depot				802.524.9000
																																				St. Johnsbury			Operations and Loan Center
Additional Paid-in Capital			4,607					3,031																															364 Railroad Street				802.748.3131
Retained Earnings																																							Branch
		96,247					91,722																														325 Portland Street					802.748.3121
Accumulated OtherComprehensive Loss			(25,883)					(33,997)																												Stowe			47 Park Street				802.253.6600
																																Williston			Branch
																																			31 Market St					802.878.7900
Treasury Stock at Cost			(4,276)					(4,300)																															Loan Center
																			31 Market St				802.865.1000
Total Liabilities & Shareholders' Equity			$	1,617,191				$	1,528,358
Standby letters of credit were 1,573,000 and 1,640,000 at December 31, 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.