Exhibit 99.1
 
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November 8, 2017
 
 
 
 
 
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We are pleased to report the financial results for Union Bankshares, Inc. for the three and nine months ended September 30, 2017. Consolidated net income for the three months ended September 30, 2017 was $2.4 million, or $0.53 per share, compared to $2.3 million, or $0.51 per share, for the same period in 2016. Consolidated net income year to date improved 5.9% to $6.5 million or $1.46 per share, compared to $6.2 million, or $1.38 per share, for the same period in 2016.

Thus far this year our loan portfolio has grown $52.1 million, or 9.8%, compared to the same period last year, with much of the growth coming from municipal loans, residential construction loans, and commercial real estate loans. We have a solid pipeline of quality loans and expect good growth in the fourth quarter as well. In addition, deposits have grown $34.4 million, or 6.0%, compared to the same period last year. Both our loan and deposit growth are the result of purposeful initiatives, primarily direct calling on prospective customers, intended to generate this growth.

Though some say that this year’s fall colors were muted, it has only taken slight ventures off of the beaten paths to find spectacular foliage. The unusually mild and rainless weeks this fall have created both an excellent tourism season as well as concerns about local forest fires in our region. In general, the economy in the regions we serve continue to improve with business concerns shifting from lack of customers to lack of available employees.

On October 18, 2017 the Board of Directors voted to terminate Union Bank’s Defined Benefit Pension Plan (DBPP). The DBPP was frozen in October of 2012 at which time the existing 401k Defined Contribution Retirement Plan was significantly enhanced. The DBPP was frozen due to the rapidly escalating cost of maintaining the plan as well as balance sheet volatility caused by swings in the market value of the plan assets. Although the plan is in a frozen
status there continues to be on going risks that changes in economic conditions could negatively impact the performance of the plan assets resulting in unexpected adjustments to your Company’s financial statements. The Board of Directors carefully weighed the options with terminating the pension plan, including the impact on plan participants, and determined 2018 is the appropriate time to terminate the plan.

Based on the estimated value of assets held in the DBPP, the Company currently estimates that a cash contribution of approximately $1.1 million will be required to fully fund the DBPP’s liabilities at termination. In addition, the Company expects to record a charge to earnings of $3.2 million at termination, which is expected to occur during the fourth quarter of 2018. Actual amounts may differ from these estimates. Although the estimated charge to earnings is significant, your Company will remain well capitalized as defined by current regulatory guidance. Also, we do not expect the termination of the plan in 2018 to negatively affect plan participants nor impact future dividend payments.

Additional action taken by the Board of Directors on October 18, 2017 was the declaration of a regular quarterly cash dividend of $0.29 per share payable November 8, 2017 to shareholders of record as of October 28, 2017. Please find enclosed your dividend check or advice of deposit. As a reminder, you may have your dividend payment deposited electronically to your bank of choice, which naturally we hope is Union Bank. Please contact Kristy Adams Alfieri at 802.888.0982 or at kadamsalfieri@unionbankvt.com.


Sincerely,
 
 
 
 
 
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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 Kristy Adams Alfieri, Assistant Secretary at 802-888-0982 or contact our Transfer Agent at the address and phone number listed below:
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TRANSFER AGENT:
 
Broadridge Corporate Issuer Solutions, Inc.
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, Inc.
Corporate Address:
20 Lower Main Street
PO Box 667
Morrisville, VT 05661-0667
Investor Relations: UBLOCAL.COM
 
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Kenneth D. Gibbons
Chairman

David S. Silverman
President & Chief Executive Officer
 
 
 
 
 
 
 
 
 
 
 
 
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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 been helping people buy homes and local businesses create jobs in area communities since opening its doors over 125 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has recently been named, for the fourth consecutive year, the USDA RD Vermont Home Lender of the year. Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending.
 
 
 



The following information was filed by Union Bankshares Inc (UNB) on Wednesday, November 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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