Exhibit 99.1

ABOUT UNION BANKSHARES
 
SHAREHOLDER ASSISTANCE
AND INVESTOR INFORMATION


 
DEAR SHAREHOLDER,
February 9, 2012
Union Bankshares, Inc. operates as the holding company for Union Bank, which provides com-mercial, retail and municipal banking services and asset management services throughout northern Vermont and northwestern New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank's and its holding company's head-quarters are located. Union Bank has recently grown through acquisition and operates 17 bank-ing offices, a loan center and 33 ATMs.
 

We are pleased to report 2011 was a year of significant growth for your Company, with increases in deposits of 25.7%, assets of 21.7% and loans of 12.4%. These increases were due in large part to the acquisition of the three New Hampshire branches in late May, but also through organic growth in a number of the markets we serve.

This growth is in addition to the $80 million in residential loans originated and sold into the secondary market to generate fee income and reduce long term interest rate risk. Income generated from these activities was $1.75 million, net of delivery fees. Our total serviced loan portfolio at year end was $637 million, of which $209 million was serviced for others. Needless to say, with interest rates remaining at historic lows through the year, residential refinancing activity was strong yet again.

How long interest rates will remain at these levels is the subject of much speculation; however we do not believe there will be any substantial change in the near future. Borrowers are happy, depositors less so as their deposits are not yielding the returns desired.

The acquisition of the New Hampshire branches also brought one-time expenses of $420 thousand. These, coupled with an increase in the provision for loan losses mainly due to loan growth, salaries and benefits, and occupancy expense initially impacted earnings. However, as you can see from the fourth quarter results, the effects of the return on the growth over the one-time expenses during the year generated a significant earnings improvement for the quarter. Typically our fourth quarter is strongest for earnings.

Looking back on 2011 it is appropriate to comment on the regulatory environment. As we all know, sweeping bank reform legislation has been enacted with new rules and requirements promulgated almost weekly. Banks will have no choice but to comply, add additional compliance staff and ensure the regulations, as they are written, are implemented. We believe there is opportunity in this environment for banks who take the lead in integrating these changes into their operations.

Looking forward to 2012 we will focus on improving our interest income as we convert some of our short term, low yield investments into short to mid-term loans. Our plan also calls for further business development efforts in all our markets, as well as to review our efficiency and product offerings to ensure we remain competitive, profitable and a sound investment.

Enclosed is your dividend check or advice of deposit, representing a dividend of $0.25 per share to shareholders of record January 28, 2012, and payable February 9, 2012.

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 JoAnn Tallman, Assistant Secretary at 802-888-6600 or contact our Transfer Agent at the address and phone number listed below:
 
 
Union Bank is committed to the communities it serves, and encourages employee participation in community events and charitable services. The growing asset base of over $552 million provides the financial strength to successfully serve its con-stituents.
 
 
 
 
 
Transfer Agent:
Registrar & Transfer Company
Attn: Stock Transfer Department
10 Commerce Drive
Cranford, NJ 07016
Phone: 800-368-5948
Fax: 908-497-2318
E-mail: info@rtco.com
Union Bank has scored an “Outstanding” rating on all Community Reinvestment Act examina-tions since 1995 and has been an SBA “Preferred Lender” since 1987.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNION BANK OFFICES
(ATMS AT ALL BRANCH LOCATIONS)
 
 
 
 
NASDAQ Stock Market
VERMONT
MORRISVILLE
S. BURLINGTON
 
Ticker Symbol:
UNB
DANVILLE
20 Lower Main St.
Loan Center
 
Corporate Name:
 Union Bankshares, Inc.
421 Route 2 East
802-888-6600
30 Kimball Ave.
 
Corporate Address:
 20 Lower Main Street
802-684-2211
65 Northgate Plaza
802-865-1000
 
 
PO Box 667
FAIRFAX
Route 100
STOWE
 
 
Morrisville, VT 05661-0667
Jct. Rtes. 104&128
802-888-6860
47 Park St.
 
Investor Relations:
 www.UnionBankVT.com
802-849-2600
ST. ALBANS
802-253-6600
 
 
 
HARDWICK
15 Mapleville Depot
NEW HAMPSHIRE
 
 
 
103 VT Rte. 15
802-524-9000
GROVETON
 
 
 
802-472-8100
ST. JOHNSBURY
3 State Street
 
 
 
JEFFERSONVILLE
364 Railroad St.
603-636-1611
 
 
 
44 Main St.
802-748-3131
LITTLETON
 
 
 
802-644-6600
325 Portland St.
263 Dells Road
 
 
 
JOHNSON
802-748-3121
603-444-7136
 
 
 
198 Lower Main St.
Green Mtn. Mall
76 Main Street
 
 
 
802-635-6600
1998 Memorial Dr.
603-444-5321
 
LYNDONVILLE
802-748-2454
N. WOODSTOCK
 
183 Depot St.
 
155 Main Street
 
 
802-626-3100
 
603-745-2488
 






The following information was filed by Union Bankshares Inc (UNB) on Thursday, February 9, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Union Bankshares Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Union Bankshares Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account