Exhibit 99.1
 
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February 8, 2018
 
 
 
 
 
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We are pleased to report the financial results for your Company for the three and twelve months ended December 31, 2017. Consolidated net income for the three months ended December 31, 2017 was $1.9 million, or $0.43 per share, compared to $2.3 million, or $0.53 per share, for the same period in 2016, and $8.4 million, or $1.89 per share, for the year ended December 31, 2017, compared to $8.5 million, or $1.91 per share, for the same period in 2016. The decrease in earnings for three and twelve month comparison periods is due to a one-time charge to earnings of $447 thousand for the revaluation of the Company’s deferred tax assets as a result of the Tax Cuts and Jobs Act being signed into law on December 22, 2017. Net income before taxes increased $943 thousand or 8.5% year over year.

2017 was a year of good growth in key balance sheet measurements. Total assets increased to $745.7 million, up 7.9% year over year. Likewise, total loans increased to $595.4 million, up 9.9% year over year, and total deposits increased to $647.6 million, up 8.4% year over year. Asset quality at the end of the year remained very good, with only $36 thousand of Other Real Estate Owned on the balance sheet and net charge o¥ s for the year only amounting to $39 thousand on an almost $600 million book of loans.

There are several economic tailwinds combining to help our region’s economy. Good early season snow and cold temperatures provided for great snow sport conditions for the past holiday season. While extended bitter cold temperatures may have dampened visitors enthusiasm to be outdoors, our local restaurants and retailers were more than happy to provide sustenance and activities to keep our guests captivated. Residential construction has continued strong and unabated, answering the need for more housing inventory as purchase activity has decreased properties available for sale in most of the markets we serve. Regional manufacturers and distributors report good
sales and solid books of business. Even on a Federal level, despite the sophomoric displays, from all participants, the eased regulatory climate and corporate tax reform appear to have a positive economic impact, at least measured by the unemployment rate and the stock market. The greatest concern among our local businesses has become recruiting and retaining a strong workforce to enable them to meet their customer’s demands.

We have many projects, large and small, being worked on in 2018. If you have been around here you may have noticed that we have our Main O­ffice lobby closed for renovations.We anticipate completion of this project in April. As has been previously discussed, we are converting our digital and mobile banking applications to new, state of the art delivery products with conversion slated for March and April. Much work has gone into this project and we are very excited to offer this improved service to our customers. Also, as has been previously discussed, we are planning on terminating our Defined Benefit Pension Plan during the fourth quarter of 2018. This will have a one-time negative impact on fourth quarter earnings. Finally, we expect a positive impact on our effective Federal Tax Rate brought to us by the Tax Cuts and Jobs Act signed into law on December 22, 2017.

The Board of Directors met on January 17, 2018 and considered 2017 financial performance and expected financial performance in 2018 and declared a dividend of 30 cents per share to record holders on January 27, 2018 payable on February 8, 2018. This represents a 1 cent increase compared to the previous quarter’s dividend.

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 Thursday, February 8, 2018 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.

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