FALSE000070686300007068632024-11-072024-11-07

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): November 7, 2024

(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)
VT001-1598503-0283552
(Address of principal executive offices)(Zip Code)
20 Lower Main St., P.O. Box 66705661-0667
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 valueUNBNasdaq 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 November 7, 2024, Union Bankshares, Inc (the "Company") distributed its Third Quarter 2024 unaudited Report to Shareholders (the "Quarterly Report") presenting information concerning the Company's results of operations and financial condition for the three and nine months ended September 30, 2024 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. Third Quarter 2024 Report to Shareholders distributed November 7, 2024 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.
November 7, 2024/s/ David S. Silverman
David S. Silverman
President/Chief Executive Officer
November 7, 2024/s/ Karyn J. Hale
Karyn J. Hale
Chief Financial Officer

EXHIBIT INDEX
Union Bankshares, Inc. Third Quarter 2024 Report to Shareholders distributed November 7, 2024.


Exhibit 99.1
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November 7, 2024
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We are pleased to report a summary of the financial results for Union Bankshares, Inc., for the three months ended September 30, 2024. Consolidated net income was $1.3 million, compared to $2.5 million, for the same period in 2023, and $5.8 million, for the nine months ended September 30, 2024, compared to $8.2 million, for the same period in 2023. The decrease in earnings for the comparison periods was primarily due to the impact of a strategic balance sheet repositioning executed during the third quarter. The Company’s wholly owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024. The proceeds of the securities sale were invested in higher yielding securities and loans. The loss is projected to be earned back in approximately 12 months from the newly acquired higher yielding assets.
Total assets were $1.52 billion as of September 30, 2024, compared to $1.40 billion as of September 30, 2023. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.13 billion as of September 30, 2024, compared to $1.03 billion as of September 30, 2023. Asset quality remains strong with minimal past due loans and net recoveries of $15 thousand thus far this year.
Loan demand has remained strong during the third quarter of 2024 with growth in the residential, commercial, and municipal portfolios, despite higher interest rates a low residential inventory. Qualifying residential loans of $76.1 million were sold during the first nine months of 2024 compared to sales of $54.2 million for the first nine months of 2023.
Total deposits were $1.17 billion as of September 30, 2024 and include $80.0 million of purchased brokered deposits compared to deposits of $1.22 billion as of September 30, 2023, with $153.0 million of purchased deposits. Federal Home
Loan Bank advances of $230.7 million were outstanding as of September 30, 2024, compared to $90.7 million outstanding as of September 30, 2023. In addition to borrowings from the Federal Home Loan Bank, $10.0 million in advances from the Federal Reserve’s Bank Term Funding Program were outstanding as of September 30, 2024..
The Company had total equity capital of $72.3 million and a book value per share of $15.98 as of September 30, 2024, compared to $49.2 million and a book value of $10.92 per share as of September 30, 2023. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of September 30, 2024, was $26.8 million compared to $47.1 million as of September 30, 2023. The reduction in other comprehensive loss is mainly attributable to the decrease in market interest rates between 2023 and 2024, causing the market value of our remaining securities portfolio to increase.
We are nearing the end of a successful Fall Foliage tourism season. We have anecdotal evidence that the season was a tourism standout throughout our market area, though foliage may have been a bit muted compared to other years. The economy in the markets we serve continues to be strong with the unemployment rate remaining low and the housing market remaining tight. Our region remains a great place to live and do business.
The Board of Directors is pleased to declare a cash dividend of $0.36 per share for the quarter payable November 7, 2024, to shareholders of record as of October 26, 2024.
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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:
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TRANSFER AGENT:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
866.321.8022 or
720.378.5956
E-mail: shareholder@broadridge.com
