8-K
UNION BANKSHARES INC (UNB)
8-K
2025-05-01
For: 2025-05-01
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): May 1, 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 May 1, 2025, Union Bankshares, Inc (the "Company") distributed its First Quarter 2025 unaudited Report to Shareholders (the "Quarterly Report") presenting information concerning the Company's results of operations and financial condition for the three months ended March 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. First Quarter 2025 Report to Shareholders distributed May 1, 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. | |
|---|---|
| May 1, 2025 | /s/ David S. Silverman |
| David S. Silverman | |
| President/Chief Executive Officer | |
| May 1, 2025 | /s/ Karyn J. Hale |
| Karyn J. Hale | |
| Chief Financial Officer |
EXHIBIT INDEX
| Exhibit 99.1 | Union Bankshares, Inc. First Quarter 2025 Report to Shareholders distributed May 1, 2025. |
|---|
Document
Exhibit 99.1
| May 1, 2025 | ||||
|---|---|---|---|---|
| We are pleased to report first quarter results for Union Bankshares, Inc. Consolidated net income for the three months ended March 31, 2025, was 2.5 million, or 0.55 per share, compared to 2.4 million, or 0.53 per share, for the same period in 2024. Total assets were 1.52 billion as of March 31, 2025, compared to 1.42 billion as of March 31, 2024, an increase of 107.2 million. On April 16, 2025, the Board of Directors declared a cash dividend of 0.36 per share for the quarter payable May 1, 2025, to shareholders of record as of April 26, 2025.Loan demand was strong in 2024 and through the first three months of 2025 resulting in an increase of 128.0 million, or 12.3%, to reach 1.16 billion as of March 31, 2025, compared to 1.04 billion as of March 31, 2024. Asset yields continue to improve as new loans are originated at current market rates and principal repayments on older loans are redeployed into new loans. This is expected to continue in the near term. Asset quality remains strong with minimal past due loans and no net losses.Total deposits were 1.18 billion as of March 31, 2025 compared to deposits of 1.17 billion as of March 31, 2024, and included brokered deposits of 31.0 million and 101.5 million for the respective periods. Borrowed funds were 240.7 million as of March 31, 2025 compared to 150.7 million as of March 31, 2024. The bank subsidiary has undertaken a company wide deposit growth initiative in 2025 and is producing successful outcomes. The overall goal is to increase customer deposits to fund loan demand and while achieving this, we are enhancing the customer experience, proactively identifying customer needs, expanding internal training on products and services, and promoting a collaborative approach amongst all functional areas of the bank. The initiatives will continue through 2025 and beyond. | Consolidated net income was $2.5 million for the quarter of 2025 compared to $2.4 million for the first quarter of 2024, an increase of $84 thousand, or 3.5%. The increase in net income for the comparison periods was due to an increase in net interest income of $1.3 million, partially offset by a decrease of $127 thousand in noninterest income and increases of $465 thousand in credit loss expense and $601 thousand in noninterest expenses. The increase in credit loss expense was to support loan growth and was not due to a deterioration in credit quality.<br><br>Locally, snow sports enthusiasts enjoyed an extended season, resulting in a good, but not great, tourism season. Previously planned commercial construction projects are moving forward as planned, though sponsors are in no rush to commit to new projects. Likewise, residential construction continues to be active, with evidence that some homeowners are delaying projects due to economic uncertainty. The economic impact of Federal policy decisions is difficult to discern, making managing a business more challenging than usual. We will continue to manage our company for the long term, for the benefit of all of our stakeholders.<br><br>We would like to take this opportunity to remind you of our 134th Annual Meeting of Union Bankshares, Inc., which will be held on May 21, 2025, at 3:00pm at the Stearns Center Performance Space, Vermont State University – Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately after the annual meeting. | |||
| 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 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 | March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | Timothy W. Sargent - Vice Chair | David S. Silverman - President & CEO | ||||||||||||||||||||||||||||||||||
| Joel S. Bourassa | Karyn J. Hale - Chief Financial Officer | |||||||||||||||||||||||||||||||||||||||
| (3 months ended) | ||||||||||||||||||||||||||||||||||||||||
| Dawn D. Bugbee | Timothy W. Sargent - Secretary | |||||||||||||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 4,772 | $ | 4,123 | Interest Income | $ | 18,295 | $ | 15,621 | |||||||||||||||||||||||||||||||
| Mary K. Parent | Kristy Adams Alfieri - Assistant Secretary | |||||||||||||||||||||||||||||||||||||||
