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): May 7, 2015

(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)
Vermont	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:

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

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

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

cPre-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 Exhibit 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, 2015, Union Bankshares, Inc. distributed its First Quarter 2015 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 months ended March 31, 2015 and the declaration of a regular quarterly dividend.

Item 9.01: Financial Statements and Exhibits

d) Exhibits:

99.1 Union Bankshares, Inc. First Quarter 2015 Report to Shareholders distributed May 7, 2015 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 8, 2015	/s/ David S. Silverman
	David S. Silverman
	President/Chief Executive Officer
May 8, 2015	/s/ Karyn J. Hale
	Karyn J. Hale
	Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1 Union Bankshares, Inc., First Quarter 2015 Report to Shareholders distributed May 7, 2015.

EX-99.1

Exhibit 99.1

			May 7, 2015
			We are pleased to report the financial results for the quarter ended on March 31, 2015 for your company. Net Income for the quarter ended was $1.88 million, or $.42 per share, compared to $1.76 million, or $.40 per share, for 2014. Net income increased $120 thousand, or 6.8%, despite an increase in the provision for loan losses of $25 thousand, a net increase in noninterest expenses of $201 thousand, and an increase in income tax expense of $43 thousand. These items were positively offset by an increase in net interest income of $17 thousand and an increase in noninterest income of $372 thousand. Noninterest income increased in 2015 compared to 2014 primarily due to an increase in gain on sale of real estate loans of $296 thousand and an increase in service charges on deposit accounts of $66 thousand. Noninterest expenses increased $201 thousand for the quarter ended March 31, 2015 compared to the same period for 2014. The net increase was the result of an increase in salaries and wages of $77 thousand due to annual salary increases, an increase in pension and employee benefits of $67 thousand due to an increase in health and dental insurance costs, an increase in occupancy expenses of $42 thousand, an increase in equipment expenses of $19 thousand. Of note, the first quarter of 2014 had three extraordinary income items totaling $131 thousand, net of tax, which did not recur in 2015. Total assets increased $36.4 million, or 6.2% to reach $622.5 million as of March 31, 2015 from $586.1 million as of March 31, 2014. Total loans grew to $501.7 million as of March 31, 2015 from $476.5 million as of March 31, 2014. The increase is attributable to growth in mortgage loans, commercial and commercial real estate loans, and municipal loans. Interest rate risk management strategies continued to include sales of qualifying residential mortgages to the secondary market. Loans totaling $31.3 million were sold during the first quarter of 2015 compared to sales of $20.3 million in the first quarter of 2014. Loans serviced for others grew to $375.1 million, or 15.0%, as of March 31, 2015 from $326.2 million as of March 31, 2014. Total deposits reached $546.8 million compared to the prior year of		$517.7 million or growth of $29.2 million, or 5.6%. The Company had total capital of $52.4 million with a book value per share of $11.75 as of March 31, 2015 compared to $50.8 million and $11.39 per share at March 31, 2014. We are in the midst of wrapping up an excellent ski season as well as a nail biter of a maple sugaring season. We had a very cold winter with copious amounts of snow, providing the basis for a very good winter tourism season. The sugaring season was similar to last year, very late in coming, nerve wracking, but ultimately a modestly successful season production wise. The economy in our region seems to continue to improve, though at a tepid pace. Real estate seems to be selling fairly well, with even our laggard regions participating. Home builders are fairly busy, though the cold weather has delayed the construction season somewhat, which we can see in lower construction loan balances compared to other years. Application volume has been very good, so we believe this is more of a timing issue than reflective of an overall slower construction season. Competition for all types of loan products continues to be extreme. Our industry has a sort of collective amnesia, and once again we are seeing transactions occur that would not in ordinary times be bankable. We continue to stick to our service oriented, relationship based lending practices that have served us well over the years. Hopefully this will help us avoid the pain our peers may feel when we next hit a soft patch in the economy. We hope you will join us at our annual meeting at 3:00pm on May 20th at the Stone Grill Restaurant in Morrisville. Enclosed please find your dividend check or advice of deposit representing a dividend of $.27 per share.
	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 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 PO Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLOCAL.COM
					Kenneth D. Gibbons Chairman	David S. Silverman President & Chief Executive Officer
			AboutUnion 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 northwestern 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 17 banking offices and two loan centers and multiple ATMS throughout its geographical footprint. Union Bank is committed to the communities it serves, and encourages employee participation in community events and charitable services. Union Bank has consistently been recognized for our Community Reinvestment efforts and for our performance in residential lending to borrowers of all income levels. The US Small Business Administration has designated Union Bank as a Preferred Lender.

