Financial Performance - Consolidated net income increased by $2.1 million, or 159.5%, to $3.4 million for Q3 2025 compared to $1.3 million for Q3 2024[110] - For the nine months ended September 30, 2025, consolidated net income rose by $2.6 million, or 44.7%, to $8.3 million compared to $5.8 million for the same period in 2024[111] - Net interest income increased by $1.7 million for Q3 2025, driven by higher interest earned on average earning assets and increased average loan volume[110] - Noninterest income for Q3 2025 was $3.350 million, a significant increase of 108.7% from $1.605 million in Q3 2024, and for the nine months ended September 30, 2025, it rose to $8.549 million from $6.937 million in 2024[142] - Total noninterest expenses for Q3 2025 were $10.343 million, an increase of 9.9% from $9.409 million in Q3 2024, and for the nine months, it rose to $30.654 million from $28.413 million in 2024[142] Assets and Liabilities - Total consolidated assets as of September 30, 2025, were $1.57 billion, with gross loans totaling $1.18 billion and deposits of $1.19 billion[112] - The Company's total consolidated assets increased by $45.6 million, or 3.0%, to $1.57 billion as of September 30, 2025, compared to $1.53 billion at December 31, 2024[150] - Total loans, including loans held for sale, increased by $17.9 million, or 1.5%, to $1.18 billion as of September 30, 2025, representing 74.9% of total assets[152] - Total deposits increased by $20.7 million, or 1.8%, to $1.19 billion at September 30, 2025, from $1.17 billion at December 31, 2024[152] Interest and Yield - The net interest margin improved to 3.03% for Q3 2025, up from 2.71% in Q3 2024[117] - Interest earned on average earning assets for Q3 2025 was $19.4 million, an increase of $2.0 million or 11.5% from Q3 2024[122] - Average yield on earning assets increased by 30 bps to 5.15% in Q3 2025 compared to 4.85% in Q3 2024[122] - Interest income on loans increased by $1.8 million due to an increase in average loan volume of $78.3 million and a 22 bps increase in average yield[124] - The net interest spread increased by 20 bps to 2.47% for the nine months ended September 30, 2025, reflecting a 33 bps increase in average yield on earning assets[130] Expenses and Salaries - Salaries and wages increased by $421 thousand in Q3 2025 compared to Q3 2024, totaling $4.436 million, and for the nine months, it rose by $1.090 million to $12.432 million[142] - The number of full-time equivalent employees increased from 189 in September 2024 to 201 in September 2025, contributing to the rise in salaries and wages[144] Taxation - Net provision for income taxes was $414 thousand for the three months ended September 30, 2025, compared to a net benefit of $123 thousand for the same period in 2024, resulting in an effective federal corporate income tax rate of 9.8%[146] - The effective federal corporate income tax rate for the nine months ended September 30, 2025, was 6.8%, compared to 2.9% for the same period in 2024[147] Capital and Equity - Stockholders' equity rose from $66.5 million at December 31, 2024, to $77.7 million at September 30, 2025, reflecting net income of $8.3 million for the first nine months of 2025[152] - The Company maintained a Common Equity Tier 1 to risk-weighted assets ratio of 10.38% as of September 30, 2025[205] - Union's Common Equity Tier 1 to risk-weighted assets ratio was 11.98%[205] - The Company issued 30,397 shares for gross proceeds of $802 thousand during Q3 2025, with net proceeds of $749 thousand after costs[195] Credit Quality - Nonaccrual loans increased to $12.987 million as of September 30, 2025, compared to $1.652 million at December 31, 2024[161] - The Allowance for Credit Losses (ACL) on loans was $8.4 million as of September 30, 2025, up from $7.7 million at December 31, 2024[166] - Nonperforming loans to total loans increased to 1.14% as of September 30, 2025, from 0.16% at December 31, 2024[163] Market Conditions - The current macroeconomic environment presents uncertainties that could negatively impact the company's financial condition and results of operations[116]

[Filing Information](index=1&type=section&id=Filing%20Information) This section details the registrant's core identification, including legal name, jurisdiction, and stock information for the Form 8-K filing [Registrant Details](index=1&type=section&id=Registrant%20Details) This section outlines the registrant's legal name, state of incorporation, and registered securities for the filing - **Registrant Name**: UNION BANKSHARES, INC.[2](index=2&type=chunk) - **State of Incorporation**: VT[3](index=3&type=chunk) Securities Registered | Title of Class | Trading Symbol | Exchanges Registered On | | :--------------- | :------------- | :---------------------- | | Common Stock, $2.00 par value | UNB | Nasdaq Stock Market | [Filing Specifics](index=1&type=section&id=Filing%20Specifics) This part outlines the administrative details of the Form 8-K filing, including the report date and confirmation that the registrant is not an emerging growth company - **Date of Report**: October 15, 2025[2](index=2&type=chunk) - The registrant is **not an emerging growth company**[4](index=4&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) The company furnished a press release detailing Q3 and YTD September 30, 2025 net income, net income per share, and a quarterly cash dividend declaration - Union Bankshares, Inc. issued a press release on **October 15, 2025**, announcing **net income** and **net income per share** for the third quarter and nine months ended September 30, 2025[6](index=6&type=chunk) - The press release also announced the declaration of a **regular quarterly cash dividend**[6](index=6&type=chunk) - Information in this Item 2.02 and Exhibit 99.1 is **furnished, not filed**, for Section 18 purposes of the Securities and Exchange Act of 1934[5](index=5&type=chunk) [Item 8.01. Other Events](index=2&type=section&id=Item%208.01.