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): May 7, 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 May 7, 2026, Union Bankshares, Inc. (the "Company") distributed its First Quarter 2026 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, 2026 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 2026 Report to Shareholders distributed May 7, 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.
May 7, 2026	/s/ David S. Silverman
	David S. Silverman
	President/Chief Executive Officer
May 7, 2026	/s/ Karyn J. Hale
	Karyn J. Hale
	Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1	Union Bankshares, Inc. First Quarter 2026 Report to Shareholders distributed May 7, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Document

Exhibit 99.1

May 7, 2026
We are pleased to share that Union Bankshares delivered solid first-quarter performance. For the three months ended March 31, 2026, consolidated net income was 3.0 million, or 0.65 per share, compared to 2.5 million, or 0.55 per share, for the first quarter of 2025. This improvement was driven primarily by higher net interest income, disciplined credit performance, and continued focus on serving customers across our Vermont and New Hampshire footprint.Our balance sheet continued to expand. Total assets were 1.63 billion at quarter end, up 6.6% from March 31, 2025. Liquidity strengthened, with federal funds sold and overnight deposits rising to 25.3 million from 8.9 million a year ago. We also grew the investment securities portfolio to 315.6 million, up 26.4%, reflecting our strategic decision to pre-invest futureportfolio cash flows during the fourth quarter of 2025.Loan growth was modest, with total loans of 1.18 billion—an increase of 15.8 million, or 1.3%, from the prior year period. We remained an active residential lender, selling 24.1 million of mortgage loans during the quarter, and we continue to support local businesses and municipalities with relationship driven banking. Importantly, asset quality remains strong. Theallowance for credit losses on loans was 8.1 million at March 31, 2026, stable year over year, and we will continue to monitor economic conditions and borrower performance closely. From an earnings standpoint, net interest income increased 1.0 million, or 10.0%, supported by a larger earning asset base and higher yields. Noninterest income was 2.5 million, including 350 thousand in net gains on mortgage sales. We also invested in our people, technology, and operations, which contributed to a 958 thousand increase in noninterest expense. We remain focused on aligning these investments with the service quality and capabilities our customers expect. Funding and capital levels remained sound. Total deposits were 1.20 billion at March 31, 2026, and we continued to utilize a mix of core deposits, brokered deposits, and Federal Home Loan Bank advances to support customer demand. Stockholders’ equity increased to 80.6 million, and book value per share				rose 13.1% year over year to $17.46, benefiting from retained earnings and improvement in accumulated other comprehensive loss on our securities portfolio compared to the first quarter of 2025.<br><br>Economic conditions in Northern Vermont and Northern New Hampshire during the first quarter of 2026 were generally steady and modestly positive. Employment levels were stable, with continued tightness in the labor market, especially in healthcare, education, skilled trades, and hospitality. Inflation pressures that affected households in prior years appeared to moderate, though energy prices are beginning to impact consumers and businesses.<br><br>The travel and tourism sectors were a clear bright spot during the quarter, supported by an exceptionally strong snow year. Consistent snowfall drove above average visitation to ski areas and snowmobile destinations, benefiting lodging, restaurants, and retailers across the region. Alpine and Nordic ski areas reported strong skier visits, while snowmobile trail networks saw heavy use, extending economic activity into smaller, rural communities that rely heavily on winter recreation.<br><br>We are pleased to announce that the Board declared a quarterly cash dividend of $0.36 per share, payable May 7, 2026, to shareholders of record as of April 27, 2026.<br><br>We hope to see many of you at our 135th Annual Shareholders meeting on May 20th at 3:00pm in Stearns Performance Space on the Vermont State University, Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately following the annual meeting.<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 Karyn J. Hale, CFO, at 802.888.6600 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)
