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]

MORRISVILLE, Vt., April 16, 2025 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months ended March 31, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended March 31, 2025 was $2.5 million, or $0.55 per share, compared to $2.4 million, or $0.53 per share, for the same period in 2024. Balance Sheet Total assets were $1.52 billion as of March 31, 2025 compared to $1.42 billion as of March 31, 2024, an increase o ...

Financial Performance - The Company's consolidated net income for 2024 was $8.8 million, with basic earnings per share of $1.94, down from $11.3 million and $2.50 in 2023[185]. - For the year ended December 31, 2024, net income decreased to $8.8 million from $11.3 million in 2023, reflecting a decline of approximately 22.1%[193]. - The net interest margin decreased to 2.77% in 2024 from 2.88% in 2023, while net interest spreads fell from 2.50% to 2.30% during the same period[183]. - Total consolidated assets increased by 4.0% to $1.53 billion as of December 31, 2024, compared to $1.47 billion in 2023[187]. - Total capital increased to $66.5 million in 2024 from $65.8 million in 2023, reflecting net income and other factors[189]. - The efficiency ratio increased to 77.62% in 2024 from 72.83% in 2023, indicating a decline in operational efficiency[197]. - Basic earnings per share fell to $1.94 in 2024 from $2.50 in 2023, reflecting a decrease of 22.4%[197]. - Noninterest expenses increased by $2.7 million, or 7.5%, impacting overall net income[185]. - Total noninterest income decreased by $181 thousand, or 1.8%, to $9.7 million in 2024, primarily due to net losses on sales of investment securities of $1.3 million[207]. Loan and Deposit Activity - Net loans and loans held for sale rose by 12.6% to $1.2 billion, representing 75.6% of total assets, up from 69.9% in 2023[187]. - Total deposits decreased by 10.5% to $1.17 billion, primarily due to a reduction in wholesale deposit funding[188]. - The loan to deposit ratio rose significantly to 99.32% in 2024 from 78.99% in 2023, suggesting increased reliance on loans relative to deposits[197]. - The gross loan portfolio increased by $129.6 million, or 12.6%, to $1.16 billion at December 31, 2024, with real estate secured loans representing 87.3% of total loans[214]. - The Company serviced a residential real estate mortgage portfolio of $1.16 billion at December 31, 2024, compared to $1.07 billion at December 31, 2023[216]. - The Company sold $113.5 million of qualified residential real estate loans in 2024, up from $75.6 million in 2023, indicating a significant increase in sales[217]. Regulatory and Compliance - The Company is subject to regulation and supervision by the FRB, FDIC, and DFR, which impacts its operational framework[32][34]. - The Dodd-Frank Act has introduced new capital standards and regulatory requirements that affect the Company's operations[36][37]. - The Company is subject to various federal and state consumer protection laws, including the Dodd-Frank Act, which mandates certain disclosures and prohibits unfair practices[59]. - The Company and Union are required to maintain a comprehensive written information security program to protect customer information as mandated by the GLBA[62]. - The Company is subject to federal laws under the Bank Secrecy Act, requiring compliance with record-keeping and reporting requirements related to suspicious transactions[68]. - The Company adopted a clawback policy in November 2023 to recover executive compensation in the event of a financial restatement[45]. Market and Economic Factors - The Company is exposed to real estate and economic factors in Vermont and New Hampshire, which could adversely affect operations and lead to higher rates of loss and delinquency[78]. - Changes in market interest rates can significantly impact the company's net interest income, which is the difference between interest earned from loans and interest paid on deposits[84]. - The company's financial condition and results of operations are adversely affected by external economic factors, including inflation and interest rates, which significantly impact performance due to the monetary nature of assets and liabilities[131]. - Market volatility, including interest rate changes and credit market fluctuations, may adversely affect the company's business performance and stock price[112]. Competition and Operational Risks - Competition for customer deposits remains high, with a 100 basis point decline in short-term interest rates occurring in 2024[27]. - The company faces competition from various financial institutions, which may impair its ability to attract and retain customers[125][126]. - The company must adapt to technological changes in the financial services industry, which could require significant capital spending and impact its reputation[129]. - The company relies on third-party vendors for key components of its business infrastructure, and any issues with these vendors could adversely affect operations[124]. - Operational risks, including cybersecurity threats and breaches, could result in financial losses and damage to the company's reputation[117][118]. Capital and Funding - The company is subject to stringent capital requirements, including a common equity Tier 1 capital ratio of 4.5% and a capital conservation buffer of 2.5%, which could limit its ability to pay dividends or repurchase shares[102]. - The company's access to funding through the Federal Home Loan Bank (FHLB) is critical, and any deterioration in the FHLB's financial position could restrict funding availability and adversely impact financial results[91]. - The company must maintain sufficient liquidity to meet the needs of depositors and borrowers, with deposits being the primary source of funds, and any reliance on more expensive funding could adversely affect operating margins and profitability[89]. Employee and Community Engagement - The Company employed 191 full-time employees as of December 31, 2024, focusing on creating a supportive workplace and providing numerous training opportunities[22]. - The Company focuses on community banking, aiming to build relationships and trust within its market areas[25]. Shareholder Information - As of February 28, 2025, there were 4,538,596 shares of common stock outstanding, held by 476 stockholders of record, indicating a stable shareholder base[158]. - The company did not repurchase any equity securities during the quarter ended December 31, 2024, maintaining its current capital structure[159].