%20Other%20Events) This section details other significant events, specifically the declaration of a regular quarterly cash dividend [Declaration of Regular Quarterly Cash Dividend](index=2&type=section&id=Declaration%20of%20Regular%20Quarterly%20Cash%20Dividend) The Board of Directors declared a regular quarterly cash dividend of **$0.36 per share**, payable in early November 2025 - The Board of Directors declared a **quarterly cash dividend** on **October 15, 2025**[7](index=7&type=chunk) Quarterly Cash Dividend Details | Detail | Value | | :---------------- | :---- | | Dividend per share | $0.36 | | Payable Date | November 6, 2025 | | Record Date | October 25, 2025 | [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K, primarily the press release detailing financial results and dividend declaration - **Exhibit 99.1** is the Union Bankshares, Inc. Press Release dated **October 15, 2025**, announcing a regular quarterly dividend and third quarter and nine months net income and net income per share[8](index=8&type=chunk)[12](index=12&type=chunk) [Signatures](index=2&type=section&id=Signatures) The report was officially signed by Union Bankshares, Inc.'s Chief Financial Officer on October 15, 2025 - The report was signed by **Karyn J. Hale**, Chief Financial Officer of Union Bankshares, Inc.[10](index=10&type=chunk)[11](index=11&type=chunk) - **Signature Date**: October 15, 2025[11](index=11&type=chunk) [Exhibit Index](index=2&type=section&id=Exhibit%20Index) This index provides a comprehensive list of all exhibits included with the Form 8-K filing Exhibits Included | Exhibit Number | Description | | :------------- | :---------- | | 99.1 | Union Bankshares, Inc. Press Release dated October 15, 2025, announcing a regular quarterly dividend and third quarter and nine months ended September 30, 2025 net income and net income per share. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Viewpoint - Union Bankshares, Inc. reported significant growth in net income and asset quality for the third quarter and nine months ended September 30, 2025, compared to the same periods in 2024, despite ongoing economic uncertainty [1][7][12]. Financial Performance - Consolidated net income for Q3 2025 was $3.4 million, up from $1.3 million in Q3 2024, and for the nine months ended September 30, 2025, it was $8.3 million compared to $5.8 million in the same period of 2024 [1][7]. - Net interest income increased by $1.7 million, or 18.3%, to $11.2 million for Q3 2025, driven by a rise in interest income and volume [8]. - Noninterest income rose to $3.4 million for Q3 2025 from $2.9 million in Q3 2024 [10]. Balance Sheet Highlights - Total assets grew to $1.57 billion as of September 30, 2025, from $1.52 billion a year earlier, primarily due to a 5.1% increase in loans to $1.18 billion [2]. - Total deposits increased to $1.19 billion as of September 30, 2025, compared to $1.17 billion a year prior [5]. - Stockholder's equity strengthened, with book value per share rising 6.1% to $16.95 [6]. Asset Quality and Risk Management - The allowance for credit losses on loans increased by 14.0% due to proactive risk management and loan growth [3]. - Credit loss expense decreased to $313 thousand in Q3 2025 from $425 thousand in Q3 2024, reflecting the growth and mix of the loan portfolio [9]. Loan Activity - Qualifying residential loans originated and sold to the secondary market were $46.0 million and $102.8 million for Q3 and nine months ended September 30, 2025, respectively, compared to $35.2 million and $76.1 million in the same periods of 2024 [4]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share for the quarter, payable on November 6, 2025 [11].

Core Insights - Acadian Timber Corp. and its largest shareholder Macer Forest Holdings Inc. are investing $2.5 million over 5 years in the University of New Brunswick to promote innovation in digital forestry [1][2] - The investment will create a new digital stream within UNB's master of forestry program and fund infrastructure upgrades [1][2] - This initiative aims to enhance the integration of AI, remote sensing, and digital modeling in sustainable forest management [2] Company Overview - Acadian Timber Corp. is one of the largest timberland owners in Eastern Canada and the Northeastern U.S., managing approximately 2.4 million acres of land [3] - The company owns about 775,000 acres of freehold timberlands in New Brunswick and 300,000 acres in Maine, in addition to providing timber services for 1.3 million acres of Crown licensed timberlands in New Brunswick [3] - Acadian's primary business includes forest management and the production of timber products, such as softwood and hardwood sawlogs, pulpwood, and biomass by-products [3] Business Strategy - Acadian's strategy focuses on maximizing cash flows from existing timberland assets through sustainable forest management and other land use activities [4] - The company aims to grow its business by acquiring assets and actively managing them to drive improved performance [4] - Acadian's shares are traded on the Toronto Stock Exchange under the symbol ADN [4]

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the Company's unaudited interim consolidated financial statements, including balance sheets, income statements, comprehensive income statements, statements of changes in stockholders' equity, and cash flow statements, along with detailed notes providing context and disclosures on various financial components and accounting policies [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) This section presents the Company's unaudited interim consolidated financial statements, including balance sheets, income statements, comprehensive income statements, statements of changes in stockholders' equity, and cash flow statements, along with detailed notes providing context and disclosures on various financial components and accounting policies [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Presents the Company's financial position at specific dates, detailing assets, liabilities, and equity Consolidated Balance Sheet Highlights (Dollars in thousands) | Total Stockholders' Equity | $71,258 | $66,480 | $4,778 | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Details the Company's revenues, expenses, and net income over specific periods, reflecting operational profitability Consolidated Statements of Income Highlights (Dollars in thousands, except per share data) | Dividends per common share | $0.36 | $0.36 | $0.72 | $0.72 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Reports changes in equity during a period from non-owner sources, including net income and other comprehensive income items Consolidated Statements of Comprehensive Income Highlights (Dollars in thousands) | Total comprehensive income | $2,598 | $1,690 | $7,662 | $1,168 | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Outlines the movements in each component of stockholders' equity over a period, such as net income, dividends, and stock issuances Changes in Stockholders' Equity (Six Months Ended June 30, 2025, Dollars in thousands) | Balances, June 30, 2025 | $71,258 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities over a period Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, Dollars in thousands) | Cash and cash equivalents, End of period | $29,267 | $30,507 | [Notes to Unaudited Interim Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) Provides detailed explanations and additional information supporting the interim consolidated financial statements [Note 1. Basis of Presentation](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation) Explains the accounting principles and conventions used in preparing the interim financial statements - The unaudited interim consolidated financial statements are prepared in conformity with GAAP for interim financial information and general banking industry practices, consistent with the Company's 2024 Annual Report[20](index=20&type=chunk) - The Company is a 'smaller reporting company' and has elected to provide scaled disclosures, including a two-year period for consolidated statements of income, comprehensive income, cash flows, and changes in stockholders' equity[21](index=21&type=chunk) [Note 2. Legal Contingencies](index=10&type=section&id=Note%202.%20Legal%20Contingencies) Discloses potential liabilities arising from legal actions and other proceedings - Management believes any liability from ongoing legal and other proceedings is not expected to have a material adverse effect on the Company's consolidated financial condition or results of operations[24](index=24&type=chunk) [Note 3. Per Share Information](index=11&type=section&id=Note%203.%20Per%20Share%20Information) Presents earnings and dividends per common share, reflecting profitability on a per-share basis Per Share Information (Three Months Ended June 30, Dollars in thousands, except per share data) | Diluted EPS | $0.52 | $0.45 | [Note 4. Recent Accounting Pronouncements](index=11&type=section&id=Note%204.%20Recent%20Accounting%20Pronouncements) Outlines the impact of newly issued accounting standards on the Company's financial reporting - FASB ASU No. 2023-09 (Income Taxes) is effective for the Company in 2025 and is not expected to have a material impact on consolidated financial statements[26](index=26&type=chunk) - FASB ASU No. 2024-03 (Income Statement Expenses) is effective for annual reporting periods beginning after December 15, 2026, and is not expected to have a material impact on consolidated financial statements[27](index=27&type=chunk) [Note 5. Investment Securities](index=11&type=section&id=Note%205.%20Investment%20Securities) Details the composition, fair value, and credit quality of the Company's investment securities portfolio Debt Securities Available-for-Sale (AFS) (Dollars in thousands) | Fair Value | $240,537 | $250,504 | - No Allowance for Credit Losses (ACL) for AFS debt securities was recorded at June 30, 2025, or December 31, 2024[35](index=35&type=chunk) - No sales of investment securities AFS occurred for the three and six months ended June 30, 2025, and 2024[36](index=36&type=chunk) [Note 6. Loans](index=13&type=section&id=Note%206.%20Loans) Provides a breakdown of the loan portfolio by type and collateral, along with related pledges Composition of Net Loans (Dollars in thousands) | Net loans | $1,096,615 | $1,150,218 | - Qualifying residential first mortgage loans and certain commercial real estate loans with an aggregate carrying value of **$488.3 million** were pledged as collateral for FHLB borrowings at June 30, 2025[40](index=40&type=chunk) [Note 7. Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures](index=14&type=section&id=Note%207.%20Allowance%20for%20Credit%20Losses%20on%20Loans%20and%20Off-Balance%20Sheet%20Credit%20Exposures) Details the methodology and changes in the allowance for credit losses for both loans and off-balance sheet exposures Changes in ACL on Loans (Six Months Ended June 30, Dollars in thousands) | Balance, end of period | $8,307 | $6,893 | ACL on Off-Balance Sheet Credit Exposures (Dollars in thousands) | Balance at end of period | $906 | $1,075 | - Collateral dependent loans to borrowers experiencing financial difficulty totaled **$17.1 million** at June 30, 2025, a significant increase from **$4.7 million** at December 31, 2024[63](index=63&type=chunk) [Note 8. Stock Based Compensation](index=23&type=section&id=Note%208.%20Stock%20Based%20Compensation) Describes the Company's equity compensation plans and the related accounting for stock-based awards - The Union Bankshares, Inc. 2024 Equity Plan reserves **250,000 shares** for equity awards, replacing the 2014 Equity Plan[68](index=68&type=chunk) RSUs Awarded and Unvested (June 30, 2025) | 2023 | 19,282 | 2,508 | - Unrecognized compensation expense related to unvested RSUs was **$493 thousand** at June 30, 2025, compared to **$393 thousand** at December 31, 2024[72](index=72&type=chunk) [Note 9. Subordinated Notes](index=24&type=section&id=Note%209.%20Subordinated%20Notes) Details the terms and conditions of the Company's subordinated debt, including interest rates and maturity - The Company has **$16.5 million** in fixed-to-floating rate subordinated notes due 2031, bearing interest at **3.25%** until September 1, 2026, then resetting quarterly to SOFR plus **263 basis points**[74](index=74&type=chunk) - These Notes qualify as Tier 2 capital instruments for the Company under bank holding company regulatory capital guidelines[74](index=74&type=chunk) - Unamortized issuance costs for the Notes were **$210 thousand** at June 30, 2025, down from **$227 thousand** at December 31, 2024[76](index=76&type=chunk) [Note 10. Other Comprehensive Income (Loss)](index=24&type=section&id=Note%2010.%20Other%20Comprehensive%20Income%20(Loss)) Reports items of comprehensive income not included in net income, such as unrealized gains or losses on available-for-sale securities Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) | Net unrealized losses on investment securities AFS | $(31,231) | $(33,997) | - Net unrealized holding gains (losses) arising during the period on AFS investment securities were **$2.766 million** for the six months ended June 30, 2025, compared to **$(3.268) million** for the same period in 2024[78](index=78&type=chunk) [Note 11. Fair Value Measurement](index=25&type=section&id=Note%2011.