	Consolidated Balance Sheets (unaudited, in thousands)									Consolidated Statements of Income (unaudited, in thousands)							Union Bankshares, Inc.
																	DIRECTORS		OFFICERS
																	Kenneth D. Gibbons-Chairman		Kenneth D. Gibbons - Chairman
																	Steven J. Bourgeois		David S. Silverman - President & CEO
	ASSETS	March 31, 2015				March 31, 2014					March 31, 2015			March 31, 2014			John M. Goodrich		Karyn J. Hale - Chief Financial Officer
																	Timothy W. Sargent		John H. Steel - Secretary
												(3 months ended)
																	David S. Silverman		Kristy Adams Alfieri - Assistant Secretary
	Cash and Due from Banks		$	3,973			$	3,936		Interest Income		$	6,117		$	6,112
																	John H. Steel		Jeffrey G. Coslett - Vice President
	Federal Funds Sold & Overnight Deposits		9,178				11,114			Interest Expense		565			577		Schuyler W. Sweet
										Net Interest Income		5,552			5,535		Neil J. Van Dyke
	Interest Bearing Deposits in Banks		13,102				16,255			Provision for Loan Losses		100			75				REGIONAL ADVISORY BOARD MEMBERS
																	Union Bank
	Investment Securities		63,014				52,276			Net Interest Income After Provision for Loan Losses		5,452			5,460
	Loans Held for Sale		8,257				3,412										DIRECTORS
										Trust Income		177			175		Kenneth D. Gibbons-Chairman		Michael R. Barrett - St. Johnsbury
	Loans, net		493,401				473,044			Noninterest Income		2,158			1,788		Steven J. Bourgeois		Joel S. Bourassa - Northern NH
																	John M. Goodrich		Steven J. Bourgeois - St. Albans
	Reserve for Loan Losses		(4,773		)		(4,694		)	Noninterest Expenses:							Timothy W. Sargent		Stanley T. Fillion - Northern NH
										Salaries & Wages		2,324			2,247		David S. Silverman		Rosemary H. Gingue - St. Johnsbury
	Premises and Equipment, net		12,491				10,749										John H. Steel		John M. Goodrich - St. Johnsbury
										Pension & Employee Benefits		734			667		Schuyler W. Sweet		Christopher M. Knapp - Northern NH
	Other Real Estate Owned, net		297				507										Neil J. Van Dyke		Coleen K. Kohaut - St. Albans
										Occupancy Expense, net		381			339				Justin P. Lavely - St. Johnsbury
	Accrued Interest & Other Assets		23,547				19,526												Daniel J. Luneau - St. Albans
										Equipment Expense		406			387				Mary K. Parent - St. Johnsbury
	Total Assets		$	622,487			$	586,125											Samuel H. Ruggiano - St. Albans
										Other Expenses		1,545			1,549				David S. Silverman - All
																			Schuyler W. Sweet - Northern NH
										Total		5,390			5,189
	LIABILITIES & SHAREHOLDERS' EQUITY	March 31, 2015				March 31, 2014
										Income Before Taxes		2,397			2,234
										Income Tax Expense		513			470		Union Bank Offices (ATMs at all Branch Locations)
	Noninterest Bearing Deposits		$	97,198			$	89,538
										Net income		$	1,884		$	1,764
	Interest Bearing Deposits		303,232				281,199										VERMONT
										Earnings per share		$	0.42		$	0.40	Danville	421 Route 2 East		802-684-2211
	Time Deposits		146,378				146,920										Fairfax	Jct. Routes 104 & 128		802-849-2600
										Book Value Per Share		$	11.75		$	11.39	Hardwick	103 VT Route 15 West		802-472-8100
	Borrowed Funds		18,587				13,750										Jeffersonville	44 Main Street		802-644-6600
																	Johnson	198 Lower Main Street		802-635-6600
	Accrued Interest & Other Liabilities		4,718				3,934										Lyndonville	183 Depot Street		802-626-3100
																	Morrisville	20 Lower Main Street		802-888-6600
	Common Stock		9,859				9,855											65 Northgate Plaza		802-888-6860
																	Newport	Loan Center
	Additional Paid in Capital		430				368											325 East Main Street		802-334-0750
																	St. Albans	15 Mapleville Depot		802-524-9000
	Retained Earnings		47,142				44,009										St. Johnsbury	364 Railroad Street		802-748-3131
	Accumulated Other Comprehensive (Loss) Income		(1,106		)		434											325 Portland Street		802-748-3121
																	S. Burlington	Loan Center
																		30 Kimball Avenue		802-865-1000
	Treasury Stock at Cost		(3,951		)		(3,882		)								Stowe	47 Park Street		802-253-6600
																	NEW HAMPSHIRE
	Total Liabilities & Shareholders' Equity		$	622,487			$	586,125									Groveton	3 State Street		603-636-1611
	Standby letters of credit were $1,790,000 and $2,125,000 at March 31, 2015 and 2014, respectively.																Littleton	263 Dells Road		603-444-7136
																		76 Main Street		603-444-5321
																	Lincoln	135 Main Street		603-745-4000
																	N. Woodstock	155 Main Street		603-745-2488