Union Bankshares Inc (UNB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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Union Bankshares Inc
Ticker: UNB CIK: 706863

Exhibit 99.1





	August 8, 2019



	We are pleased to report a summary of our operating results thus far for 2019. Consolidated net income for the quarter ended June 30, 2019 was $2.53 million, compared to $2.45 million for the same period in 2018. Year-to date net income was $5.15 million, as of June 30, 2019 compared to $5.20 million for the same period in 2018. Improvement in interest income for the quarter and year-to-date is attributable to increased balances in loans and investments coupled with modest increases in yield on those assets. Competition for customer deposits remains strong as they continue to seek higher rates on their deposit monies. Competition along with branching into new markets has resulted in higher balances but also has almost doubled the amount of interest expense compared to a year ago. Although expected, we have seen increases in noninterest expense categories as a result of our branch expansion efforts and other initiatives during 2019. Total assets increased $56.3 million, or 7.8% to $773.9 million as of June 30, 2019, driven by loan growth of 5.7%, or $33.2 million. Balance sheet growth was funded using a combination of core deposit growth and wholesale funding. Total deposits reached $652.8 million as of June 30, 2019 compared to $578.9 million a year ago, or growth of 12.8%. The Company had total capital of $68.7 million with a book value per share of $15.38 as of June 30, 2019 compared to $60.1 million and $13.46 per share as of June 30, 2018. Projects for 2019 have been abundant. Last year at this time we were opening a full service branch located in Berlin, VT, the first of three branch openings in 2018 and 2019. Since that opening we have opened a full service branch in Jericho, VT, and by the time you read this letter we will have opened a full service branch in Williston, VT. The Williston location is a two story building that allows us to move our South Burlington loan production office	to the second floor and also provide a rental space from which to generate rental income. We are excited about our first full service branches located in Vermont’s most populous county. In addition to the full service branches we opened a loan production office in North Conway, NH and have started a couple infrastructure improvements with a full computer replacement for all of our locations which will include upgrades for our internal operating systems. We continue to monitor our region’s economy and of late have been looking for signs of weakness. Thus far we see signs of strength in most sectors. The travel and tourism industry had an excellent winter and so far the summer season appears to be equally strong. Home construction is busy resulting in solid application volume for residential construction loans. Home sales are also very strong throughout our region which is helping us generate a high volume of residential loans, which are also fueled by low interest rates. We are up about 20% in volume in 2019 compared to last year. The challenges of the current economic climate are finding qualified staff and finding affordable housing for home buyers and renters. Still, the regional economic outlook appears to be favorable. We are pleased with the results for the first half of the year and wish to inform you that on July 17, 2019, the Board of Directors declared a cash dividend of $0.31 payable August 8, 2019 to shareholders of record as of July 29, 2019. Please find your dividend check or advice of remittance enclosed. 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 Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below:





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
NASDAQ STOCK MARKET
Ticker Symbol: UNB Corporate Name: Union Bankshares, Inc. Corporate Address: 20 Lower Main Street P.O. Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLOCAL.COM


		Neil J. Van Dyke Chair	David S. Silverman President & Chief Executive Officer
		Neil J. Van Dyke Chair	David S. Silverman President & Chief Executive Officer

	About Union Bankshares
	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 18 banking offices, two 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 127 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, 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, August 8, 2019 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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