%20Fair%20Value%20Measurement) Explains the valuation techniques and inputs used to measure the fair value of financial instruments - The majority of the Company's AFS securities are valued using Level 2 inputs, while mutual funds are valued using Level 1 inputs[80](index=80&type=chunk)[82](index=82&type=chunk) - There were no Level 3 assets at June 30, 2025, or December 31, 2024, and no transfers between Levels 1 and 2 during the periods[82](index=82&type=chunk) Fair Value of Financial Assets (June 30, 2025, Dollars in thousands) | Loans, net (total) | $1,096,615 | $1,013,465 | — | — | $1,013,465 | [Note 12. Subsequent Events](index=28&type=section&id=Note%2012.%20Subsequent%20Events) Discloses significant events that occurred after the balance sheet date but before the financial statements were issued - On July 16, 2025, the Company declared a regular quarterly cash dividend of **$0.36 per share**, payable August 7, 2025[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) This section provides management's perspective on the Company's financial performance and condition, highlighting positive trends in net interest income and profitability, alongside detailed discussions of assets, liabilities, capital, and risk management strategies [GENERAL](index=29&type=section&id=GENERAL) Provides an overview of the scope and focus of the management's discussion and analysis - The discussion focuses on material factors affecting the Company's financial position as of June 30, 2025, and December 31, 2024, and its results of operations for the three and six months ended June 30, 2025, and 2024[91](index=91&type=chunk) [CAUTIONARY ADVICE ABOUT FORWARD LOOKING STATEMENTS](index=29&type=section&id=CAUTIONARY%20ADVICE%20ABOUT%20FORWARD%20LOOKING%20STATEMENTS) Warns readers about the inherent uncertainties and risks associated with forward-looking statements - Forward-looking statements are subject to various risks, including changes in interest rates, competitive pressures, general economic conditions, and regulatory changes, which could cause actual results to differ materially[95](index=95&type=chunk) - The banking industry continues to face an inverted yield curve, unrealized securities losses, and higher funding costs[96](index=96&type=chunk) [Non-GAAP Financial Measures](index=29&type=section&id=Non-GAAP%20Financial%20Measures) Explains the use and reconciliation of financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP) - The Company uses non-GAAP financial measures, such as tax-equivalent net interest income and net interest margin, to evaluate financial performance and facilitate comparisons with other financial institutions[100](index=100&type=chunk) - These non-GAAP measures are considered supplemental and not a substitute for related financial information prepared in accordance with GAAP[100](index=100&type=chunk) [CRITICAL ACCOUNTING POLICIES](index=30&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES) Identifies and discusses accounting policies that require significant management judgment and estimates - Critical accounting policies include establishing the Allowance for Credit Losses (ACL) and valuing intangible assets, which involve significant management judgments and assumptions[102](index=102&type=chunk) - No changes to the Company's critical accounting policies have occurred since the filing of its 2024 Annual Report on Form 10-K[103](index=103&type=chunk) [OVERVIEW](index=30&type=section&id=OVERVIEW) Provides a high-level summary of the Company's financial performance and condition for the reporting period - Consolidated net income increased by **$376 thousand (18.6%)** to **$2.4 million** for Q2 2025 year-over-year, and by **$460 thousand (10.4%)** to **$4.9 million** for H1 2025 year-over-year[106](index=106&type=chunk)[107](index=107&type=chunk) - Total consolidated assets were **$1.48 billion** at June 30, 2025, a **3.1% decrease** from December 31, 2024, but a **5.9% increase** compared to June 30, 2024[108](index=108&type=chunk)[142](index=142&type=chunk) Key Performance Ratios | Dividends paid per share | $0.36 | $0.36 | $0.72 | $0.72 | [RESULTS OF OPERATIONS](index=32&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes the Company's revenues, expenses, and profitability trends over the reporting period [Net Interest Income](index=32&type=section&id=Net%20Interest%20Income) Examines the primary source of revenue for financial institutions, derived from interest-earning assets and interest-bearing liabilities - Net interest income increased by **$962 thousand** (Q2 year-over-year) and **$2.2 million** (H1 year-over-year), driven by higher interest earned on average earning assets and increased loan volume[106](index=106&type=chunk)[107](index=107&type=chunk)[134](index=134&type=chunk) - The net interest spread increased by **8 basis points** to **2.43%** (Q2 year-over-year) and **13 basis points** to **2.42%** (H1 year-over-year), while net interest margin increased by **8 basis points** to **2.89%** (Q2 year-over-year) and **14 basis points** to **2.88%** (H1 year-over-year)[122](index=122&type=chunk)[126](index=126&type=chunk) - Interest income on loans increased by **$2.0 million** (Q2 year-over-year) and **$4.7 million** (H1 year-over-year) due to increases in average loan volume and average loan yield[120](index=120&type=chunk)[123](index=123&type=chunk) [Credit Loss Expense](index=36&type=section&id=Credit%20Loss%20Expense) Reports the expense recognized for expected credit losses on loans and other financial assets Credit Loss Expense (Dollars in thousands) | Credit loss expense, net | $221 | $388 | $456 | $158 | [Noninterest Income](index=37&type=section&id=Noninterest%20Income) Details income generated from sources other than interest, such as service charges, fees, and gains on asset sales Noninterest Income (Dollars in thousands) | Total noninterest income | $2,759 | $2,765 | $5,199 | $5,332 | - Net gains on sales of loans held for sale increased by **40.8%** (Q2 year-over-year) and **38.4%** (H1 year-over-year) due to higher sales volume and premiums[137](index=137&type=chunk) - Income from Company-owned life insurance decreased significantly due to a **$235 thousand** death benefit received in Q2 2024 that did not recur in 