UNB 8-K
Union Bankshares Inc (UNB)
8-K
2026-02-05
For: 2026-02-05
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): February 5, 2026
(Exact name of registrant as specified in its charter)
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| of incorporation) | File Number) | Identification Number) | |||||||||
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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:
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
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) | ||||
Exhibit 99.1
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| February 5, 2026 | ||||||||||||||||||||||||||
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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 net interest 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, compared to $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. 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. 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. 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. 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 11717 866.321.8022 or 720.378.5956 E-mail: [email protected] | ||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||
 | 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, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mary K. Parent | 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 Credit Loss Expense | 11,143 | 10,095 | 42,246 | 37,434 | Union Bank | REGIONAL ADVISORY BOARD 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 (ATMs at all Branch Locations) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses | 2,769 | 2,602 | 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 | $ | 3,001 | $ | 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 | $ | 0.67 | $ | 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 Other Comprehensive 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lincoln | 135 Main Street | 603.745.4000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| North Conway | 120 North-South Road | 603.356.4010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||