8-K
UNION BANKSHARES INC (UNB)
8-K
2025-08-07
For: 2025-08-07
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): August 7, 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 August 7, 2025, Union Bankshares, Inc (the "Company") distributed its Second 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 six months ended June 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. Second Quarter 2025 Report to Shareholders distributed August 7, 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. | |
|---|---|
| August 7, 2025 | /s/ David S. Silverman |
| David S. Silverman | |
| President/Chief Executive Officer | |
| August 7, 2025 | /s/ Karyn J. Hale |
| Karyn J. Hale | |
| Chief Financial Officer |
EXHIBIT INDEX
| Exhibit 99.1 | Union Bankshares, Inc. Second Quarter 2025 Report to Shareholders distributed August 7, 2025. |
|---|
Document
Exhibit 99.1
| August 7, 2025 | ||||
|---|---|---|---|---|
| We are pleased to share our financial results for the second quarter ended June 30, 2025. Despite an uncertain economic landscape, the Company delivered another quarter of solid growth and continued a trend of slow but steady improvement in asset yields and net interest margins.Total assets reached 1.48 billion as of June 30, 2025, marking an increase of 81.9 million, or 5.9%, compared to 1.40 billion one year ago. This growth was primarily driven by loan portfolio expansion, with total loans increasing by 99.8 million, or 9.8%, to 1.11 billion. Loans held for sale also increased to 9.0 million, up from 6.2 million at the end of the second quarter of the prior year. Asset quality remains sound, underpinned by minimal past due loans and net recoveries of 6 thousand year to date.Qualifying residential loan sales to the secondary market also saw significant activity, with 31.0 million sold during the quarter and 56.8 million year-to-date, compared to 19.3 million and 41.0 million, respectively, in 2024.On the funding side, deposits grew to 1.10 billion, an increase from 1.05 billion as of June 30, 2024. In addition to customer deposits, wholesale funding is also used to fund balance sheet growth. These funding sources consisted of brokered deposits, Federal Home Loan Bank advances, and in 2024 advances from the Federal Reserve’s Bank Term Funding Program. Total outstanding in wholesale funds from these sources was 336.0 million as of June 30, 2025 and 312.1 million as of June 30, 2024.Our equity capital improved to 71.3 million, with the book value per share rising to 15.66 from 14.16 a year earlier. Accumulated other comprehensive loss, primarily tied to fair value adjustments in the investment securities portfolio, improved to 31.2 million, down from 35.2 million in the prior year.Consolidated net income for the second quarter of 2025 was 2.4 million, compared to 2.0 million in the same period in 2024, an increase of 18.6%. Interest income climbed by 2.2 million (13.1%), | reaching $18.7 million, while interest expense increased by $1.2 million (17.1%) to $8.3 million. Consequently, net interest income rose by $962 thousand (10.1%). Credit loss expense declined to $221 thousand, reflecting prudent credit management in a growing loan portfolio. Noninterest income was steady at $2.8 million. Noninterest expenses rose by 7.2% to $10.5 million, mainly due to higher salaries, benefits, and modest increases in occupancy and equipment expenses. Income tax expense for the quarter was $102 thousand.<br><br>The region we serve historically has had strong trade, tourism, cultural and familial ties with our neighbors to the north, Quebec. Over the years we have observed diminishing southbound tourism from Canadians, driven by weakness in the Canadian currency. We expect this trend to worsen significantly in the current political environment. Canadian tourism as a percentage of overall tourism revenue has declined substantially over the past couple of decades in our region, so we do not expect the decline in Canadian tourism to impact local tourism revenues substantially. We are, however, monitoring this business segment closely.<br><br>In recognition of our sustained performance and commitment to our shareholders, the Board of Directors has declared a dividend of .36 cents per share for owners of record July 26,2025, and payable August 7, 2025.<br><br>Please find your dividend check or advice of remittance enclosed. Please contact Kristy Adams Alfieri at 802-888-0982 to receive your dividend using a direct deposit.<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 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 | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | Timothy W. Sargent - Vice Chair | David S. Silverman - President & CEO | ||||||||||||||||||||||||||||||||||||
| Joel S. Bourassa | Karyn J. Hale - Chief Financial Officer | |||||||||||||||||||||||||||||||||||||||||||
| (3 months ended) | (6 months ended) | |||||||||||||||||||||||||||||||||||||||||||
| Timothy W. Sargent - Secretary | ||||||||||||||||||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 4,731 | $ | 4,490 | Interest Income | $ | 18,721 | 16,552 | $ | 37,016 | $ | 32,173 | ||||||||||||||||||||||||||||||||
| Mary K. Parent | Kristy Adams Alfieri - Assistant Secretary | |||||||||||||||||||||||||||||||||||||||||||
| Interest Expense | 8,275 | 7,068 | 16,300 | 13,681 | Nancy C. Putnam | |||||||||||||||||||||||||||||||||||||||