2025[137](index=137&type=chunk) [Noninterest Expenses](index=38&type=section&id=Noninterest%20Expenses) Outlines operating expenses not directly related to interest-earning activities, such as salaries, benefits, and occupancy costs Noninterest Expenses (Dollars in thousands) | Total noninterest expenses | $10,487 | $9,781 | $20,311 | $19,004 | - Salaries and wages increased by **8.2%** (Q2 year-over-year) and **9.1%** (H1 year-over-year) due to annual salary adjustments, increased incentive plan payments, and lower deferred loan origination costs[138](index=138&type=chunk) - Employee benefits increased by **20.8%** (Q2 year-over-over) and **13.8%** (H1 year-over-year), primarily due to higher medical and dental plan premiums and payroll taxes[138](index=138&type=chunk) - FDIC insurance assessment increased by **39.8%** (Q2 year-over-year) and **39.7%** (H1 year-over-year) due to an increased assessment rate and overall growth in net average assets[138](index=138&type=chunk) [Provision for Income Taxes](index=39&type=section&id=Provision%20for%20Income%20Taxes) Reports the expense recognized for federal, state, and local income taxes based on the Company's taxable income Provision for Income Taxes (Dollars in thousands) | Effective federal corporate income tax rate | 4.4 % | 2.9 % | 4.6 % | 6.2 % | - Amortization expense related to limited partnership investments was **$457 thousand** (Q2 2025) and **$909 thousand** (H1 2025), providing tax benefits including tax credits[140](index=140&type=chunk) [FINANCIAL CONDITION](index=39&type=section&id=FINANCIAL%20CONDITION) Assesses the Company's financial position, including assets, liabilities, and equity, at the end of the reporting period [Loans Held for Sale and Loan Portfolio](index=40&type=section&id=Loans%20Held%20for%20Sale%20and%20Loan%20Portfolio) Details the composition and trends of the Company's loan portfolio, including loans held for sale - Total loans (including loans held for sale) decreased by **$49.2 million (4.2%)** to **$1.11 billion** at June 30, 2025, primarily due to a seasonal decrease in the municipal portfolio[146](index=146&type=chunk) Loan Portfolio Composition (Dollars in thousands) | Total loans | $1,111,758 | 100.0 % | $1,160,940 | 100.0 % | - The Company serviced a **$1.18 billion** residential real estate mortgage portfolio at June 30, 2025, with **$705.0 million** serviced for unaffiliated third parties[147](index=147&type=chunk) [Asset Quality](index=41&type=section&id=Asset%20Quality) Evaluates the credit risk within the Company's asset portfolio, including nonperforming assets and related ratios Nonperforming Assets (Dollars in thousands) | Total nonperforming assets | $15,261 | $1,893 | $1,928 | - The increase in nonaccrual loans at June 30, 2025, primarily relates to a commercial construction loan placed in nonaccrual status during Q1 2025[154](index=154&type=chunk) Asset Quality Ratios | Nonperforming assets to total assets | 1.03 % | 0.12 % | 0.14 % | [Allowance for Credit Losses on Loans](index=42&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans) Discusses the adequacy and changes in the allowance for credit losses, reflecting expected future loan defaults - The ACL on loans increased to **$8.3 million** at June 30, 2025, from **$7.7 million** at December 31, 2024, reflecting management's estimate of expected credit losses[159](index=159&type=chunk)[160](index=160&type=chunk) - Management believes the ACL is appropriate to cover expected credit losses, but acknowledges that banking regulators may require adjustments[163](index=163&type=chunk) ACL on Loans by Risk Component (Dollars in thousands) | Total | $8,307 | 100.0 % | $7,680 | 100.0 % | [Investment Activities](index=43&type=section&id=Investment%20Activities) Reviews the Company's investment portfolio, including changes in fair value and unrealized gains or losses - Investment securities AFS decreased by **$10.0 million** to **$240.5 million** at June 30, 2025, primarily due to principal returns and a decrease in unrealized losses[164](index=164&type=chunk) - Net unrealized losses in the AFS portfolio improved to **$40.0 million** at June 30, 2025, from **$43.6 million** at December 31, 2024[165](index=165&type=chunk) - No declines in value were deemed impairment related to credit losses at June 30, 2025[165](index=165&type=chunk) [Deposits](index=44&type=section&id=Deposits) Analyzes the composition and trends of the Company's deposit base, including insured and uninsured balances Average Deposits by Account Type (Six Months Ended June 30, Dollars in thousands) | Total deposits | $1,189,529 | 100.0 % | 1.87 % | $1,180,783 | 100.0 % | 1.72 % | - Total deposits decreased by **$65.5 million (5.6%)** to **$1.10 billion** at June 30, 2025, from December 31, 2024, primarily due to seasonal municipal customer activity[144](index=144&type=chunk) - Uninsured deposits were estimated at **$451.4 million**, or **40.9%** of total deposits, at June 30, 2025[171](index=171&type=chunk) [Borrowings](index=45&type=section&id=Borrowings) Details the Company's borrowed funds, including FHLB advances and subordinated notes, and their associated costs - Borrowed funds, primarily FHLB advances, increased to **$270.7 million** at June 30, 2025, from **$259.7 million** at December 31, 2024, with a weighted average rate of **4.07%**[173](index=173&type=chunk) - The Company has **$16.5 million** in fixed-to-floating rate subordinated notes due 2031, which qualify as Tier 2 capital[175](index=175&type=chunk) - FHLB letters of credit totaling **$42.7 million** were utilized as collateral for public unit deposits at June 30, 2025[174](index=174&type=chunk) [Commitments, Contingent Liabilities, and Off-Balance-Sheet Arrangements](index=45&type=section&id=Commitments,%20Contingent%20Liabilities,%20and%20Off-Balance-Sheet%20Arrangements) Outlines the Company's contractual obligations and potential liabilities not recognized on the balance sheet Contractual or Notional Amount of Financial Instruments Representing Credit Risk (Dollars in thousands) | Total | $292,723 | $243,747 | - Commitments to originate loans significantly increased due to the fiscal cycle of local municipalities and school districts[179](index=179&type=chunk) - The ACL on off-balance sheet credit exposures totaled **$906 thousand** at June 30, 2025, compared to **$1.1 million** at December 31, 