SECURITIES AND EXCHANGE COMMISSION 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): January 15, 2025 (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 Morrisvil ...

Core Viewpoint - Union Bankshares, Inc. reported a decrease in net income for both the fourth quarter and the full year of 2024, primarily due to a strategic balance sheet repositioning that included a loss on the sale of lower-yielding debt securities [1][7]. Financial Performance - Consolidated net income for Q4 2024 was $3.00 million, or $0.67 per share, compared to $3.05 million, or $0.68 per share in Q4 2023, reflecting a slight decrease of $48 thousand, or 1.6% [1][6] - For the year ended December 31, 2024, consolidated net income was $8.8 million, or $1.94 per share, down from $11.3 million, or $2.50 per share in 2023, marking a decrease of $2.5 million, or 22.2% [1][7] - The decrease in earnings was influenced by a pre-tax loss of $1.3 million from the sale of bonds aimed at improving future earnings [7] Balance Sheet Highlights - Total assets increased to $1.53 billion as of December 31, 2024, up from $1.47 billion a year earlier, representing a growth of $59.5 million, or 4.0% [2] - Loan demand was strong, with loans increasing by $130.0 million, or 12.6%, to reach $1.16 billion as of December 31, 2024 [2] - Total deposits decreased to $1.17 billion as of December 31, 2024, down from $1.31 billion in 2023, with no purchased brokered deposits reported for 2024 [4] Income Statement Analysis - Interest income for the year ended December 31, 2024, was $68.0 million, an increase of $10.8 million, or 19.0%, compared to $57.1 million in 2023, driven by a larger earning asset base and higher interest rates [7] - Interest expense rose by $10.3 million, or 53.6%, to $29.6 million for 2024, attributed to higher-cost wholesale funding [7] - Noninterest income, excluding the bond sale loss, was $11.0 million for 2024, compared to $9.9 million in 2023, with net gains from residential loan sales increasing to $1.7 million [10] Equity and Capital - Total equity capital was $66.5 million as of December 31, 2024, compared to $65.8 million in 2023, with a book value per share of $14.65 [5] - Accumulated other comprehensive loss related to investment securities was $34.0 million as of December 31, 2024, up from $32.0 million in 2023 [5] Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share for the quarter, payable on February 6, 2025, to shareholders of record as of January 25, 2025 [12]

Core Viewpoint - Union Bankshares, Inc. reported a decrease in net income for both the fourth quarter and the full year of 2024, primarily due to a strategic balance sheet repositioning that included a loss on the sale of lower-yielding debt securities [1][7]. Financial Performance - Consolidated net income for Q4 2024 was $3.00 million, or $0.67 per share, compared to $3.05 million, or $0.68 per share in Q4 2023, reflecting a slight decrease of $48 thousand, or 1.6% [1][6]. - For the year ended December 31, 2024, consolidated net income was $8.8 million, or $1.94 per share, down from $11.3 million, or $2.50 per share in 2023, marking a decrease of $2.5 million, or 22.2% [1][7]. Balance Sheet Highlights - Total assets increased to $1.53 billion as of December 31, 2024, up by $59.5 million, or 4.0% from $1.47 billion in 2023 [2]. - Loan demand was strong, with loans increasing by $130.0 million, or 12.6%, reaching $1.16 billion as of December 31, 2024 [2]. - Total deposits decreased to $1.17 billion as of December 31, 2024, down from $1.31 billion in 2023, with no purchased brokered deposits reported for 2024 [4]. Income Statement Analysis - Interest income for the year ended December 31, 2024, was $68.0 million, an increase of $10.8 million, or 19.0%, compared to $57.1 million in 2023 [7]. - Interest expense rose by $10.3 million, or 53.6%, to $29.6 million for 2024, attributed to higher cost wholesale funding [7]. - Noninterest income, excluding the bond sale loss, was $11.0 million for 2024, compared to $9.9 million in 2023 [10]. Credit Quality and Expenses - Credit loss expense for 2024 was $930 thousand, compared to a benefit of $499 thousand in 2023, reflecting increased provisions to support loan growth [8][9]. - Noninterest expenses increased by $2.7 million, or 7.5%, to $38.0 million for 2024, driven by higher salaries, employee benefits, and other operational costs [10]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share for the quarter, payable on February 6, 2025, to shareholders of record as of January 25, 2025 [12].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2024 Commission file number: 001-15985 UNION BANKSHARES, INC. VT 03-0283552 20 LOWER MAIN STREET, P.O. BOX 667 MORRISVILLE, VT 05661 Registrant's telephone number: 802-888-6600 Former name, former add ...

