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 2, 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)
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 2, 2024, Union Bankshares, Inc (the "Company") distributed its First Quarter 2024 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, 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. First Quarter 2024 Report to Shareholders distributed May 2, 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.
May 2, 2024	/s/ David S. Silverman
	David S. Silverman
	President/Chief Executive Officer
May 2, 2024	/s/ Karyn J. Hale
	Karyn J. Hale
	Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1 Union Bankshares, Inc. First Quarter 2024 Report to Shareholders distributed May 2, 2024.

EX-99.1

Exhibit 99.1

			May 2, 2024
			We are pleased to report a summary of financial results for Union Bankshares, Inc. for the three months ended March 31, 2024. Consolidated net income for the first quarter was $2.41 million, compared to $2.98 million for the first quarter of 2023. The $560 thousand decrease in earnings was attributable to a decrease in net interest income of $967 thousand and an increase in noninterest expenses of $492 thousand, partially offset by an increase in noninterest income of $301 thousand and decreases of $304 thousand in credit loss expense and $294 thousand in income tax expense. Total assets increased 4.1% to $1.42 billion as of March 31, 2024 primarily due to loan growth. Total loans outstanding were $1.04 billion as of March 31, 2024, compared to $976.6 million as of March 31, 2023. Asset quality remains strong with minimal past due loans and no charge-offs for the three months ended March 31, 2024. Total deposits were $1.17 billion as of March 31, 2024 and include $100.0 million of purchased brokered deposits, compared to deposits of $1.23 billion as of March 31, 2023 with $108.0 million of purchased deposits. Borrowed funds were $150.7 million as of March 31, 2024, compared to $45.1 million outstanding as of March 31, 2023. The Company’s capital remains strong and is considered well capitalized by regulatory guidelines as of March 31, 2024. In late 2023, the Federal Reserve signaled they were finished with interest rate increases and possibly would begin to reduce rates in 2024. The economic data released to date in 2024, as it relates to inflation, unemployment, and other pertinent information, is not supportive of lower rates resulting in no rate cuts by the Federal Reserve as of this writing. The most recent messaging from the Federal Reserve is they are prepared to stay “higher for longer” until the economic data supports a reduction in interest rates.		Despite the earnings pressure created from the prolonged inversion of the yield curve, the Company’s financial position remains strong, supported by excellent asset quality, a diverse funding base including customer deposits and wholesale funding sources and a strong liquidity position. Northern Vermont and New Hampshire experienced a once in a lifetime event on April 8, 2024, with the viewing of the solar eclipse. Several of our towns were in the path of totality which made for an awe-inspiring experience for residents and visitors alike. It was nothing less than amazing if you were fortunate to view it. April is typically a slow tourism time in the northeast being in between ski season and summer and while results have not yet been released, early counts indicated thousands of visitors came to the area to view this event. These visitors provided a boost to the economy with increased spending on accommodations, food, and other tourism related activities. Many towns hosted special events and activities to welcome and entertain the viewers. All in all, it was a spectacular experience. We would like to take this opportunity to remind you that you are invited to the 133rd Annual Meeting of Union Bankshares, Inc. which will be held on May 15, 2024 at 3:00pm at the Stearns Center Performance Space, Vermont State University - Johnson Campus, 337 College Hill Road, Johnson, VT. A reception will be held immediately after the Annual Meeting. Lastly, on April 17, 2024, the Board of Directors declared a cash dividend of $0.36 payable May 2, 2024 to shareholders of record as of April 27, 2024.
	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 P.O. Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLocal.com
					Neil J. Van Dyke Chair	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 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