2024[181](index=181&type=chunk) [Liquidity](index=46&type=section&id=Liquidity) Assesses the Company's ability to meet its short-term financial obligations and funding needs - Union had access to unused FHLB lines of credit totaling **$59.5 million** at June 30, 2025, in addition to **$315.9 million** in outstanding FHLB borrowings[183](index=183&type=chunk) - The Company maintains a pre-approved federal funds line of credit of **$15.0 million** with a correspondent bank and utilizes brokered deposit agreements and one-way buy options with CDARS and ICS[185](index=185&type=chunk) - Management believes the Company has sufficient liquidity to meet all reasonable borrower, depositor, and creditor needs[187](index=187&type=chunk) [Capital Resources](index=47&type=section&id=Capital%20Resources) Evaluates the Company's capital adequacy, including stockholders' equity and regulatory capital ratios - Stockholders' equity increased to **$71.3 million** at June 30, 2025, from **$66.5 million** at December 31, 2024, driven by net income, reduced accumulated other comprehensive loss, and proceeds from common stock issuance[191](index=191&type=chunk) - The Company and Union met all regulatory capital adequacy requirements as of June 30, 2025, with Union exceeding the requirements for a 'well capitalized' bank[198](index=198&type=chunk) Company Capital Ratios (As of June 30, 2025, Dollars in thousands) | Tier I capital to average assets | $100,266 | 6.34 % | $63,259 | 4.00 % | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This item is omitted from the report in accordance with regulatory relief available to smaller reporting companies - This item is omitted in accordance with regulatory relief available to smaller reporting companies[201](index=201&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures.) The Company's management, including the CEO and CFO, concluded that its disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The Company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[202](index=202&type=chunk) - There was no material change in the Company's internal control over financial reporting during the most recent fiscal quarter[203](index=203&type=chunk) [PART II OTHER INFORMATION](index=49&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings.) The Company is involved in various legal and other proceedings, but management does not anticipate any material adverse effect on its financial condition or results of operations - Management does not expect any liability from legal proceedings to have a material adverse effect on the Company's financial condition or results of operations[204](index=204&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors.) There have been no material changes in the risk factors previously discussed in the Company's 2024 Annual Report on Form 10-K - No material changes in the risk factors discussed in the Company's 2024 Annual Report since its filing date[205](index=205&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) There were no repurchases of the Company's equity securities or sales of unregistered securities during the quarter ended June 30, 2025 - No repurchases of the Company's equity securities or sales of unregistered securities occurred during the quarter ended June 30, 2025[206](index=206&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO, and financial statements formatted in iXBRL - Exhibits include certifications of the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[210](index=210&type=chunk)[212](index=212&type=chunk) - The unaudited consolidated financial statements are formatted in Inline eXtensible Business Reporting Language (iXBRL)[210](index=210&type=chunk)[212](index=212&type=chunk) [Signatures](index=49&type=section&id=Signatures) The report is duly signed on behalf of Union Bankshares, Inc. by its Director, President and Chief Executive Officer, and Chief Financial Officer on August 13, 2025 - The report was signed by David S. Silverman, Director, President and Chief Executive Officer, and Karyn J. Hale, Chief Financial Officer, on August 13, 2025[209](index=209&type=chunk)

Core Insights - FVCBankcorp (FVCB) is a small regional bank operating in the Washington, DC metro area, presenting potential investment opportunities due to its less widespread following among investors [1] Company Overview - The company is characterized by its regional focus and operates primarily in the financial sector, which is seen as an area of interest for investment analysis [1] Market Perspective - The financial markets are viewed as efficient, with most stocks reflecting their real current value, suggesting that opportunities for profit may arise from stocks that are not accurately valued [1]

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K%20Filing%20Information) This section details the registrant's identity, filing specifics, and stock market listing for the Form 8-K [Registrant and Filing Details](index=1&type=section&id=Registrant%20and%20Filing%20Details) This section outlines the registrant's identity, incorporation, commission file number, and stock market listing - Registrant: **UNION BANKSHARES, INC.**[2](index=2&type=chunk) Common Stock Listing Details | Title of Class | Trading Symbol | Exchanges Registered On | | :------------- | :------------- | :---------------------- | | Common Stock, $2.00 par value | UNB | Nasdaq Stock Market | - The registrant is not an emerging growth company[4](index=4&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) This item reports the announcement of financial results and dividend declaration via a press release [Announcement of Financial Results](index=2&type=section&id=Announcement%20of%20Financial%20Results) A press release announced net income, EPS for Q2/H1 2025, and a quarterly cash dividend - A press release was issued on **July 16, 2025**, announcing net income and net income per share for the second quarter and six months ended **June 30, 2025**[6](index=6&type=chunk) - The press release also included the declaration of a regular quarterly cash dividend[6](index=6&type=chunk) - The information furnished in this Item 2.02 is not deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934[5](index=5&type=chunk) [Item 8.01. Other Events](index=2&type=section&id=Item%208.01.