Form 8-K

8-K — UNION BANKSHARES INC

Accession: 0000706863-26-000042

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000706863

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — unb-20260507.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (exhibit9911stqtr2026shrepo.htm)

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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): 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)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: exhibit9911stqtr2026shrepo.htm · Sequence: 2

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 future

portfolio 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. The

allowance 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.

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.

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.

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.

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.

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 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

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.

Consolidated Balance Sheets

(unaudited, in thousands)

Consolidated Statements of Income

(unaudited, in thousands)

Union Bankshares, Inc.

DIRECTORS

OFFICERS

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)

Mary K. Parent

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

Credit Loss Expense 11,620 10,035 Union Bank REGIONAL

ADVISORY BOARD

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

(ATMs at all Branch Locations)

Other Expenses 2,863 2,631

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 $ 2,501 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 $ 0.55 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 $ 15.44 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 Other

Comprehensive 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

Lincoln 135 Main Street 603.745.4000

North Conway 120 North-South Road 603.356.4010

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May 07, 2026

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