Form 8-K

8-K — UNION BANKSHARES INC

Accession: 0000706863-26-000087

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0000706863

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — unb-20261021.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (exhibit9913rdqtr2026earnin.htm)

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8-K (Primary)

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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): October 21, 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 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 October 21, 2026, Union Bankshares, Inc. issued a press release, a copy of which is furnished with this Form 8-K as Exhibit 99.1, announcing net income and net income per share for the third quarter and nine months ended September 30, 2026, as well as the declaration of a regular quarterly cash dividend.

Item 8.01. Other Events

(a)Declaration of Regular Quarterly Cash Dividend

On October 21, 2026 the Board of Directors of Union Bankshares, Inc. declared a quarterly cash dividend of $0.36 per share. The dividend is payable on November 5, 2026 to shareholders of record as of October 31, 2026.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

The following Exhibit, referred to in Item 2.02 of the Report is furnished, not filed; herewith:

Exhibit 99.1 Union Bankshares, Inc. Press Release dated October 21, 2026, announcing a regular quarterly dividend and third quarter and nine months ended September 30, 2026 net income and net income per share.

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.

October 21, 2026 /s/ Jeffrey F. Weidley

Jeffrey F. Weidley

Chief Executive Officer

October 21, 2026 /s/ Carrie R. Locklin

Carrie R. Locklin

Chief Financial Officer

EXHIBIT INDEX

99.1

Union Bankshares, Inc. Press Release dated October 21, 2026, announcing a regular quarterly dividend and third quarter and nine months ended September 30, 2026 net income and net income per share.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: exhibit9913rdqtr2026earnin.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Contact: Investor Relations

(802) 888-0982

Union Bankshares Announces Earnings for the three and nine months ended September 30, 2026

and Declares Quarterly Dividend

Morrisville, VT October 21, 2026 - Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and nine months ended September 30, 2026 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2026 was $3.8 million, or $0.77 per share, compared to $3.4 million, or $0.75 per share, for the same period in 2025, and $9.7 million, or $2.03 per share, for the nine months ended September 30, 2026, compared to $8.3 million, or $1.83 per share, for the same period in 2025.

President and Chief Executive Officer Jeffrey F. Weidley commented on the results:

"Union Bankshares strong financial performance reflects the strength of our foundation, the trust our customers place in us, and the dedication our employees bring to serving our communities every day. I am incredibly proud of our team and the results they delivered this quarter. By staying focused on relationships, exceptional customer service, and sound financial management, we delivered another quarter of strong earnings while helping our customers and communities succeed. These results demonstrate the resilience of our franchise and the value of our community banking model, positioning us well for continued future success."

Balance Sheet

Total assets reached $1.64 billion as of September 30, 2026 from $1.57 billion as of September 30, 2025 representing growth of $62.6 million, or 4.0%. The increase was driven by increases in the securities and loan portfolios. Investment securities increased to $282.0 million as of September 30, 2026 compared to $262.4 million as of September 30, 2025, an increase of $19.7 million, or 7.5%, related to the investment purchases that occurred during the fourth quarter of 2025, partially offset by a decrease in the investment portfolio fair market value and resulting adjustment to unrealized losses at quarter end. Total loan growth was $52.5 million during the comparison periods with outstanding balances of $1.23 billion as of September 30, 2026. Sales of qualifying mortgage loans were $94.9 million for the nine months ended September 30, 2026 compared to $102.8 million for the nine months ended September 30, 2025.

The allowance for credit losses on loans was $8.6 million as of September 30, 2026 compared to $8.4 million as of September 30, 2025. Asset quality remains strong and management continues to assess credit risk exposure and adjusts reserves as needed. Management believes the current credit loss expense is appropriate given the composition and performance of the loan portfolio, and continues to monitor macroeconomic indicators that may impact borrower behavior and repayment capacity.

Total deposits were $1.25 billion as of September 30, 2026 compared to $1.19 billion as of September 30, 2025, and included purchased brokered deposits of $110.8 million and $65.3 million for the respective periods. Borrowed funds were $271.1 million as of September 30, 2026 and consisted of Federal Home Loan Bank advances of $241.1 million and Federal Reserve borrowings of $30.0 million compared to Federal Home Loan Bank advances of $270.8 million as of September 30, 2025.

The Company had total stockholders' equity of $78.8 million and a book value per share of $15.94 as of September 30, 2026 compared to $77.7 million and a book value per share of $16.95 as of September 30, 2025. The increase in stockholders' equity was due in part to sales of common stock in accordance with the equity distribution agreement previously announced on May 20, 2025. There were 384,066 shares of the Company's stock sold resulting in net proceeds, after expenses, of $8.6 million through September 30, 2026. Total stockholders' equity is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss was $40.7 million at September 30, 2026 compared to $27.5 million as of September 30, 2025 which contributed to the decrease in book value per share.