				DIRECTORS					OFFICERS
				Neil J. Van Dyke - Chair					Neil J. Van Dyke - Chair
ASSETS	March 31, 2026					March 31, 2025							March 31, 2026					March 31, 2025				March 31, 2026						Timothy W. Sargent - Vice Chair					David S. Silverman - President & CEO
					Dawn D. Bugbee					Karyn J. Hale - Chief Financial Officer
																	(3 months ended)
																									Timothy W. Sargent - Secretary
Cash and Due from Banks			$	4,502				$	4,772				Interest Income		$	19,530					18,295
																										Nancy C. Putnam
											Interest Expense			8,235					8,025												Gregory D. Sargent
Federal Funds Sold & Overnight Deposits			25,322					8,940																		David S. Silverman
									Net Interest Income			11,295					10,270													Janet P. Spitler
Interest Bearing Deposits in Banks			7,958					7,959
									Credit Loss (Benefit) Expense			(325)					235
Investment Securities			315,591					249,631					Net Interest Income After<br>Credit Loss Expense		11,620					10,035													Union Bank				REGIONAL<br>ADVISORY BOARD<br>MEMBERS
Loans Held for Sale			4,193					4,055
																														DIRECTORS
Loans, net			1,178,969					1,163,321					Wealth Management Income		304					276													Neil J. Van Dyke - Chair				Michael R. Barrett - St. Johnsbury
																							Timothy W. Sargent - Vice Chair				Steven J. Bourgeois - St. Albans
Allowance for Credit Losses			(8,071)					(8,110)					Noninterest Income		2,190					2,164													Dawn D. Bugbee				Andrew A. Dean - Northern NH
																												Steven P. Cote					Stanley T. Fillion - Northern NH
Premises and Equipment, net			19,603					19,988					Noninterest Expenses:															Walter B. Frame III					Rosemary H. Gingue - St. Johnsbury
																											Mary K. Parent				John M. Goodrich - Northern NH
Accrued Interest & Other Assets			77,078					74,276					Salaries & Wages		4,397					3,911													Nancy C. Putnam				Christopher M. Knapp - Northern NH
																										Gregory D. Sargent				Coleen K. Kohaut - St. Albans
Total Assets			$	1,625,145				$	1,524,832				Employee Benefits		1,765					1,581													David S. Silverman				Justin P. Lavely - St. Johnsbury
																								Janet P. Spitler				Daniel J. Luneau - St. Albans
													Occupancy Expense, net		647					652																	Samuel H. Ruggiano - St. Albans
																														Christine A. Sheley - Northern NH
LIABILITIES & SHAREHOLDERS' EQUITY	March 31, 2026					March 31, 2025							Equipment Expense		1,110					1,049																	David S. Silverman - All
														Union Bank Offices<br><br>(ATMs at all Branch Locations)
													Other Expenses			2,863
Noninterest Bearing Deposits			$	220,708				$	232,550
											Total			10,782					9,824												VERMONT
Interest Bearing Deposits			703,813					682,886					Income Before Taxes		3,332					2,651
																							Berlin		1028 US Route 302				802.476.0061
Time Deposits			275,297					265,940					Income Tax Expense		328					150													Fairfax		Jct. Routes 104 & 128				802.849.2600
																																	Hardwick		103 VT Route 15 West				802.472.8100
Borrowed Funds			310,981					240,696					Net income		$	3,004																	Jeffersonville		5062 VT Route 15				802.644.6600
																																	Jericho		368 VT Route 15				802.899.7500
Subordinated Notes			16,316					16,281					Earnings Per Share		$	0.65																	Lyndonville		183 Depot Street				802.626.3100
																																	Morrisville		20 Lower Main Street				802.888.6600
Accrued Interest & Other Liabilities			17,465					16,405					Book Value Per Share		$	17.46																			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			4,821					3,190																											364 Railroad Street				802.748.3131
Retained Earnings																																			Branch
		97,590					92,589																											325 Portland Street				802.748.3121
Accumulated OtherComprehensive Loss			(27,747)					(31,434)																									Stowe		47 Park Street				802.253.6600
																														Williston		Branch
																																31 Market St				802.878.7900
Treasury Stock at Cost			(4,268)					(4,295)																				Loan Center
																			31 Market St				802.865.1000
Total Liabilities & Shareholders' Equity			$	1,625,145				$	1,524,832
Standby letters of credit were 1,573,000 and 1,544,000 at March 31, 2026 and 2025, 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.