8-K

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, 2020

(Exact name of registrant as specified in its charter)

UNION BANKSHARES, INC.

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:

c    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

c    Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

c    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

c    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 and 99.2 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, 2020, Union Bankshares, Inc. distributed its Fourth Quarter 2019 unaudited Report to Shareholders, a copy of which is furnished with this Form 8-K as Exhibit 99.1, presenting information concerning our results of operations and financial condition for the three and twelve months ended December 31, 2019 and the declaration of a regular quarterly dividend.

Item 9.01: Financial Statements and Exhibits

d) Exhibits:

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.

EXHIBIT INDEX

		Exhibit

Exhibit 99.1

February 6, 2020
We are pleased to report earnings for your company for the fourth quarter and year ended December 31, 2019. Net income was 2.8 million and 10.6 million for the three and twelve months ended December 31, 2019, resulting in earnings per share of 0.61 and 2.38 for the same periods, respectively. This compares to our highest earnings recorded in the past of 8.4 million for the year ended 2017. The company’s return on average assets was 1.30% and return on average equity was 15.63% for the year ended December 31, 2019.Total assets were 872.9 million as of December 31,2019, an increase of 67.6 million, or 8.4% for the year. Total loans were 678.7 million as of December 31, 2019, an increase of 32.4 million, or 5.0% for the year. The company’s investment portfolio increased from 74.0 million as of December 31, 2018 to 88.1 million as of December 31, 2019. Total deposits reached 744.0 million as of December 31, 2019, growth of 37.3 million, or 5.3%, compared to 706.8 million a year ago. The company had total capital of 71.8 million with a book value per share of 16.06 as of December 31, 2019 compared to 64.5 million and book value per share 14.44 as of December 31, 2018.2019 was a year of investing in the future for your company. We have undertaken a strategy of growing through geographic expansion. Accordingly, we opened two branch offices in Chittenden County, Vermont during 2019. The first branch was in Jericho, Vermont. We had been considering an office in the Jericho/Underhill area for many years but had been unable to find a suitable location. When a location next to the Jericho Market became available we decided the time was right to make a move. The second branch we opened was in Williston, Vermont. We built a fairly substantial facility near Taft Corners that houses our new full-service branch as well as our Loan Center previously located in South Burlington in a leased facility. We have loan officers staffing both locations as we aim to build-upon our already		successful lending efforts in Chittenden County as well as developing a deposit business there.In addition to branch expansion, we have enhanced our ATM network through replacing some of our older machines as well as modifying some of our newer fleet to meet today’s feature and security standards. We have also deployed new personal computers and servers throughout our entire footprint, aiding our employees to remain efficient and to stay current with security standards.A new initiative in 2019 was developing a Sustainability Committee made up of employees who have an interest in Environmental Sustainability. This group meets regularly to discuss ways our company can lighten our environmental footprint. Thus far we have installed solar electric panels on our new Jericho and Williston offices, and are in the process of retrofitting two other offices which are well-positioned for solar electric generation. Our outlook for 2020 calls for a flat interest rate environment with a continued positive economy. We are hoping for more snow and better conditions to support winter sports enthusiasts and the industry that caters to them, an important part of our local economy. The Board of Directors also declared a cash dividend of 0.32 per share for the quarter, and increase of 3.2% from the cash dividend of 0.31 paid in recent prior quarters, payable February 6, 2020 to shareholders of record as of January 27, 2020.Sincerely
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
	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 20 banking offices, two 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 127 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.

All values are in US Dollars.

All values are in US Dollars.