Income Statement

Consolidated net income was $3.8 million for the three months ended September 30, 2026, compared to $3.4 million for the same period in 2025. Results increased $332 thousand for the comparison periods due to an increase of $988 thousand in net interest income and a decrease of $279 thousand in credit loss expense, partially offset by a decrease of $507 thousand in noninterest income, and increases of $269 thousand in noninterest expenses and $159 thousand in income tax expense.

Interest income was $20.4 million for the three months ended September 30, 2026 compared to $19.2 million for the three months ended September 30, 2025, an increase of $1.2 million, or 6.6%. The increase is attributable to a larger earning asset base and higher interest rates on those assets. Interest expense increased $168 thousand, or 2.2%, to $8.2 million for the three months ended September 30, 2026 compared to $8.1 million for the three months ended September 30, 2025 These changes resulted in improvement in net interest income of $988 thousand, or 10.0%, for the comparison periods.

Credit loss expense of $34 thousand was recorded for the three months ended September 30, 2026 compared to credit loss expense of $313 thousand for the three months ended September 30, 2025. The reduction in credit loss expense during the comparison periods was primarily related to the size and mix of the loan portfolio and unfunded commitments at September 30, 2026.

Noninterest income was $2.8 million for the third quarter of 2026 compared to $3.3 million for the same period in 2025. Sales of qualifying residential mortgages resulted in net gains of $553 thousand for the three months ended September 30, 2026 compared to net gains of $700 thousand for the three months ended September 30, 2025.

Noninterest expenses increased $269 thousand, or 2.6%, to $10.6 million for the three months ended September 30, 2026 compared to $10.3 million for the three months ended September 30, 2025. The increase during the comparison periods was due to increases of $205 thousand in employee benefits, $81 thousand in equipment expenses, and $31 thousand in occupancy and other expenses, partially offset by a decrease of $48 thousand in salaries and wages. Income tax expense was $573 thousand for the three months ended September 30, 2026, an increase of $159 thousand compared to $414 thousand for the three months ended September 30, 2025.

Dividend Declared

The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable November 5, 2026 to shareholders of record as of October 31, 2026.

About Union Bankshares, Inc.

Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.

Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. 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 lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank's employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and "Outstanding" rating for its compliance with the Community Reinvestment Act ("CRA") in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values--combined with financial expertise, quality products and the latest technology--make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets' acceptance of and demand for the Company's products and services; technological changes, including the impact of the internet on the Company's business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company's reports filed with the Securities and Exchange Commission at www.sec.gov or on our investor page at www.ublocal.com.

Consolidated Balance Sheets (unaudited, in thousands)

ASSETS Sep 30, 2026 Sep 30, 2025

Cash and due from banks $ 5,271 $ 4,923

Federal funds sold & overnight deposits 18,063 30,550

Interest bearing deposits in banks 6,962 8,457

Investment securities 282,111 262,371

Loans held for sale 5,169 4,529

Loans, net 1,228,883 1,176,380

Allowance for credit losses (8,601) (8,397)

Premises and equipment, net 21,087 19,980

Accrued interest & other assets 77,595 75,124

Total Assets $ 1,636,540 $ 1,573,917

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest bearing deposits $ 228,403 $ 227,202

Interest bearing deposits 664,405 651,261

Time deposits 358,692 311,123

Borrowed funds 271,075 270,841

Subordinated notes 16,333 16,299

Accrued interest & other liabilities 18,799 19,512

Common stock 10,831 10,110

Additional paid-in capital 12,102 4,234

Retained earnings 100,841 95,148

Accumulated other comprehensive loss (40,688) (27,530)

Treasury stock at cost (4,253) (4,283)

Total Liabilities and Shareholders' Equity $ 1,636,540 $ 1,573,917

Standby letters of credit were $1,747,000 and $1,635,000 at September 30, 2026 and 2025, respectively.

Consolidated Statements of Income (unaudited, in thousands)

Sep 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025

(3 months ended) (9 months ended)

Interest income $ 20,363 $ 19,207 $ 59,950 $ 56,223

Interest expense 8,219 8,051 24,891 24,351

Net interest income 12,144 11,156 35,059 31,872

Credit loss expense (benefit) 34 313 (116) 769

Net interest income after credit loss (benefit) expense 12,110 10,843 35,175 31,103

Wealth management income 327 297 960 868

Noninterest income 2,516 3,053 7,620 7,681

Noninterest expenses:

Salaries & wages 4,388 4,436 13,701 12,432

Employee benefits 1,611 1,406 5,273 4,958

Occupancy expense, net 555 537 1,749 1,736

Equipment expense 1,176 1,095 3,421 3,244

Other expenses 2,882 2,869 8,713 8,284

Total 10,612 10,343 32,857 30,654

Income before taxes 4,341 3,850 10,898 8,998

Income tax expense 573 414 1,202 666

Net Income $ 3,768 $ 3,436 $ 9,696 $ 8,332

Earnings per share $ 0.77 $ 0.75 $ 2.03 $ 1.83

Book value per share $ 15.94 $ 16.95

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Oct. 21, 2026

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