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]

Core Viewpoint - Union Bankshares, Inc. has completed a balance sheet repositioning of its investment securities portfolio to enhance yield and flexibility in managing growth and liquidity [1][2]. Group 1: Financial Actions - The company sold $38.8 million in book value of lower-yielding available-for-sale debt securities, incurring an estimated after-tax realized loss of approximately $1.0 million, which will be recorded in Q3 2024 [2]. - Proceeds from the sale were reinvested into higher-yielding bonds and loans, expected to yield approximately 341 basis points more than the sold securities [2]. Group 2: Impact on Financial Metrics - The loss from the sale of securities is expected to have a neutral impact on stockholders' equity and the company's book value per share [3]. - The repositioning is projected to be accretive to earnings, net interest margin, and return on assets in future periods [3]. Group 3: Company Overview - Union Bankshares, Inc. is headquartered in Morrisville, Vermont, and operates Union Bank, which provides various banking services across northern Vermont and New Hampshire [4]. - The bank has a strong reputation in residential lending and has been recognized for its positive impact on low to moderate home buyers [5].

Financial Performance - Consolidated net income decreased by $680 thousand, or 25.2%, to $2.0 million for Q2 2024 compared to $2.7 million for Q2 2023[67] - The efficiency ratio increased to 78.55% for Q2 2024, compared to 73.78% for Q2 2023[69] - Net interest income for the six months ended June 30, 2024, was $18,492 thousand, down from $19,593 thousand in 2023, representing a decrease of 5.6%[75] - Total noninterest income rose to $2,765 thousand for the three months ended June 30, 2024, reflecting an 11.4% increase from $2,483 thousand in 2023[78] - Total noninterest expenses reached $9,781 thousand for the three months ended June 30, 2024, a 7.9% increase from $9,063 thousand in 2023[79] Asset and Liability Management - Total consolidated assets were $1.40 billion as of June 30, 2024, with total loans of $1.01 billion and deposits of $1.05 billion[68] - The Company reported total consolidated assets of $1.40 billion as of June 30, 2024, a decrease of 4.8% from $1.47 billion at December 31, 2023[82] - Total liabilities rose to $1,366,187 thousand in 2024 from $1,296,365 thousand in 2023, marking an increase of 5.4%[74] - Total deposits decreased by $252.3 million, or 19.3%, to $1.05 billion at June 30, 2024[83] - Federal funds sold and overnight deposits decreased by $47.2 million, or 64.5%, to $26.0 million as of June 30, 2024[82] Capital and Equity - The Company's total capital decreased to $64.0 million at June 30, 2024, from $65.8 million at December 31, 2023[68] - Stockholders' equity decreased from $65.8 million at December 31, 2023, to $64.0 million at June 30, 2024, reflecting a net income of $4.4 million for the first six months of 2024[83] - The Company declared quarterly cash dividends of $0.36 per share during the second quarter of 2024, payable on August 1, 2024[106] Credit Quality - Nonperforming assets to total assets ratio remained stable at 0.14% as of June 30, 2024, compared to 0.15% in the previous year[69] - Credit loss expense for loans was $238 thousand for the three months ended June 30, 2024, compared to a benefit of $(151) thousand in 2023, indicating a shift in credit quality[77] - Total credit loss expense, net for the six months ended June 30, 2024, was $158 thousand, compared to a benefit of $(22) thousand in 2023, indicating a deterioration in credit conditions[77] - Nonaccrual loans totaled $1.77 million as of June 30, 2024, down from $1.86 million at December 31, 2023[87] Interest Income and Expense - Net interest margin was 2.74% for the six months ended June 30, 2024, down from 3.05% for the same period in 2023[67] - Interest expense increased by $6.4 million to $13.7 million for the six months ended June 30, 2024, compared to $7.3 million for the same period in 2023[71] - The net interest spread decreased by 43 basis points to 2.29% for the six months ended June 30, 2024, from 2.72% for the same period last year[71] - Interest income on loans increased by $2.7 million due to an increase in the average volume of loans outstanding of $67.9 million and an increase of 74 basis points in the average yield[71] Investment and Securities - The net unrealized losses in the Company's Available-for-Sale (AFS) investment securities portfolio increased to $45.1 million as of June 30, 2024, compared to $41.0 million as of December 31, 2023, primarily due to rising long-term interest rates[94] - Investment securities classified as AFS decreased by $11.9 million to $252.5 million, comprising 18.1% of total assets as of June 30, 2024[93] - The Company has no securities classified as Held-to-Maturity (HTM) as of June 30, 2024, indicating a focus on liquidity and flexibility in its investment strategy[94] Loan Portfolio - Average loans increased by $64.4 million, or 6.6%, to $1.0 billion for the six months ended June 30, 2024, contributing to a $4.8 million increase in interest income on loans[71] - The total loan portfolio increased by $73.5 million compared to June 30, 2023, reaching $1.01 billion[83] - The Company originated commercial real estate and commercial loans with $2.3 million guaranteed under various government programs as of June 30, 2024[85] Deposits and Funding - Average total deposits decreased by $24.4 million, or 2.0%, to $1.180 billion for the six months ended June 30, 2024, compared to the same period in 2023[96] - The average balance of noninterest-bearing deposits fell by $33.3 million, while average time deposits increased by $48.5 million, indicating a shift in customer preferences towards higher-yielding products[96] - The Company had outstanding Federal Home Loan Bank (FHLB) advances of $212.1 million at a weighted average rate of 4.41% as of June 30, 2024, compared to $55.7 million at 3.68% on December 31, 2023[98]

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MORRISVILLE, Vt., July 17, 2024 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three and six months ended June 30, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2024 was $2.0 million, or $0.45 per share, compared to $2.7 million, or $0.60 per share, for the same period in 2023, and $4.4 million, or $0.98 per share, for the six months ended June 30, 2024, compared to $5.7 million, or $1.26 per share ...

Total assets were $1.40 billion as of June 30, 2024 compared to $1.33 billion as of June 30, 2023, an increase of $63.7 million, or 4.8%. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.01 billion as of June 30, 2024 including $6.2 million in loans held for sale, compared to $940.2 million as of June 30, 2023, with $3.1 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $10 thousand for the three and ...

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: March 31, 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 address ...

E x h i b i t 9 9.1 TRANSFER AGENT: Broadridge Corporate Issu e r S o l u t i o n s, I n c. 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, I n c. Corporate Address: 20 Lower Main Street P.O. Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLocal.com We a r e p l e a s e d t o r e p o r t a s u m m a ry o f fi n a n c i a l r e s u l t s fo U n i o n B a n k s h a r e s, I n c. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number 001-15985 UNION BANKSHARES, INC. (State or Other Jurisdiction of Incorporation or Organization) VT 03-0283552 (I.R.S. Employer Identification No.) P.O. BOX 667 20 LOWER MAIN STREET MORRISVIL ...

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, 2023 Commission file number: 001-15985 UNION BANKSHARES, INC. Securities registered pursuant to section 12(b) of the Act: | Common Stock, $2.00 par value | UNB | Nasdaq Stock Market | | --- | --- | -- ...