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 16, 2024 | --- | --- | --- | |----------------------------------------------------|--------------------------------------------------------------------------------|----------------------------------| | (Exact name \n(State or other jurisdiction | of registrant as specified in UNION BANKSHARES, INC. \ ...

Group 1 - Union Bankshares, Inc. (NASDAQ: UNB) is expected to see earnings recover in 2025 after a dip in 2024 due to rate cuts and strong regional economies [1] - Earnings are projected to decrease by 27% to $1.81 per share in 2024, followed by a recovery of 27% to $2.30 per share in 2025 [1]

Core Viewpoint - Union Bankshares, Inc. reported a decline in net income for the third quarter of 2024, primarily due to strategic balance sheet repositioning and a loss on the sale of securities, while total assets and loans increased year-over-year. Financial Performance - Consolidated net income for Q3 2024 was $1.3 million, or $0.29 per share, down from $2.5 million, or $0.56 per share in Q3 2023, marking a decrease of 47.7% [1][6] - For the nine months ended September 30, 2024, net income was $5.8 million, or $1.27 per share, compared to $8.2 million, or $1.82 per share for the same period in 2023 [1] Balance Sheet - Total assets increased to $1.52 billion as of September 30, 2024, up $123.9 million, or 8.9%, from $1.40 billion a year earlier [2] - Total loans reached $1.13 billion, including $8.4 million in loans held for sale, compared to $1.03 billion with $6.5 million in loans held for sale in the previous year [2] Loan Demand - Strong loan demand persisted in Q3 2024 across residential, commercial, and municipal portfolios, with qualifying residential loans sold totaling $76.1 million, up from $54.2 million in the same period of 2023 [3] Deposits and Borrowings - Total deposits were $1.17 billion as of September 30, 2024, down from $1.22 billion a year earlier, with a notable decrease in purchased brokered deposits [4] - Federal Home Loan Bank advances increased to $230.7 million from $90.7 million year-over-year, alongside $10.0 million in advances from the Federal Reserve's Bank Term Funding Program [4] Equity Capital - Total equity capital rose to $72.3 million with a book value per share of $15.98 as of September 30, 2024, compared to $49.2 million and $10.92 per share a year earlier [5] Income Statement Details - Net interest income for Q3 2024 was $9.4 million, an increase of 3.1% from $9.1 million in Q3 2023, driven by higher interest income [7] - Interest income rose to $17.2 million, up 15.8% from $14.8 million in the same period of 2023, while interest expense increased to $7.8 million from $5.7 million [7] Credit Losses - Credit loss expense for Q3 2024 was $425 thousand, compared to a benefit of $139 thousand in Q3 2023, reflecting support for loan growth rather than credit quality deterioration [8] Noninterest Income and Expenses - Noninterest income, excluding the loss on the bond sale, was $2.9 million for Q3 2024, up from $2.5 million in Q3 2023 [9] - Noninterest expenses increased by 5.4% to $9.4 million, attributed to higher salaries, employee benefits, and occupancy expenses [9] Tax Benefit - Income tax benefit for Q3 2024 was $123 thousand, a decrease from an expense of $296 thousand in Q3 2023, mainly due to the loss on the bond sale [10] Dividend Declaration - The Board of Directors declared a cash dividend of $0.36 per share for the quarter, payable on November 7, 2024, to shareholders of record as of October 26, 2024 [11]