%20Other%20Events) This item reports the declaration of a regular quarterly cash dividend by the Board of Directors [Declaration of Regular Quarterly Cash Dividend](index=2&type=section&id=Declaration%20of%20Regular%20Quarterly%20Cash%20Dividend) The Board declared a **$0.36** per share quarterly cash dividend payable on **August 7, 2025** Quarterly Cash Dividend Details | Dividend Type | Amount per Share | Declaration Date | Record Date | Payable Date | | :------------ | :--------------- | :--------------- | :---------- | :----------- | | Quarterly Cash | $0.36 | July 16, 2025 | July 26, 2025 | August 7, 2025 | [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) This item lists the financial statements and exhibits furnished with the Form 8-K report [Exhibits Furnished](index=2&type=section&id=Exhibits%20Furnished) Exhibit 99.1, a press release detailing financial results and dividend, is furnished - **Exhibit 99.1**, the Union Bankshares, Inc. Press Release dated **July 16, 2025**, is furnished with this Form 8-K[8](index=8&type=chunk) - The press release announces a regular quarterly dividend and second quarter and six months ended **June 30, 2025** net income and net income per share[8](index=8&type=chunk) [Signatures](index=2&type=section&id=SIGNATURES) This section confirms the authorized signatories and signing date for the Form 8-K report [Authorized Signatories](index=2&type=section&id=Authorized%20Signatories) The report was signed by the CEO and CFO on **July 16, 2025** - The report was signed by **David S. Silverman**, Chief Executive Officer, and **Karyn J. Hale**, Chief Financial Officer[11](index=11&type=chunk) - The signing date for the report was **July 16, 2025**[11](index=11&type=chunk) [Exhibit Index](index=2&type=section&id=EXHIBIT%20INDEX) This index provides a comprehensive list of all exhibits accompanying the Form 8-K filing [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section lists Exhibit 99.1 (press release) and Exhibit 104 (interactive data file) Exhibits Provided | Exhibit Number | Description | | :------------- | :---------- | | 99.1 | Union Bankshares, Inc. Press Release dated July 16, 2025, announcing a regular quarterly dividend and second quarter and six months ended June 30, 2025 net income and net income per share | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Core Viewpoint - Union Bankshares, Inc. reported positive financial results for the second quarter and first half of 2025, showing growth in net income, total assets, and loans, while also declaring a quarterly cash dividend [1][6][10]. Financial Performance - Consolidated net income for Q2 2025 was $2.4 million, or $0.53 per share, up from $2.0 million, or $0.45 per share in Q2 2024, marking an increase of 18.6% [1][6] - For the first half of 2025, net income was $4.9 million, or $1.08 per share, compared to $4.4 million, or $0.98 per share in the same period of 2024 [1] Balance Sheet Highlights - Total assets increased to $1.48 billion as of June 30, 2025, up $81.9 million, or 5.9% from $1.40 billion a year earlier [2] - Total loans grew by $99.8 million, or 9.8%, reaching $1.11 billion, including $9.0 million in loans held for sale [2] - Total deposits rose to $1.10 billion, compared to $1.05 billion a year prior [4] Income Statement Insights - Interest income for Q2 2025 was $18.7 million, an increase of $2.2 million, or 13.1%, from $16.5 million in Q2 2024 [6] - Interest expense also increased by $1.2 million, or 17.1%, to $8.3 million for Q2 2025 [6] - Net interest income rose by $962 thousand, or 10.1%, reflecting the changes in interest income and expense [6] Credit Quality - Credit loss expense for Q2 2025 was $221 thousand, down from $388 thousand in Q2 2024, indicating improved credit quality [7] Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share, payable on August 7, 2025, to shareholders of record as of July 26, 2025 [10] Company Overview - Union Bankshares, Inc. is a bank holding company providing a range of banking services in northern Vermont and New Hampshire, operating 18 banking offices and three loan centers [11]

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) Union Bankshares' Q1 2025 unaudited financials show total assets at $1.52 billion, net income of $2.5 million, and stockholders' equity at $70.1 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets slightly decreased to $1.52 billion, while stockholders' equity increased to $70.1 million due to reduced comprehensive loss Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,524,832** | **$1,528,358** | | Net Loans | $1,155,211 | $1,150,218 | | Total Investments | $249,631 | $252,258 | | **Total Liabilities** | **$1,454,758** | **$1,461,878** | | Total Deposits | $1,181,376 | $1,168,894 | | Borrowed Funds | $240,696 | $259,696 | | **Total Stockholders' Equity** | **$70,074** | **$66,480** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2025 net income increased to $2.5 million, driven by a 14.0% rise in net interest income to $10.3 million Q1 Income Statement Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Interest Income | $10,270 | $9,008 | | Credit Loss Expense (Benefit) | $235 | $(230) | | Noninterest Income | $2,440 | $2,567 | | Noninterest Expenses | $9,824 | $9,223 | | **Net Income** | **$2,501** | **$2,417** | | Diluted EPS | $0.55 | $0.53 | | Dividends per Common Share | $0.36 | $0.36 | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q1 2025 total comprehensive income was $5.1 million, a significant turnaround from a $0.5 million loss in Q1 2024, driven by net income and unrealized gains Comprehensive Income (Loss) (in thousands) | Component | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income | $2,501 | $2,417 | | Other Comprehensive Income (Loss) | $2,563 | $(2,939) | | **Total Comprehensive Income (Loss)** | **$5,064** | **$(522)** | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity increased to $70.1 million by March 31, 2025, from $66.5 million at year-end 2024, primarily due to net income and other comprehensive income - Key drivers for the **$3.6 million** increase in stockholders' equity during Q1 2025 were net income (**$2.5M**) and other comprehensive income (**$2.6M**), which were partially offset by cash dividends (**$1.6M**)[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 cash flows: $4.1M from operations, $1.9M from investing, $8.1M used in financing, resulting in a $2.1M net decrease Net Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $4,060 | $1,861 | | Net Cash from (used in) Investing