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
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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 19 banking offices, 2 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
ASSETSSept 30, 2024Sept 30, 2023Sept 30, 2024Sept 30, 2023Sept 30, 2024Sept 30, 2023
Timothy W. Sargent - Vice Chair
David S. Silverman - President & CEO
Joel S. Bourassa
Karyn J. Hale - Chief Financial Officer
(3 months ended)(9 months ended)
Dawn D. Bugbee
Timothy W. Sargent - Secretary
Cash and Due from Banks$4,468 $4,187 Interest Income$17,191 $14,847 $49,364 $41,694 
Mary K. Parent
Kristy Adams Alfieri - Assistant Secretary
Interest Expense7,761 5,699 21,442 12,953 Nancy C. Putnam
Federal Funds Sold & Overnight Deposits42,793 17,143 Gregory D. Sargent
Net Interest Income9,430 9,148 27,922 28,741 David S. Silverman
Interest Bearing Deposits in Banks13,445 14,436 Janet P. Spitler
Credit Loss Expense (Benefit)425 (139)583 (161)
Investment Securities246,658 250,337 Net Interest Income After
Credit Loss Expense (Benefit)
9,005 9,287 27,339 28,902 Union BankREGIONAL
ADVISORY BOARD
MEMBERS
Loans Held for Sale8,449 6,452 
DIRECTORS
Loans, net1,119,480 1,023,283 Wealth Management Income265 244 793 695 
Neil J. Van Dyke - Chair
Michael R. Barrett - St. Johnsbury
Timothy W. Sargent - Vice Chair
Steven J. Bourgeois - St. Albans
Allowance for Credit Losses(7,366)(6,895)Net losses on sales of investment securities(1,293)— (1,293)— Joel S. Bourassa
Andrew A. Dean - Northern NH
Dawn D. Bugbee
Stanley T. Fillion - Northern NH
Premises and Equipment, net20,460 20,365 Noninterest Income2,633 2,223 7,437 6,540 Mary K. Parent
Rosemary H. Gingue - St. Johnsbury
Nancy C. Putnam
John M. Goodrich - Northern NH
Accrued Interest & Other Assets71,107 66,320 Noninterest Expenses:Gregory D. Sargent
Christopher M. Knapp - Northern NH
David S. Silverman
Coleen K. Kohaut - St. Albans
Total Assets$1,519,494 $1,395,628 Salaries & Wages4,015 3,720 11,342 10,895 Janet P. Spitler
Justin P. Lavely - St. Johnsbury
Daniel J. Luneau - St. Albans
Employee Benefits1,522 1,217 4,642 4,065 
Samuel H. Ruggiano - St. Albans
Christine A. Sheley - Northern NH
LIABILITIES & SHAREHOLDERS' EQUITYSept 30, 2024Sept 30, 2023Occupancy Expense, net505 459 1,618 1,519 
David S. Silverman - All
Union Bank Offices
(ATMs at all Branch Locations)
Equipment Expense1,006 935 2,966 2,714 
Noninterest Bearing Deposits$233,770 $229,101 
Other Expenses2,361 2,595 7,845 7,546 VERMONT
Interest Bearing Deposits643,593 707,872 
Total9,409 8,926 28,413 26,739 Berlin1028 US Route 302802.476.0061
Time Deposits295,900 285,315 Income Before Taxes1,201 2,828 5,863 9,398 FairfaxJct. Routes 104 & 128802.849.2600
Hardwick103 VT Route 15 West802.472.8100
Borrowed Funds240,696 90,696 Income Tax (Benefit) Expense(123)296 103 1,190 Jeffersonville5062 VT Route 15802.644.6600
Jericho368 VT Route 15802.899.7500
Subordinated Notes16,264 16,230 Net income$1,324 $2,532 $5,760 $8,208 Johnson198 Lower Main Street802.635.6600
Lyndonville183 Depot Street802.626.3100
Accrued Interest & Other Liabilities16,970 17,168 Earnings Per Share$0.29 $0.56 $1.27 $1.82 Morrisville20 Lower Main Street802.888.6600
65 Northgate Plaza802.888.6860
Common Stock9,999 9,969 Book Value Per Share$15.98 $10.92 Shelburne5068 Shelburne Road802.985.0227
St. Albans15 Mapleville Depot802.524.9000
Additional Paid-in Capital3,089 2,607 St. JohnsburyOperations and Loan Center
Retained Earnings364 Railroad Street802.748.3131
90,350 88,045 Branch
Accumulated Other
Comprehensive Loss
(26,831)(47,063)325 Portland Street802.748.3121
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Stowe47 Park Street802.253.6600
WillistonBranch
Treasury Stock at Cost(4,306)(4,312)31 Market St802.878.7900
Loan Center
Total Liabilities & Shareholders' Equity$1,519,494 $1,395,628 31 Market St802.865.1000
Standby letters of credit were $1,509,000 and $1,532,000 at September 30, 2024 and 2023, respectively.NEW HAMPSHIRE
Groveton3 State Street603.636.1611
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Littleton263 Dells Road603.444.7136
76 Main Street603.444.5321
Lincoln135 Main Street603.745.4000
North Conway120 North-South Road603.356.4010

v3.24.3
Cover
Nov. 07, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 07, 2024
Entity Registrant Name UNION BANKSHARES, INC.
Entity Central Index Key 0000706863
Entity Incorporation, State or Country Code VT
Entity File Number 001-15985
Entity Tax Identification Number 03-0283552
Entity Address, Address Line One 20 Lower Main St., P.O. Box 667
Entity Address, City or Town Morrisville
Entity Address, State or Province VT
Entity Address, Postal Zip Code 05661-0667
City Area Code 802
Local Phone Number 888-6600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false

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