	ASSETS	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023			Timothy W. Sargent - Vice Chair		David S. Silverman - President & CEO
														Joel S. Bourassa		Karyn J. Hale - Chief Financial Officer
									(3 months ended)
														Dawn D. Bugbee		Timothy W. Sargent - Secretary
	Cash and Due from Banks		$	4,123		$	4,340	Interest Income	$	15,621		$	13,044
														Mary K. Parent		Kristy Adams Alfieri - Assistant Secretary
								Interest Expense	6,613			3,069		Nancy C. Putnam
	Federal Funds Sold & Overnight Deposits		18,536			17,479								Gregory D. Sargent
								Net Interest Income	9,008			9,975		David S. Silverman
	Interest Bearing Deposits in Banks		14,441			16,428								Janet P. Spitler
								Credit Loss (Benefit) Expense	(230)			74
	Investment Securities		259,281			276,767		Net Interest Income After Credit Loss (Benefit) Expense	9,238			9,901		Union Bank		REGIONAL ADVISORY BOARD MEMBERS
	Loans Held for Sale		3,415			2,849
								Wealth Management Income	255			211		DIRECTORS
	Loans, net		1,035,976			973,767		Noninterest Income	2,331			2,074		Neil J. Van Dyke - Chair		Michael R. Barrett - St. Johnsbury
														Timothy W. Sargent - Vice Chair		Steven J. Bourgeois - St. Albans
	Allowance for Credit Losses		(6,645)			(6,934)		Noninterest Expenses:						Joel S. Bourassa		Andrew A. Dean - Northern NH
								Salaries & Wages	3,553			3,502		Dawn D. Bugbee		Stanley T. Fillion - Northern NH
	Premises and Equipment, net		20,738			20,256								Mary K. Parent		Rosemary H. Gingue - St. Johnsbury
								Employee Benefits	1,489			1,377		Nancy C. Putnam		John M. Goodrich - Northern NH
	Accrued Interest & Other Assets		67,732			57,103								Gregory D. Sargent		Christopher M. Knapp - Northern NH
														David S. Silverman		Coleen K. Kohaut - St. Albans
	Total Assets		$	1,417,597		$	1,362,055	Occupancy Expense, net	569			578		Janet P. Spitler		Justin P. Lavely - St. Johnsbury
																Daniel J. Luneau - St. Albans
								Equipment Expense	962			897				Samuel H. Ruggiano - St. Albans
																Christine A. Sheley - Northern NH
																David S. Silverman - All
	LIABILITIES & SHAREHOLDERS' EQUITY	March 31, 2024			March 31, 2023			Other Expenses	2,669			2,396
														Union Bank Offices (ATMs at all Branch Locations)
								Total	9,242			8,750
	Noninterest Bearing Deposits		$	222,128		$	262,488
								Income Before Taxes	2,582			3,436		VERMONT
	Interest Bearing Deposits		649,898			709,401
														Berlin	1028 US Route 302		802.476.0061
	Time Deposits		299,618			254,089		Income Tax Expense	165			459		Fairfax	Jct. Routes 104 & 128		802.849.2600
														Hardwick	103 VT Route 15 West		802.472.8100
	Borrowed Funds		150,696			45,106		Net income	$	2,417		$	2,977	Jeffersonville	5062 VT Route 15		802.644.6600
														Jericho	368 VT Route 15		802.899.7500
	Subordinated Notes		16,247			16,213		Earnings Per Share	$	0.53		$	0.66	Johnson	198 Lower Main Street		802.635.6600
														Lyndonville	183 Depot Street		802.626.3100
	Accrued Interest & Other Liabilities		15,190			14,166		Book Value Per Share	$	14.12		$	13.44	Morrisville	20 Lower Main Street		802.888.6600
															65 Northgate Plaza		802.888.6860
	Common Stock		9,991			9,965								Shelburne	5068 Shelburne Road		802.985.0227
														St. Albans	15 Mapleville Depot		802.524.9000
	Additional Paid-in Capital		2,778			2,353								St. Johnsbury	Operations and Loan Center
	Retained Earnings														364 Railroad Street		802.748.3131
			90,262			86,060									Branch
	Accumulated Other Comprehensive Loss		(34,894)			(33,514)									325 Portland Street		802.748.3121
														Stowe	47 Park Street		802.253.6600
														Williston	Branch
	Treasury Stock at Cost		(4,317)			(4,272)									31 Market St		802.878.7900
															Loan Center
	Total Liabilities & Shareholders' Equity		$	1,417,597		$	1,362,055								31 Market St		802.865.1000
	Standby letters of credit were $1,532,000 and $1,542,000 at March 31, 2024 and 2023, respectively.													NEW HAMPSHIRE
														Groveton	3 State Street		603.636.1611
														Littleton	263 Dells Road		603.444.7136
															76 Main Street		603.444.5321
														Lincoln	135 Main Street		603.745.4000
														North Conway	120 North-South Road		603.356.4010

XML

Cover	May 02, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 02, 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