Activities | $1,948 | $(6,298) | | Net Cash used by Financing Activities | $(8,134) | $(50,570) | | **Net Decrease in Cash** | **$(2,126)** | **$(55,007)** | [Notes to Unaudited Interim Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) These notes provide details on accounting policies, investment and loan portfolios, credit loss allowance, fair value measurements, and a post-period dividend declaration [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) MD&A highlights Q1 2025 net income of $2.5 million, driven by net interest income growth and margin expansion, despite rising nonperforming assets - Consolidated net income increased by **$84 thousand**, or **3.5%**, to **$2.5 million** for Q1 2025 compared to Q1 2024, primarily due to a **$1.26 million** increase in net interest income[104](index=104&type=chunk) Key Performance Ratios | Ratio | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Return on average assets | 0.65% | 0.68% | | Return on average equity | 14.60% | 15.08% | | Net interest margin | 2.88% | 2.68% | | Efficiency ratio | 75.73% | 79.68% | | Nonperforming assets to total assets | 0.98% | 0.13% | [Results of Operations](index=29&type=section&id=RESULTS%20OF%20OPERATIONS) Q1 2025 operating results show net interest income up 14.0% to $10.3 million, net interest margin at 2.88%, with noninterest income down and expenses up - Net interest margin increased by **20 basis points** to **2.88%** in Q1 2025 from **2.68%** in Q1 2024, as the average yield on earning assets grew faster than the cost of interest-bearing liabilities[108](index=108&type=chunk)[116](index=116&type=chunk) - Noninterest income decreased by **$127 thousand** (**4.9%**) YoY, mainly due to a **$130 thousand** swing from gains to losses on other investments and a **$117 thousand** drop in other income[125](index=125&type=chunk)[126](index=126&type=chunk) - Noninterest expenses rose by **$601 thousand** (**6.5%**) YoY, driven by increases in salaries and wages (**+$358k**), employee benefits (**+$92k**), and FDIC insurance assessments (**+$96k**)[127](index=127&type=chunk)[128](index=128&type=chunk) [Financial Condition](index=35&type=section&id=FINANCIAL%20CONDITION) As of March 31, 2025, total assets were $1.52 billion; nonperforming assets surged to $15.0 million, but deposits increased and capital ratios remained strong - Total loans increased by **$4.3 million** (**0.4%**) to **$1.17 billion** at March 31, 2025, compared to year-end 2024[133](index=133&type=chunk) - Nonperforming assets surged to **$15.0 million** at March 31, 2025, from **$1.9 million** at December 31, 2024, primarily due to a commercial construction loan being placed on nonaccrual status[142](index=142&type=chunk) - The Allowance for Credit Losses (ACL) on loans increased to **$8.1 million** (**0.70%** of loans) from **$7.7 million** (**0.66%** of loans) at year-end 2024[143](index=143&type=chunk)[147](index=147&type=chunk) - Total deposits increased by **$12.5 million** (**1.1%**) since year-end, with customers shifting funds from noninterest-bearing and interest-bearing checking accounts into higher-rate time deposits[133](index=133&type=chunk) [Capital Resources](index=42&type=section&id=Capital%20Resources) Q1 2025 capital strengthened, with stockholders' equity at $70.1 million, and both the company and Union Bank exceeding 'well capitalized' regulatory requirements Company Regulatory Capital Ratios (as of March 31, 2025) | Ratio | Actual | Minimum for Adequacy | | :--- | :--- | :--- | | Total capital to risk weighted assets | 12.63% | 8.00% | | Tier I capital to risk weighted assets | 10.07% | 6.00% | | Common Equity Tier 1 to risk weighted assets | 10.07% | 4.50% | | Tier I capital to average assets | 6.31% | 4.00% | - Union Bank, the subsidiary, also exceeded all capital adequacy requirements to be considered 'well capitalized' under Prompt Corrective Action provisions[179](index=179&type=chunk)[180](index=180&type=chunk) - A regular quarterly cash dividend of **$0.36 per share** was declared in April 2025, consistent with the previous quarter[181](index=181&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) This section is omitted by the company, as permitted for smaller reporting companies under SEC regulations - The company, as a smaller reporting company, has omitted the Quantitative and Qualitative Disclosures About Market Risk section in accordance with SEC regulatory relief[182](index=182&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures.) The company's CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting - Management's evaluation concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[183](index=183&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[184](index=184&type=chunk) [PART II OTHER INFORMATION](index=43&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in various legal proceedings, but management believes their outcomes will not materially affect financial condition or operations - In the opinion of management, any liability resulting from ongoing legal proceedings is not expected to materially impact the Company's consolidated financial condition or operations[185](index=185&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to risk factors have occurred since the company's 2024 Annual Report on Form 10-K - No material changes in risk factors have occurred since the filing of the 2024 Annual Report[186](index=186&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q1 2025, the company neither issued unregistered equity securities nor repurchased any of its equity securities - The company did not issue any unregistered shares during Q1 2025[187](index=187&type=chunk) - There were no repurchases of the Company's equity securities during Q1 2025[187](index=187&type=chunk) [Exhibits](index=44&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and interactive data files (iXBRL) - Filed exhibits include CEO/CFO certifications under SOX Sections 302 and 906, and iXBRL financial data[191](index=191&type=chunk)[193](index=193&type=chunk) [Signatures](index=44&type=section&id=Signatures)

Financial Performance - Union Bankshares, Inc. reported net income for Q1 2025, with net income per share announced in the press release[6] Dividends - The Board of Directors declared a quarterly cash dividend of $0.36 per share, payable on May 1, 2025[7] - The record date for the dividend is set for April 26, 2025[7]