| Federal Funds Sold & Overnight Deposits | 24,536 | 26,017 | Gregory D. Sargent | |||||||||||||||||||||||||||||||||||||||||
| Net Interest Income | 10,446 | 9,484 | 20,716 | 18,492 | David S. Silverman | |||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits in Banks | 6,963 | 13,943 | Janet P. Spitler | |||||||||||||||||||||||||||||||||||||||||
| Credit Loss Expense (Benefit) | 221 | 388 | 456 | 158 | ||||||||||||||||||||||||||||||||||||||||
| Investment Securities | 242,423 | 254,177 | Net Interest Income After<br>Credit Loss Expense (Benefit) | 10,225 | 9,096 | 20,260 | 18,334 | Union Bank | REGIONAL<br>ADVISORY BOARD<br>MEMBERS | |||||||||||||||||||||||||||||||||||
| Loans Held for Sale | 8,992 | 6,224 | ||||||||||||||||||||||||||||||||||||||||||
| DIRECTORS | ||||||||||||||||||||||||||||||||||||||||||||
| Loans, net | 1,104,922 | 1,007,920 | Wealth Management Income | 295 | 273 | 571 | 528 | Neil J. Van Dyke - Chair | Michael R. Barrett - St. Johnsbury | |||||||||||||||||||||||||||||||||||
| Timothy W. Sargent - Vice Chair | Steven J. Bourgeois - St. Albans | |||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (8,307) | (6,893) | Noninterest Income | 2,464 | 2,492 | 4,628 | 4,804 | Joel S. Bourassa | Andrew A. Dean - Northern NH | |||||||||||||||||||||||||||||||||||
| Dawn D. Bugbee | Stanley T. Fillion - Northern NH | |||||||||||||||||||||||||||||||||||||||||||
| Premises and Equipment, net | 20,251 | 20,646 | Noninterest Expenses: | Mary K. Parent | Rosemary H. Gingue - St. Johnsbury | |||||||||||||||||||||||||||||||||||||||
| Nancy C. Putnam | John M. Goodrich - Northern NH | |||||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Assets | 75,853 | 71,922 | Salaries & Wages | 4,085 | 3,774 | 7,996 | 7,327 | Gregory D. Sargent | Christopher M. Knapp - Northern NH | |||||||||||||||||||||||||||||||||||
| David S. Silverman | Coleen K. Kohaut - St. Albans | |||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,480,364 | $ | 1,398,446 | Employee Benefits | 1,971 | 1,631 | 3,552 | 3,120 | Janet P. Spitler | Justin P. Lavely - St. Johnsbury | |||||||||||||||||||||||||||||||||
| Daniel J. Luneau - St. Albans | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy Expense, net | 547 | 544 | 1,199 | 1,113 | Samuel H. Ruggiano - St. Albans | |||||||||||||||||||||||||||||||||||||||
| Christine A. Sheley - Northern NH | ||||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | June 30, 2025 | June 30, 2024 | Equipment Expense | 1,100 | 1,017 | 2,149 | 1,960 | David S. Silverman - All | ||||||||||||||||||||||||||||||||||||
| Union Bank Offices<br><br>(ATMs at all Branch Locations) | ||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses | 2,784 | 5,415 | 5,484 | |||||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 217,317 | $ | 222,928 | ||||||||||||||||||||||||||||||||||||||||
| Total | 10,487 | 9,781 | 20,311 | 19,004 | VERMONT | |||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | 578,411 | 558,658 | Income Before Taxes | 2,497 | 2,080 | 5,148 | 4,662 | |||||||||||||||||||||||||||||||||||||
| Berlin | 1028 US Route 302 | 802.476.0061 | ||||||||||||||||||||||||||||||||||||||||||
| Time Deposits | 307,618 | 271,722 | Income Tax Expense | 102 | 61 | 252 | 226 | Fairfax | Jct. Routes 104 & 128 | 802.849.2600 | ||||||||||||||||||||||||||||||||||
| Hardwick | 103 VT Route 15 West | 802.472.8100 | ||||||||||||||||||||||||||||||||||||||||||
| Borrowed Funds | 270,674 | 247,096 | Net income | $ | 2,395 | $ | 4,896 | $ | 4,436 | Jeffersonville | 5062 VT Route 15 | 802.644.6600 | ||||||||||||||||||||||||||||||||
| Jericho | 368 VT Route 15 | 802.899.7500 | ||||||||||||||||||||||||||||||||||||||||||
| Subordinated Notes | 16,290 | 16,256 | Earnings Per Share | $ | 0.53 | $ | 1.08 | $ | 0.98 | Lyndonville | 183 Depot Street | 802.626.3100 | ||||||||||||||||||||||||||||||||
| Morrisville | 20 Lower Main Street | 802.888.6600 | ||||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Liabilities | 18,796 | 17,740 | Book Value Per Share | $ | 15.66 | $ | 14.16 | 65 Northgate Plaza | 802.888.6860 | |||||||||||||||||||||||||||||||||||
| Shelburne | 5068 Shelburne Road | 802.985.0227 | ||||||||||||||||||||||||||||||||||||||||||
| Common Stock | 10,049 | 9,999 | St. Albans | 15 Mapleville Depot | 802.524.9000 | |||||||||||||||||||||||||||||||||||||||
| St. Johnsbury | Operations and Loan Center | |||||||||||||||||||||||||||||||||||||||||||
| Additional Paid-in Capital | 3,380 | 2,928 | 364 Railroad Street | 802.748.3131 | ||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | Branch | |||||||||||||||||||||||||||||||||||||||||||
| 93,350 | 90,654 |  |
325 Portland Street | 802.748.3121 | ||||||||||||||||||||||||||||||||||||||||
| Accumulated OtherComprehensive Loss | (31,231) | (35,223) | Stowe | 47 Park Street | 802.253.6600 | |||||||||||||||||||||||||||||||||||||||
| Williston | Branch | |||||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.878.7900 | |||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock at Cost | (4,290) | (4,312) | Loan Center | |||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.865.1000 | |||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,480,364 | $ | 1,398,446 | ||||||||||||||||||||||||||||||||||||||||
| Standby letters of credit were 1,632,000 and 1,629,000 at June 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.