| Interest Expense | 8,025 | 6,613 | Nancy C. Putnam | |||||||||||||||||||||||||||||||||||||
| Federal Funds Sold & Overnight Deposits | 8,940 | 18,536 | Gregory D. Sargent | |||||||||||||||||||||||||||||||||||||
| Net Interest Income | 10,270 | 9,008 | David S. Silverman | |||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits in Banks | 7,959 | 14,441 | Janet P. Spitler | |||||||||||||||||||||||||||||||||||||
| Credit Loss Expense (Benefit) | 235 | (230) | ||||||||||||||||||||||||||||||||||||||
| Investment Securities | 249,631 | 259,281 | Net Interest Income After<br>Credit Loss Expense (Benefit) | 10,035 | 9,238 | Union Bank | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | |||||||||||||||||||||||||||||||||
| Loans Held for Sale | 4,055 | 3,415 | ||||||||||||||||||||||||||||||||||||||
| DIRECTORS | ||||||||||||||||||||||||||||||||||||||||
| Loans, net | 1,163,321 | 1,035,976 | Wealth Management Income | 276 | 255 | Neil J. Van Dyke - Chair | Michael R. Barrett - St. Johnsbury | |||||||||||||||||||||||||||||||||
| Timothy W. Sargent - Vice Chair | Steven J. Bourgeois - St. Albans | |||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (8,110) | (6,645) | Noninterest Income | 2,164 | 2,312 | Joel S. Bourassa | Andrew A. Dean - Northern NH | |||||||||||||||||||||||||||||||||
| Dawn D. Bugbee | Stanley T. Fillion - Northern NH | |||||||||||||||||||||||||||||||||||||||
| Premises and Equipment, net | 19,988 | 20,738 | Noninterest Expenses: | Mary K. Parent | Rosemary H. Gingue - St. Johnsbury | |||||||||||||||||||||||||||||||||||
| Nancy C. Putnam | John M. Goodrich - Northern NH | |||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Assets | 74,276 | 67,732 | Salaries & Wages | 3,911 | 3,553 | Gregory D. Sargent | Christopher M. Knapp - Northern NH | |||||||||||||||||||||||||||||||||
| David S. Silverman | Coleen K. Kohaut - St. Albans | |||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,524,832 | $ | 1,417,597 | Employee Benefits | 1,581 | 1,489 | Janet P. Spitler | Justin P. Lavely - St. Johnsbury | |||||||||||||||||||||||||||||||
| Daniel J. Luneau - St. Albans | ||||||||||||||||||||||||||||||||||||||||
| Occupancy Expense, net | 652 | 569 | Samuel H. Ruggiano - St. Albans | |||||||||||||||||||||||||||||||||||||
| Christine A. Sheley - Northern NH | ||||||||||||||||||||||||||||||||||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | March 31, 2025 | March 31, 2024 | Equipment Expense | 1,049 | 943 | David S. Silverman - All | ||||||||||||||||||||||||||||||||||
| Union Bank Offices<br><br>(ATMs at all Branch Locations) | ||||||||||||||||||||||||||||||||||||||||
| Other Expenses | 2,631 | 2,669 | ||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 232,550 | $ | 222,128 | ||||||||||||||||||||||||||||||||||||
| Total | 9,824 | 9,223 | VERMONT | |||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | 682,886 | 649,898 | Income Before Taxes | 2,651 | 2,582 | |||||||||||||||||||||||||||||||||||
| Berlin | 1028 US Route 302 | 802.476.0061 | ||||||||||||||||||||||||||||||||||||||
| Time Deposits | 265,940 | 299,618 | Income Tax Expense | 150 | 165 | Fairfax | Jct. Routes 104 & 128 | 802.849.2600 | ||||||||||||||||||||||||||||||||
| Hardwick | 103 VT Route 15 West | 802.472.8100 | ||||||||||||||||||||||||||||||||||||||
| Borrowed Funds | 240,696 | 150,696 | Net income | $ | 2,501 | $ | 2,417 | Jeffersonville | 5062 VT Route 15 | 802.644.6600 | ||||||||||||||||||||||||||||||
| Jericho | 368 VT Route 15 | 802.899.7500 | ||||||||||||||||||||||||||||||||||||||
| Subordinated Notes | 16,281 | 16,247 | Earnings Per Share | $ | 0.55 | $ | 0.53 | Lyndonville | 183 Depot Street | 802.626.3100 | ||||||||||||||||||||||||||||||
| Morrisville | 20 Lower Main Street | 802.888.6600 | ||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Liabilities | 16,405 | 15,190 | Book Value Per Share | $ | 15.44 | $ | 14.12 | 65 Northgate Plaza | 802.888.6860 | |||||||||||||||||||||||||||||||
| Shelburne | 5068 Shelburne Road | 802.985.0227 | ||||||||||||||||||||||||||||||||||||||
| Common Stock | 10,024 | 9,991 | St. Albans | 15 Mapleville Depot | 802.524.9000 | |||||||||||||||||||||||||||||||||||
| St. Johnsbury | Operations and Loan Center | |||||||||||||||||||||||||||||||||||||||
| Additional Paid-in Capital | 3,190 | 2,778 | 364 Railroad Street | 802.748.3131 | ||||||||||||||||||||||||||||||||||||
| Retained Earnings | Branch | |||||||||||||||||||||||||||||||||||||||
| 92,589 | 90,262 |  |
325 Portland Street | 802.748.3121 | ||||||||||||||||||||||||||||||||||||
| Accumulated OtherComprehensive Loss | (31,434) | (34,894) | Stowe | 47 Park Street | 802.253.6600 | |||||||||||||||||||||||||||||||||||
| Williston | Branch | |||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.878.7900 | |||||||||||||||||||||||||||||||||||||||
| Treasury Stock at Cost | (4,295) | (4,317) | Loan Center | |||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.865.1000 | |||||||||||||||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,524,832 | $ | 1,417,597 | ||||||||||||||||||||||||||||||||||||
| Standby letters of credit were 1,544,000 and 1,552,000 at March 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.