Please wait while we load the requested 10-K report or click the link below:
February 8, 2017
We are pleased to report selected financial results for Union Bankshares, Inc. for the year ended December 31, 2016. Consolidated net income was $8.5 million, or $1.91 per share for the year ended December 31, 2016, compared to $7.9 million, or $1.77 per share, for the same period in 2015, an 8.0 % improvement year over year. Total assets increased by $62.6 million, or 10.0%, loans increased $35.1 million, or 6.92%, and deposits increased $37.3 million, or 6.6%, and total shareholders’ equity increased 4.7% to $56.1 million compared to December 31, 2015. We are pleased to report that 2016 was the fifth consecutive year Union Bankshares, Inc. has generated record earnings. We could not produce these results without the hard work of our nearly 200 full and part time staff. They are a terrific group whom we are grateful for.
Last year at this time we were very concerned about how warm the weather had been over the Christmas/New Year holidays and how this might impact our local travel and tourism industry. Unfortunately, the season never really turned around weather wise and as a result, the travel and tourism industry had one of their worst winter seasons in memory. Subsequently and luckily, the summer and fall seasons were as good as the winter was bad, allowing industry participants to dig themselves out of the winter-caused hole. This year’s winter season started well, with some snow, but more importantly, sustained low temperatures that allowed the ski areas to “blow snow” for their skiers and riders. Most of the ski areas in our region have upgraded to modern snow making equipment and improved access to water. While natural snow is nice, if we have cold weather and water, the skiers and riders can have a great experience. For this winter, so far, so good.
Over the last several months we have fielded many questions from shareholders and the general public
about Union Bankshares, Inc. stock price. It is our policy not to comment about Union Bankshares stock price and allow market participants to draw their own conclusions about the value of the company. In any event, anything we might say would be speculation on why “the market” happens to value the company a certain way at a certain time. What we do know is that during 2016 Union Bankshares, Inc. became part of the Russell 2000 Index, which may have drawn some attention to our company. This inclusion could be transitory as the index is rebalanced every year. Our strategic view and daily operations don’t change with the vagaries of the stock market. We operate your company with the long view of growing and operating profitably, being a good corporate citizen while treating our staff well, and sharing profits with our owners while augmenting capital to allow us to grow. As we continue to do these things well our shareholders should be rewarded through gains in our market value and a reliable, growing, dividend stream.
We are pleased to inform you that on January 18, 2017, the Board of Directors declared a regular quarterly cash dividend of $.29 per share, payable February 8, 2017 to shareholders of record as of January 28, 2017. This dividend represents an increase from $.28 to $.29 per share, or a 3.6% increase. Enclosed please find your dividend check or advice of deposit. As a reminder, we would be pleased to help you set up automatic deposit of your dividend either to a Union Bank account or a financial institution of your choice. Please contact Assistant Secretary Kristy Adams Alfieri for assistance at 802.888.0982.
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, enrollment in the dividend reinvestment plan, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Kristy Adams Alfieri, Assistant Secretary at 802-888-0982 or contact our Transfer Agent at the address and phone number listed below:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
NASDAQ STOCK MARKET
Ticker Symbol: UNB
Corporate Name: Union Bankshares, Inc.
20 Lower Main Street
PO Box 667
Morrisville, VT 05661-0667
Investor Relations: UBLOCAL.COM
Kenneth D. Gibbons
David S. Silverman
President & Chief Executive Officer
About Union Bankshares
Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank’s and its holding company’s headquarters are located. Union Bank operates 17 banking offices and three loan centers and several ATMs throughout its geographical footprint.
Union Bank has earned an outstanding reputation for residential lending programs and has recently been named, for the third consecutive year, the USDA RD Vermont lender of the year. Union Bank is also an SBA Preferred lender and has an Outstanding Community Reinvestment Act rating.
The following information was filed by Union Bankshares Inc (UNB) on Wednesday, February 8, 2017 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 this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Union Bankshares Inc.